Bally’s (NYSE:BALY) Shares Down 6.8% – Here’s What Happened

Bally’s Corporation (NYSE:BALY) fell 6.8% during trading on Monday . The company traded as low as $14.00 and last traded at $13.6960. Approximately 6,354 shares traded hands during trading, a decline of 91% from the average session volume of 72,997 shares. The stock had previously closed at $14.70.

Analysts Set New Price Targets

A number of research analysts recently weighed in on BALY shares. Barclays cut their price objective on Bally’s from $9.00 to $8.00 and set an “underweight” rating on the stock in a research note on Wednesday, May 20th. Stifel Nicolaus increased their price target on Bally’s from $12.00 to $13.00 and gave the company a “hold” rating in a report on Tuesday, May 26th. Truist Financial lowered their price target 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 lowered shares of Bally’s from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, June 24th. Finally, Wall Street Zen cut shares of Bally’s from a “hold” rating to a “sell” rating in a research note on Saturday, April 18th. Three equities research 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 has an average rating of “Reduce” and a consensus target price of $12.75.

Bally’s Stock Performance

The firm has a 50 day moving average of $13.40 and a two-hundred day moving average of $13.87. The stock has a market cap of $649.55 million, a P/E ratio of -1.63 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.

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

Institutional Trading of Bally’s

Hedge funds have recently bought and sold shares of the stock. Whitefort Capital Management LP increased its holdings in shares of Bally’s by 43.0% during the 4th quarter. Whitefort Capital Management LP now owns 1,921,372 shares of the company’s stock worth $31,741,000 after purchasing an additional 578,129 shares during the period. JPMorgan Chase & Co. grew 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 worth $8,418,000 after buying an additional 754,945 shares in the last quarter. Geode Capital Management LLC grew its position in Bally’s by 13.9% during the fourth quarter. Geode Capital Management LLC now owns 186,194 shares of the company’s stock worth $3,077,000 after buying an additional 22,784 shares in the last quarter. State Street Corp grew its position in Bally’s by 32.6% during the fourth quarter. State Street Corp now owns 116,903 shares of the company’s stock worth $1,931,000 after buying an additional 28,741 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Bally’s by 9.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 61,442 shares of the company’s stock valued at $1,015,000 after acquiring an additional 5,306 shares during the period. 70.41% of the stock is owned by institutional investors.

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.