Bally’s (NYSE:BALY) Stock Falls 9.4% – Here’s What Happened

Bally’s Corporation (NYSE:BALY)’s stock price fell 9.4% during trading on Tuesday. The company traded as low as $11.40 and last traded at $10.8650. Approximately 4,685 shares traded hands during trading, a decline of 94% from the average session volume of 82,994 shares. The stock had previously closed at $11.99.

Analysts Set New Price Targets

BALY has been the subject of several research reports. Wall Street Zen cut shares of Bally’s from a “hold” rating to a “sell” rating in a research report on Sunday, August 23rd. Truist Financial lowered their price target on shares of Bally’s from $15.00 to $10.00 and set a “hold” rating for the company in a report on Wednesday, August 19th. Barclays lowered their price target on shares of Bally’s from $8.00 to $7.00 and set an “underweight” rating for the company in a report on Wednesday, August 19th. Finally, Weiss Ratings upgraded shares of Bally’s from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, October 28th. Three equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Bally’s presently has a consensus rating of “Reduce” and an average target price of $11.75.

Bally’s Stock Down 6.5%

The business’s fifty day simple moving average is $12.35 and its 200 day simple moving average is $12.86. The stock has a market cap of $565.97 million, a price-to-earnings ratio of -1.64 and a beta of 1.83. The company has a current ratio of 0.91, a quick ratio of 0.85 and a debt-to-equity ratio of 2.06.

Bally’s (NYSE:BALY) last posted its quarterly earnings results on Friday, August 14th. The company reported ($2.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.08) by ($1.33). Bally’s had a negative return on equity of 40.97% and a negative net margin of 25.83%. The company had revenue of $792.23 million during the quarter, compared to the consensus estimate of $789.89 million. Equities analysts forecast that Bally’s Corporation will post -9.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bally’s

An institutional investor recently bought a new position in Bally’s stock. HighTower Advisors LLC purchased a new stake in Bally’s Corporation (NYSE:BALY) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 10,012 shares of the company’s stock, valued at approximately $137,000. 70.41% of the stock is owned by institutional investors and hedge funds.

About Bally’s

Bally’s Corporation is a gaming, hospitality and entertainment company that owns and operates casinos, resorts and racetracks in the United States. Its properties offer casino gaming, hotel accommodations, dining, entertainment, meeting facilities and related amenities. The company serves regional gaming markets across multiple U.S. states and also has an international presence through its operations in the United Kingdom. Bally’s also operates digital gaming businesses, including online sports betting and iGaming services under the Bally Bet and Bally Casino brands, where permitted by local regulations.