Bally’s (NYSE:BALY) Stock Price Down 3.4% – What’s Next?

Bally’s Corporation (NYSE:BALY) shares dropped 3.4% during mid-day trading on Monday . The stock traded as low as $16.74 and last traded at $16.9040. Approximately 19,369 shares traded hands during trading, a decline of 79% from the average daily volume of 91,831 shares. The stock had previously closed at $17.49.

Analysts Set New Price Targets

BALY has been the topic of several recent research reports. Wall Street Zen upgraded shares of Bally’s from a “sell” rating to a “hold” rating in a report on Sunday, September 7th. Truist Financial upped their target price on Bally’s from $13.00 to $18.00 and gave the stock a “hold” rating in a research report on Friday, November 14th. Macquarie boosted their price target on Bally’s from $12.00 to $17.00 and gave the stock a “neutral” rating in a research report on Friday, November 14th. Barclays lowered their price objective on shares of Bally’s from $13.00 to $11.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 13th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Bally’s in a research report on Thursday, October 30th. Five analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $16.50.

Bally’s Trading Down 3.9%

The firm has a market cap of $826.13 million, a P/E ratio of -3.44 and a beta of 2.00. The business’s 50 day moving average is $14.72 and its 200-day moving average is $11.67. The company has a quick ratio of 0.66, a current ratio of 0.68 and a debt-to-equity ratio of 7.13.

Bally’s (NYSE:BALY) last announced its quarterly earnings data on Wednesday, November 12th. The company reported ($1.70) earnings per share for the quarter, missing the consensus estimate of ($0.71) by ($0.99). Bally’s had a negative return on equity of 63.71% and a negative net margin of 17.41%.The company had revenue of $210.25 million for the quarter, compared to analyst estimates of $668.49 million. As a group, analysts forecast that Bally’s Corporation will post -7.26 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bally’s

A number of institutional investors have recently made changes to their positions in BALY. Janney Montgomery Scott LLC bought a new position in Bally’s during the second quarter worth $867,000. Wolverine Asset Management LLC raised its holdings in shares of Bally’s by 35.8% during the second quarter. Wolverine Asset Management LLC now owns 16,468 shares of the company’s stock worth $158,000 after purchasing an additional 4,345 shares during the period. Bank of America Corp DE lifted its position in shares of Bally’s by 2,087.9% in the 2nd quarter. Bank of America Corp DE now owns 7,942 shares of the company’s stock worth $76,000 after buying an additional 7,579 shares during the last quarter. Crossingbridge Advisors LLC acquired a new position in shares of Bally’s in the 2nd quarter valued at about $240,000. Finally, Millennium Management LLC bought a new stake in shares of Bally’s during the 3rd quarter valued at about $119,000. 70.41% of the stock is currently owned by institutional investors.

Bally’s Company Profile

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.