Bally’s (NYSE:BALY) Shares Down 6.7% – Here’s Why

Bally’s Co. (NYSE:BALY) dropped 6.7% during mid-day trading on Tuesday . The stock traded as low as $17.30 and last traded at $16.88. Approximately 24,539 shares were traded during mid-day trading, a decline of 93% from the average daily volume of 369,344 shares. The stock had previously closed at $18.09.

Analyst Upgrades and Downgrades

BALY has been the subject of several research reports. Barclays reduced their price target on shares of Bally’s from $18.00 to $14.00 and set an “equal weight” rating for the company in a research report on Monday, March 10th. Stifel Nicolaus reduced their price target on shares of Bally’s from $17.00 to $14.00 and set a “hold” rating for the company in a research report on Thursday, March 6th. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $17.13.

Bally’s Stock Performance

The company has a debt-to-equity ratio of 15.62, a quick ratio of 0.54 and a current ratio of 0.56. The stock has a market cap of $806.34 million, a P/E ratio of -1.11 and a beta of 2.14. The company’s 50 day moving average price is $16.96 and its 200-day moving average price is $17.36.

Bally’s (NYSE:BALY) last posted its earnings results on Monday, March 17th. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $1.34. The firm had revenue of $580.37 million during the quarter, compared to analyst estimates of $589.83 million. Bally’s had a negative net margin of 30.04% and a negative return on equity of 79.10%. Equities analysts forecast that Bally’s Co. will post -7.26 EPS for the current fiscal year.

Institutional Investors Weigh In On Bally’s

Several institutional investors have recently added to or reduced their stakes in the business. Vestcor Inc lifted its holdings in Bally’s by 0.6% during the fourth quarter. Vestcor Inc now owns 100,594 shares of the company’s stock valued at $1,800,000 after purchasing an additional 594 shares during the last quarter. SG Americas Securities LLC lifted its holdings in shares of Bally’s by 7.0% in the fourth quarter. SG Americas Securities LLC now owns 9,493 shares of the company’s stock worth $170,000 after buying an additional 624 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in shares of Bally’s by 6.5% in the fourth quarter. Wells Fargo & Company MN now owns 14,055 shares of the company’s stock worth $251,000 after buying an additional 860 shares in the last quarter. Longfellow Investment Management Co. LLC purchased a new stake in shares of Bally’s in the third quarter worth about $38,000. Finally, Point72 DIFC Ltd purchased a new stake in shares of Bally’s in the third quarter worth about $48,000. 70.41% of the stock is owned by hedge funds and other institutional investors.

About Bally’s

Bally’s Corp. is a global casino-entertainment company with a portfolio of casinos and resorts and online gaming businesses. It operates through the following segments: Casinos & Resorts, International Interactive, and North America Interactive. The Casinos & Resorts segment consists of the company’s casino and resort properties, a horse racetrack, and a golf course.