Bally’s (NYSE:BALY) Stock Price Down 5.7% – Here’s What Happened

Bally’s Co. (NYSE:BALY)’s share price was down 5.7% during trading on Monday . The company traded as low as $17.21 and last traded at $17.21. Approximately 4,249 shares traded hands during mid-day trading, a decline of 99% from the average daily volume of 362,324 shares. The stock had previously closed at $18.25.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on BALY shares. Stifel Nicolaus reduced their target price on Bally’s from $17.00 to $14.00 and set a “hold” rating for the company in a research note on Thursday, March 6th. Citizens Jmp upgraded shares of Bally’s to a “hold” rating in a research report on Tuesday, March 18th. Finally, Barclays dropped their target price on shares of Bally’s from $18.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Monday, March 10th. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Bally’s presently has an average rating of “Hold” and an average price target of $17.13.

Bally’s Price Performance

The stock’s fifty day moving average price is $16.92 and its 200-day moving average price is $17.37. The firm has a market cap of $779.07 million, a PE ratio of -1.07 and a beta of 2.14. The company has a debt-to-equity ratio of 15.62, a current ratio of 0.56 and a quick ratio of 0.54.

Bally’s (NYSE:BALY) last announced its quarterly earnings data on Monday, March 17th. The company reported $0.58 earnings per share (EPS) for the quarter, beating 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 company had revenue of $580.37 million during the quarter, compared to analysts’ expectations of $589.83 million. As a group, equities analysts expect that Bally’s Co. will post -7.26 EPS for the current fiscal year.

Hedge Funds Weigh In On Bally’s

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Point72 DIFC Ltd purchased a new position in shares of Bally’s during the 3rd quarter worth $48,000. BNP Paribas Financial Markets purchased a new position in Bally’s during the fourth quarter worth about $58,000. SG Americas Securities LLC boosted its holdings in Bally’s by 7.0% in the 4th quarter. SG Americas Securities LLC now owns 9,493 shares of the company’s stock valued at $170,000 after purchasing an additional 624 shares during the last quarter. Intech Investment Management LLC purchased a new stake in shares of Bally’s in the 4th quarter valued at approximately $196,000. Finally, Two Sigma Advisers LP acquired a new stake in shares of Bally’s during the 4th quarter worth approximately $250,000. Institutional investors and hedge funds own 70.41% of the company’s stock.

Bally’s Company Profile

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.