Bally’s (NYSE:BALY) Stock Falls 9.4% – Should You Sell?

Bally’s Corporation (NYSE:BALY)’s stock price traded down 9.4% on Tuesday. The company traded as low as $11.40 and last traded at $10.8650. 4,685 shares traded hands during trading, a decline of 94% from the average daily volume of 82,994 shares. The stock had previously closed at $11.99.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on BALY. Barclays decreased their price target on shares of 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 shares of Bally’s from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, October 28th. Wall Street Zen cut shares of Bally’s from a “hold” rating to a “sell” rating in a report on Sunday, August 23rd. Finally, Truist Financial lowered their price target on shares of Bally’s from $15.00 to $10.00 and set a “hold” rating on the stock in a research note on Wednesday, August 19th. Three analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Bally’s currently has a consensus rating of “Reduce” and an average price target of $11.75.

Bally’s Stock Performance

The stock has a market cap of $618.96 million, a price-to-earnings ratio of -1.80 and a beta of 1.83. The company has a debt-to-equity ratio of 2.06, a quick ratio of 0.85 and a current ratio of 0.91. The stock has a fifty day simple moving average of $12.47 and a two-hundred day simple moving average of $12.81.

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

Institutional Investors Weigh In On Bally’s

An institutional investor recently bought a new stake in Bally’s stock. HighTower Advisors LLC acquired a new position in shares of Bally’s Corporation (NYSE:BALY) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 10,012 shares of the company’s stock, valued at approximately $137,000. Hedge funds and other institutional investors own 70.41% of the company’s stock.

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.