Bally’s (NYSE:BALY) Shares Down 7% – Here’s What Happened

Bally’s Corporation (NYSE:BALY)’s share price traded down 7% on Monday . The company traded as low as $14.41 and last traded at $13.9310. Approximately 2,717 shares changed hands during trading, a decline of 96% from the average daily volume of 73,267 shares. The stock had previously closed at $14.98.

Analyst Ratings Changes

A number of research firms recently issued reports on BALY. Truist Financial decreased their target price on Bally’s from $18.00 to $13.00 and set a “hold” rating for the company in a report on Friday, March 27th. Weiss Ratings downgraded Bally’s from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday. Wall Street Zen lowered Bally’s from a “hold” rating to a “sell” rating in a research report on Saturday, April 18th. Barclays decreased their price objective 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, Stifel Nicolaus upped their target price on shares of Bally’s from $12.00 to $13.00 and gave the stock a “hold” rating in a research note on Tuesday, May 26th. Three equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus target price of $12.75.

Bally’s Trading Down 8.9%

The firm has a market capitalization of $667.92 million, a PE ratio of -1.67 and a beta of 1.80. The company’s 50-day moving average price is $13.17 and its 200-day moving average price is $13.93. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.05 and a current ratio of 1.11.

Bally’s (NYSE:BALY) last posted its earnings results on Monday, May 18th. The company reported ($2.69) EPS for the quarter, missing the consensus estimate 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 business had revenue of $755.72 million during the quarter, compared to analysts’ expectations of $769.69 million. On average, sell-side analysts expect that Bally’s Corporation will post -9.36 earnings per share for the current year.

Institutional Investors Weigh In On Bally’s

Several hedge funds and other institutional investors have recently bought and sold shares of BALY. Police & Firemen s Retirement System of New Jersey increased its position 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. JPMorgan Chase & Co. purchased a new position in shares of Bally’s during the second quarter worth about $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Bally’s in the second quarter valued at approximately $38,000. MetLife Investment Management LLC purchased a new position in Bally’s during the 4th quarter worth $97,000. Finally, Bank of America Corp DE raised its holdings 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 in the last quarter. 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.