Bally’s (NYSE:BALY) Shares Gap Down – Should You Sell?

Bally’s Corporation (NYSE:BALY)’s share price gapped down before the market opened on Friday . The stock had previously closed at $15.35, but opened at $14.73. Bally’s shares last traded at $14.98, with a volume of 1,716 shares.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Stifel Nicolaus raised their price target on Bally’s from $12.00 to $13.00 and gave the stock a “hold” rating in a research report on Tuesday, May 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of Bally’s in a research report on Friday, April 24th. Wall Street Zen downgraded Bally’s from a “hold” rating to a “sell” rating in a research report on Saturday, April 18th. Truist Financial dropped their price target on Bally’s from $18.00 to $13.00 and set a “hold” rating for the company in a research report on Friday, March 27th. Finally, Barclays dropped their price target on Bally’s from $9.00 to $8.00 and set an “underweight” rating for the company in a research report on Wednesday, May 20th. Three investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $12.75.

Bally’s Stock Up 4.0%

The stock has a market cap of $754.81 million, a price-to-earnings ratio of -1.89 and a beta of 1.80. The company has a quick ratio of 1.05, a current ratio of 1.11 and a debt-to-equity ratio of 1.87. The stock has a fifty day moving average of $12.34 and a two-hundred day moving average of $14.14.

Bally’s (NYSE:BALY) last issued its earnings results on Monday, May 18th. The company reported ($2.69) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.00) by ($1.69). Bally’s had a negative net margin of 29.98% and a negative return on equity of 56.76%. The firm had revenue of $755.72 million during the quarter, compared to analyst estimates of $769.69 million. As a group, analysts predict that Bally’s Corporation will post -9.36 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Whitefort Capital Management LP boosted its holdings in Bally’s by 43.0% in the fourth quarter. Whitefort Capital Management LP now owns 1,921,372 shares of the company’s stock valued at $31,741,000 after acquiring an additional 578,129 shares during the last quarter. Price T Rowe Associates Inc. MD acquired a new position in shares of Bally’s during the fourth quarter worth about $178,000. Barclays PLC lifted its stake in shares of Bally’s by 43.1% during the fourth quarter. Barclays PLC now owns 15,077 shares of the company’s stock worth $249,000 after purchasing an additional 4,540 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Bally’s by 9.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 61,442 shares of the company’s stock worth $1,015,000 after purchasing an additional 5,306 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey lifted its stake in shares of Bally’s by 96.1% during the fourth quarter. Police & Firemen s Retirement System of New Jersey now owns 2,593 shares of the company’s stock worth $43,000 after purchasing an additional 1,271 shares in the last quarter. Institutional investors and hedge funds own 70.41% of the company’s stock.

Bally’s Company Profile

Bally’s Corporation is an integrated entertainment company engaged in the ownership, development and operation of land‐based casinos, sports betting venues and online gaming platforms. The company leverages the iconic Bally’s brand under a long‐term license to provide gaming and hospitality services across multiple channels, including retail casinos, mobile sports wagering and interactive casino games.

The company’s portfolio spans gaming properties in key U.S. jurisdictions such as Rhode Island, Colorado, New Jersey, Mississippi, Iowa, Indiana, Pennsylvania and Nevada.