Bally’s (NYSE:BALY) Trading Down 6.1% – Here’s What Happened

Bally’s Corporation (NYSE:BALY)’s stock price was down 6.1% on Monday . The stock traded as low as $16.28 and last traded at $16.1350. Approximately 16,327 shares changed hands during trading, a decline of 83% from the average daily volume of 95,196 shares. The stock had previously closed at $17.19.

Analysts Set New Price Targets

BALY has been the subject of a number of research reports. Stifel Nicolaus lifted their target price on shares of Bally’s from $10.00 to $20.00 and gave the stock a “hold” rating in a research report on Tuesday, November 11th. Barclays cut their price objective on Bally’s from $13.00 to $11.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bally’s in a report on Thursday, October 30th. Truist Financial raised their price target on Bally’s from $13.00 to $18.00 and gave the stock a “hold” rating in a research report on Friday, November 14th. Finally, Wall Street Zen upgraded Bally’s from a “sell” rating to a “hold” rating in a research report on Sunday, September 7th. Five equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $16.50.

Bally’s Trading Down 10.5%

The business has a 50 day simple moving average of $16.04 and a 200-day simple moving average of $12.10. The company has a current ratio of 0.68, a quick ratio of 0.66 and a debt-to-equity ratio of 7.13. The stock has a market capitalization of $756.42 million, a price-to-earnings ratio of -3.18 and a beta of 1.46.

Bally’s (NYSE:BALY) last announced its quarterly earnings data on Thursday, October 30th. The company reported ($1.70) earnings per share for the quarter. Bally’s had a negative return on equity of 63.71% and a negative net margin of 17.41%.The company had revenue of $210.25 million for the quarter. On average, equities analysts predict that Bally’s Corporation will post -7.26 earnings per share for the current year.

Institutional Trading of Bally’s

Institutional investors have recently made changes to their positions in the stock. Janney Montgomery Scott LLC acquired a new stake in shares of Bally’s during the 2nd quarter worth $867,000. Wolverine Asset Management LLC increased its stake in Bally’s by 35.8% during the second quarter. Wolverine Asset Management LLC now owns 16,468 shares of the company’s stock worth $158,000 after acquiring an additional 4,345 shares during the last quarter. Geode Capital Management LLC increased its stake in Bally’s by 113.1% during the second quarter. Geode Capital Management LLC now owns 164,555 shares of the company’s stock worth $1,577,000 after acquiring an additional 87,346 shares during the last quarter. JPMorgan Chase & Co. purchased a new position in shares of Bally’s in the 2nd quarter worth about $33,000. Finally, Crossingbridge Advisors LLC purchased a new position in shares of Bally’s in the 2nd quarter worth about $240,000. 70.41% of the stock is owned by hedge funds and other institutional investors.

Bally’s Company Profile

Bally’s Corp. is a global casino-entertainment company with a portfolio of casinos and resorts and online gaming businesses. It operates through the following segments: Casinos & Resorts, International Interactive, and North America Interactive. The Casinos & Resorts segment consists of the company’s casino and resort properties, a horse racetrack, and a golf course.