Bally’s (NYSE:BALY) Shares Gap Down – Should You Sell?

Shares of Bally’s Corporation (NYSE:BALY) gapped down before the market opened 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.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Barclays dropped their price objective on Bally’s from $8.00 to $7.00 and set an “underweight” rating on the stock in a report on Wednesday, August 19th. Weiss Ratings upgraded shares of Bally’s from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, October 28th. Truist Financial decreased their price objective on shares of Bally’s from $15.00 to $10.00 and set a “hold” rating for the company in a report on Wednesday, August 19th. Finally, Wall Street Zen downgraded Bally’s from a “hold” rating to a “sell” rating in a report on Sunday, August 23rd. Two research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $10.00.

Bally’s Stock Performance

The firm’s 50-day moving average price is $12.52 and its 200-day moving average price is $12.76. The stock has a market cap of $560.52 million, a P/E ratio of -1.63 and a beta of 1.83. 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 announced its quarterly earnings results on Friday, August 14th. The company reported ($2.41) earnings per share for the quarter, missing the consensus estimate of ($1.08) by ($1.33). The business had revenue of $792.23 million during the quarter, compared to the consensus estimate of $789.89 million. Bally’s had a negative return on equity of 40.97% and a negative net margin of 25.83%. Sell-side analysts expect that Bally’s Corporation will post -9.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bally’s

An institutional investor recently bought a new position in Bally’s stock. HighTower Advisors LLC purchased a new stake in Bally’s Corporation (NYSE:BALY) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 10,012 shares of the company’s stock, valued at approximately $137,000. 70.41% of the stock is owned by hedge funds and other institutional investors.

Bally’s Company Profile

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.