Bally’s (NYSE:BALY) Shares Down 6.9% – Should You Sell?

Bally’s Corporation (NYSE:BALY) shares traded down 6.9% on Tuesday . The company traded as low as $13.70 and last traded at $13.8650. 34,513 shares were traded during mid-day trading, a decline of 52% from the average daily volume of 71,597 shares. The stock had previously closed at $14.89.

Wall Street Analysts Forecast Growth

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

Bally’s Trading Up 5.3%

The stock has a market capitalization of $676.29 million, a P/E ratio of -1.70 and a beta of 1.80. The company has a current ratio of 1.11, a quick ratio of 1.05 and a debt-to-equity ratio of 1.87. The stock’s fifty day moving average price is $12.70 and its two-hundred day moving average price is $14.06.

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

Institutional Investors Weigh In On Bally’s

Hedge funds and other institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. grew its position in Bally’s by 21,781.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 758,411 shares of the company’s stock worth $8,418,000 after acquiring an additional 754,945 shares during the last quarter. Whitefort Capital Management LP lifted its position 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 purchasing an additional 578,129 shares during the last quarter. Geode Capital Management LLC lifted its position in Bally’s by 113.1% in the second 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 last quarter. JB Capital Partners LP purchased a new stake in shares of Bally’s during the third quarter valued at approximately $555,000. Finally, State Street Corp grew its holdings in shares of Bally’s by 32.6% in the fourth quarter. State Street Corp now owns 116,903 shares of the company’s stock worth $1,931,000 after purchasing an additional 28,741 shares during the last quarter. Institutional investors own 70.41% of the company’s stock.

About Bally’s

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.