Bally’s (NYSE:BALY) Stock Price Down 7% – Here’s Why

Bally’s Corporation (NYSE:BALY) traded down 7% during mid-day trading 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.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on BALY shares. Stifel Nicolaus boosted their price objective on shares of Bally’s from $12.00 to $13.00 and gave the company a “hold” rating in a report on Tuesday, May 26th. Wall Street Zen cut shares of Bally’s from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. Truist Financial cut their target price on shares of Bally’s from $18.00 to $13.00 and set a “hold” rating for the company in a research report on Friday, March 27th. Barclays decreased their target price on shares of 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, Weiss Ratings cut Bally’s from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, June 24th. Three analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and a consensus price target of $12.75.

Bally’s Stock Up 1.6%

The stock has a market cap of $665.72 million, a PE ratio of -1.67 and a beta of 1.80. 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 company’s 50-day moving average price is $13.24 and its 200 day moving average price is $13.90.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. lifted its position in Bally’s by 21,781.4% during the third quarter. JPMorgan Chase & Co. now owns 758,411 shares of the company’s stock valued at $8,418,000 after purchasing an additional 754,945 shares in the last quarter. JB Capital Partners LP purchased a new stake in Bally’s in the third quarter worth about $555,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Bally’s in the second quarter worth about $38,000. Crossingbridge Advisors LLC increased its position in Bally’s by 40.0% in the third quarter. Crossingbridge Advisors LLC now owns 35,000 shares of the company’s stock worth $388,000 after buying an additional 10,000 shares in the last quarter. Finally, Barclays PLC raised its stake in shares of Bally’s by 43.1% in the fourth quarter. Barclays PLC now owns 15,077 shares of the company’s stock worth $249,000 after buying an additional 4,540 shares during the period. Hedge funds and other 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.