Bally’s (NYSE:BALY) Trading Down 6.9% – Here’s Why

Bally’s Corporation (NYSE:BALY) was down 6.9% during trading on Tuesday . The stock traded as low as $13.70 and last traded at $13.8650. Approximately 34,513 shares were traded during mid-day trading, a decline of 52% from the average daily volume of 71,597 shares. The stock had previously closed at $14.89.

Analyst Ratings Changes

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

Bally’s Trading Down 6.2%

The company has a market capitalization of $683.78 million, a price-to-earnings ratio of -1.71 and a beta of 1.80. The business has a fifty day moving average price of $12.56 and a 200 day moving average price of $14.12. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.11 and a quick ratio of 1.05.

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Police & Firemen s Retirement System of New Jersey raised its stake in shares of Bally’s by 96.1% in the fourth quarter. Police & Firemen s Retirement System of New Jersey now owns 2,593 shares of the company’s stock valued at $43,000 after purchasing an additional 1,271 shares in the last quarter. JPMorgan Chase & Co. acquired a new position in shares of Bally’s in the second quarter valued at $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Bally’s in the second quarter valued at $38,000. MetLife Investment Management LLC acquired a new position in shares of Bally’s in the fourth quarter valued at $97,000. Finally, Bank of America Corp DE raised its stake in shares of Bally’s by 2,087.9% in the second quarter. Bank of America Corp DE now owns 7,942 shares of the company’s stock valued at $76,000 after purchasing an additional 7,579 shares in the last quarter. 70.41% of the stock is currently owned by institutional investors and hedge funds.

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.