Bally’s (NYSE:BALY) Shares Gap Down – Should You Sell?

Bally’s Corporation (NYSE:BALY) shares gapped down before the market opened on Friday . The stock had previously closed at $15.35, but opened at $14.73. Bally’s shares last traded at $14.98, with a volume of 1,716 shares traded.

Wall Street Analysts Forecast Growth

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

Bally’s Stock Performance

The company has a debt-to-equity ratio of 1.87, a current ratio of 1.11 and a quick ratio of 1.05. The firm has a market capitalization of $754.81 million, a PE ratio of -1.89 and a beta of 1.80. The stock has a 50-day moving average price of $12.34 and a 200-day moving average price of $14.14.

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

Institutional Trading of Bally’s

Hedge funds and other institutional investors have recently bought and sold shares of the company. Police & Firemen s Retirement System of New Jersey grew its holdings in shares of Bally’s by 96.1% during 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 during the last quarter. JPMorgan Chase & Co. acquired a new position in shares of Bally’s during the second quarter worth approximately $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Bally’s during the second quarter worth approximately $38,000. MetLife Investment Management LLC acquired a new position in shares of Bally’s during the fourth quarter worth approximately $97,000. Finally, Bank of America Corp DE boosted its position in shares of Bally’s by 2,087.9% during the second 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 period. 70.41% of the stock is owned by institutional investors.

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.