Bally’s (NYSE:BALY) Trading Down 6.9% – Here’s Why

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

Analyst Ratings Changes

Several analysts have issued reports on the company. Truist Financial cut their price objective on Bally’s from $18.00 to $13.00 and set a “hold” rating on the stock in a report on Friday, March 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Bally’s in a report on Friday, April 24th. Stifel Nicolaus boosted their price objective on Bally’s from $12.00 to $13.00 and gave the stock a “hold” rating in a report on Tuesday, May 26th. Barclays cut their price objective on Bally’s from $9.00 to $8.00 and set an “underweight” rating on the stock in a report on Wednesday, May 20th. Finally, Wall Street Zen downgraded Bally’s from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. Three investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $12.75.

Bally’s Trading Down 6.2%

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 has a 50 day simple moving average of $12.56 and a two-hundred day simple moving average of $14.12. The company has a market cap of $683.78 million, a PE ratio of -1.71 and a beta of 1.80.

Bally’s (NYSE:BALY) last released its earnings results 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). 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 for the quarter, compared to analysts’ expectations of $769.69 million. Sell-side analysts forecast that Bally’s Corporation will post -9.36 EPS for the current year.

Hedge Funds Weigh In On Bally’s

Institutional investors and hedge funds have recently bought and sold shares of the business. Police & Firemen s Retirement System of New Jersey grew its stake in Bally’s by 96.1% during the 4th quarter. Police & Firemen s Retirement System of New Jersey now owns 2,593 shares of the company’s stock valued at $43,000 after acquiring an additional 1,271 shares in the last quarter. JPMorgan Chase & Co. bought a new stake in shares of Bally’s in the 2nd quarter valued at approximately $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Bally’s in the 2nd quarter valued at approximately $38,000. MetLife Investment Management LLC bought a new stake in shares of Bally’s in the 4th quarter valued at approximately $97,000. Finally, Bank of America Corp DE grew its stake in shares of Bally’s by 2,087.9% in the 2nd quarter. Bank of America Corp DE now owns 7,942 shares of the company’s stock valued at $76,000 after buying an additional 7,579 shares in the last quarter. 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.