Bally’s (NYSE:BALY) Shares Gap Down – Here’s Why

Bally’s Corporation (NYSE:BALY)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $13.06, but opened at $12.04. Bally’s shares last traded at $11.9550, with a volume of 2,827 shares.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on BALY. Wall Street Zen downgraded Bally’s from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. Stifel Nicolaus lifted their target price on Bally’s from $12.00 to $13.00 and gave the stock a “hold” rating in a report on Tuesday, May 26th. Weiss Ratings lowered Bally’s from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, June 24th. Barclays decreased their price target on Bally’s from $9.00 to $8.00 and set an “underweight” rating for the company in a research note on Wednesday, May 20th. Finally, Truist Financial lowered their price objective 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. Three investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $12.75.

Bally’s Stock Performance

The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.05 and a current ratio of 1.11. The stock’s 50 day moving average price is $13.39 and its 200 day moving average price is $13.73. The company has a market capitalization of $602.97 million, a P/E ratio of -1.51 and a beta of 1.80.

Bally’s (NYSE:BALY) last announced 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 return on equity of 56.76% and a negative net margin of 29.98%.The firm had revenue of $755.72 million for the quarter, compared to the consensus estimate of $769.69 million. As a group, equities analysts expect that Bally’s Corporation will post -9.36 EPS for the current year.

Institutional Trading of Bally’s

A number of large investors have recently bought and sold shares of the business. Geode Capital Management LLC lifted its stake in shares of Bally’s by 113.1% in the 2nd quarter. Geode Capital Management LLC now owns 164,555 shares of the company’s stock valued at $1,577,000 after purchasing an additional 87,346 shares during the period. JPMorgan Chase & Co. bought a new stake in shares of Bally’s during the 2nd quarter valued at about $33,000. New York State Common Retirement Fund bought a new stake in shares of Bally’s during the 2nd quarter valued at about $97,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Bally’s during the second quarter worth approximately $38,000. Finally, Bank of America Corp DE grew its stake in Bally’s by 2,087.9% during the second quarter. Bank of America Corp DE now owns 7,942 shares of the company’s stock worth $76,000 after purchasing an additional 7,579 shares during the period. 70.41% of the stock is currently owned by institutional investors and hedge funds.

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.