Bally’s (NYSE:BALY) Stock Price Down 6.8% – Here’s What Happened

Bally’s Corporation (NYSE:BALY)’s stock price fell 6.8% on Monday . The stock traded as low as $14.00 and last traded at $13.6960. Approximately 6,354 shares changed hands during trading, a decline of 91% from the average session volume of 72,997 shares. The stock had previously closed at $14.70.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on BALY shares. Wall Street Zen lowered Bally’s from a “hold” rating to a “sell” rating in a research note on Saturday, April 18th. Stifel Nicolaus lifted their price target on shares of Bally’s from $12.00 to $13.00 and gave the stock a “hold” rating in a research note on Tuesday, May 26th. Weiss Ratings lowered shares of Bally’s from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, June 24th. Truist Financial dropped their price objective on shares of Bally’s from $18.00 to $13.00 and set a “hold” rating for the company in a research note on Friday, March 27th. Finally, Barclays reduced their price objective on shares of Bally’s from $9.00 to $8.00 and set an “underweight” rating for the company in a report on Wednesday, May 20th. Three investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Bally’s has a consensus rating of “Reduce” and a consensus target price of $12.75.

Bally’s Stock Performance

The company has a current ratio of 1.11, a quick ratio of 1.05 and a debt-to-equity ratio of 1.87. The firm has a market capitalization of $649.55 million, a price-to-earnings ratio of -1.63 and a beta of 1.80. The stock has a fifty day moving average price of $13.40 and a 200-day moving average price of $13.87.

Bally’s (NYSE:BALY) last announced its quarterly earnings results on Monday, May 18th. The company reported ($2.69) EPS for the quarter, missing the consensus estimate of ($1.00) by ($1.69). Bally’s had a negative net margin of 29.98% and a negative return on equity of 56.76%. The company had revenue of $755.72 million during the quarter, compared to analyst estimates of $769.69 million. As a group, analysts anticipate that Bally’s Corporation will post -9.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bally’s

Hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its holdings in Bally’s by 21,781.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 758,411 shares of the company’s stock valued at $8,418,000 after purchasing an additional 754,945 shares during the last quarter. Whitefort Capital Management LP grew its stake in Bally’s by 43.0% during the fourth quarter. Whitefort Capital Management LP now owns 1,921,372 shares of the company’s stock worth $31,741,000 after buying an additional 578,129 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Bally’s by 113.1% during the second quarter. Geode Capital Management LLC now owns 164,555 shares of the company’s stock worth $1,577,000 after buying an additional 87,346 shares in the last quarter. JB Capital Partners LP acquired a new stake in shares of Bally’s during the third quarter worth approximately $555,000. Finally, State Street Corp raised its stake in shares of Bally’s by 32.6% in the fourth quarter. State Street Corp now owns 116,903 shares of the company’s stock valued at $1,931,000 after acquiring an additional 28,741 shares during the last quarter. Institutional investors and hedge funds own 70.41% of the company’s stock.

About Bally’s

Bally’s Corporation is an integrated entertainment company engaged in the ownership, development and operation of land‐based casinos, sports betting venues and online gaming platforms. The company leverages the iconic Bally’s brand under a long‐term license to provide gaming and hospitality services across multiple channels, including retail casinos, mobile sports wagering and interactive casino games.

The company’s portfolio spans gaming properties in key U.S. jurisdictions such as Rhode Island, Colorado, New Jersey, Mississippi, Iowa, Indiana, Pennsylvania and Nevada.