Bally’s Co. (NYSE:BALY) Shares Sold by Readystate Asset Management LP

Readystate Asset Management LP trimmed its stake in Bally’s Co. (NYSE:BALY) by 3.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 102,550 shares of the company’s stock after selling 3,867 shares during the quarter. Readystate Asset Management LP’s holdings in Bally’s were worth $1,430,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. FMR LLC grew its holdings in shares of Bally’s by 0.4% in the 2nd quarter. FMR LLC now owns 135,629 shares of the company’s stock worth $2,683,000 after acquiring an additional 540 shares during the last quarter. Gamco Investors INC. ET AL grew its holdings in shares of Bally’s by 0.7% in the 4th quarter. Gamco Investors INC. ET AL now owns 83,468 shares of the company’s stock worth $1,618,000 after acquiring an additional 594 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of Bally’s by 1.8% in the 1st quarter. Rhumbline Advisers now owns 33,981 shares of the company’s stock worth $1,045,000 after acquiring an additional 611 shares during the last quarter. Point72 Middle East FZE acquired a new position in shares of Bally’s in the 4th quarter worth $28,000. Finally, Natixis Advisors L.P. grew its holdings in shares of Bally’s by 0.8% in the 2nd quarter. Natixis Advisors L.P. now owns 207,352 shares of the company’s stock worth $3,226,000 after acquiring an additional 1,550 shares during the last quarter. 70.41% of the stock is currently owned by institutional investors and hedge funds.

Bally’s Stock Performance

NYSE:BALY traded up $0.53 during mid-day trading on Thursday, hitting $14.00. 708,532 shares of the company’s stock traded hands, compared to its average volume of 482,702. The firm has a 50 day moving average of $12.37 and a two-hundred day moving average of $11.69. Bally’s Co. has a 12 month low of $7.28 and a 12 month high of $19.03. The firm has a market capitalization of $561.26 million, a price-to-earnings ratio of -4.00 and a beta of 2.08. The company has a current ratio of 0.65, a quick ratio of 0.64 and a debt-to-equity ratio of 5.73.

Bally’s (NYSE:BALY) last announced its earnings results on Wednesday, February 21st. The company reported ($0.86) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.31). Bally’s had a negative net margin of 7.05% and a negative return on equity of 17.92%. The business had revenue of $611.67 million for the quarter, compared to the consensus estimate of $626.62 million. On average, equities analysts forecast that Bally’s Co. will post -3.73 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on BALY shares. Macquarie downgraded Bally’s from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $15.00 to $12.00 in a report on Wednesday, January 17th. Stifel Nicolaus lowered their price target on Bally’s from $13.00 to $11.00 and set a “hold” rating on the stock in a report on Thursday, February 22nd. Finally, Wells Fargo & Company reiterated an “underweight” rating and set a $10.00 price target on shares of Bally’s in a report on Friday, January 5th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $14.86.

Bally’s Profile

Bally's Corporation operates as a casino-entertainment company. It owns and manages casinos across 10 states, a golf course in New York, a horse racetrack in Colorado, and has access to OSB licenses in 18 states. It also owns Bally's Interactive International, an online gaming operator; Bally Bet, a sports betting platform; and Bally Casino, an iCasino platform.