Bally’s (NYSE:BALY) Shares Down 6.7% – Here’s Why

Shares of Bally’s Co. (NYSE:BALY) dropped 6.7% during trading on Tuesday . The company traded as low as $17.30 and last traded at $16.88. Approximately 24,539 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 369,344 shares. The stock had previously closed at $18.09.

Analyst Upgrades and Downgrades

BALY has been the subject of a number of research reports. Stifel Nicolaus dropped their target price on shares of Bally’s from $17.00 to $14.00 and set a “hold” rating for the company in a report on Thursday, March 6th. Barclays dropped their target price on shares of Bally’s from $18.00 to $14.00 and set an “equal weight” rating for the company in a report on Monday, March 10th. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $17.13.

Bally’s Trading Up 2.5 %

The company has a debt-to-equity ratio of 15.62, a quick ratio of 0.54 and a current ratio of 0.56. The firm’s fifty day simple moving average is $16.96 and its 200-day simple moving average is $17.36. The stock has a market cap of $806.34 million, a P/E ratio of -1.11 and a beta of 2.14.

Bally’s (NYSE:BALY) last released its quarterly earnings results on Monday, March 17th. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $1.34. Bally’s had a negative net margin of 30.04% and a negative return on equity of 79.10%. The firm had revenue of $580.37 million during the quarter, compared to analyst estimates of $589.83 million. Equities research analysts expect that Bally’s Co. will post -7.26 EPS for the current fiscal year.

Institutional Trading of Bally’s

Large investors have recently modified their holdings of the stock. Longfellow Investment Management Co. LLC acquired a new stake in shares of Bally’s during the 3rd quarter worth approximately $38,000. Point72 DIFC Ltd acquired a new stake in shares of Bally’s during the 3rd quarter worth approximately $48,000. BNP Paribas Financial Markets acquired a new stake in shares of Bally’s during the 4th quarter worth approximately $58,000. SG Americas Securities LLC grew its position in shares of Bally’s by 7.0% during the 4th quarter. SG Americas Securities LLC now owns 9,493 shares of the company’s stock worth $170,000 after buying an additional 624 shares during the period. Finally, Intech Investment Management LLC acquired a new stake in shares of Bally’s during the 4th quarter worth approximately $196,000. Institutional investors and hedge funds own 70.41% of the company’s stock.

About Bally’s

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.