Bally’s (NYSE:BALY) Shares Gap Down – Time to Sell?

Bally’s Corporation (NYSE:BALY)’s stock price gapped down prior to trading on Friday. The stock had previously closed at $12.44, but opened at $11.47. Bally’s shares last traded at $11.7010, with a volume of 2,124 shares.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Barclays reduced their price objective on Bally’s from $8.00 to $7.00 and set an “underweight” rating for the company in a research note on Wednesday, August 19th. Weiss Ratings raised Bally’s from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, October 28th. Truist Financial cut their target price on Bally’s from $15.00 to $10.00 and set a “hold” rating on the stock in a report on Wednesday, August 19th. Finally, Wall Street Zen cut Bally’s from a “hold” rating to a “sell” rating in a report on Sunday, August 23rd. Three analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $11.75.

Bally’s Price Performance

The stock has a market capitalization of $572.58 million, a price-to-earnings ratio of -1.67 and a beta of 1.83. The business’s fifty day moving average price is $12.51 and its 200-day moving average price is $12.79. The company has a debt-to-equity ratio of 2.06, a current ratio of 0.91 and a quick ratio of 0.85.

Bally’s (NYSE:BALY) last posted its earnings results on Friday, August 14th. The company reported ($2.41) EPS for the quarter, missing the consensus estimate of ($1.08) by ($1.33). Bally’s had a negative return on equity of 40.97% and a negative net margin of 25.83%. The business had revenue of $792.23 million for the quarter, compared to the consensus estimate of $789.89 million. On average, research analysts forecast that Bally’s Corporation will post -9.36 EPS for the current year.

Hedge Funds Weigh In On Bally’s

A hedge fund recently bought a new position in Bally’s stock. HighTower Advisors LLC acquired a new position in shares of Bally’s Corporation (NYSE:BALY) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 10,012 shares of the company’s stock, valued at approximately $137,000. 70.41% of the stock is owned by institutional investors.

About Bally’s

Bally’s Corporation is a gaming and entertainment company whose business includes land-based casinos and resorts, racetracks, and online gaming. Its properties offer casino gaming, sports wagering, dining, hotel accommodations, and other entertainment. The company has operated casinos in multiple U.S. states and has offered digital gaming services in North American and international markets. Its online business has included iGaming and sports betting, alongside its physical gaming operations. Bally’s was formerly known as Twin River Worldwide Holdings and adopted the Bally’s name in 2020 after acquiring rights to use the brand.