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

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

Analyst Ratings Changes

A number of equities analysts recently weighed in on BALY shares. Barclays lowered their price objective 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. Citizens Jmp upgraded shares of Bally’s to a “hold” rating in a research report on Tuesday, March 18th. Finally, Stifel Nicolaus dropped their target price on Bally’s from $17.00 to $14.00 and set a “hold” rating on the stock in a research report on Thursday, March 6th. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $17.13.

Bally’s Stock Performance

The stock has a 50-day moving average price of $16.96 and a 200 day moving average price of $17.37. The company has a debt-to-equity ratio of 15.62, a current ratio of 0.56 and a quick ratio of 0.54. The firm has a market cap of $862.49 million, a PE ratio of -1.18 and a beta of 2.14.

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC boosted its stake in Bally’s by 7.0% during the fourth quarter. SG Americas Securities LLC now owns 9,493 shares of the company’s stock valued at $170,000 after buying an additional 624 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Bally’s by 120.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 41,001 shares of the company’s stock worth $707,000 after buying an additional 22,425 shares during the period. Proficio Capital Partners LLC purchased a new stake in shares of Bally’s in the 4th quarter valued at approximately $401,000. Wolverine Asset Management LLC boosted its position in shares of Bally’s by 30.3% in the fourth quarter. Wolverine Asset Management LLC now owns 173,238 shares of the company’s stock worth $3,099,000 after buying an additional 40,250 shares during the period. Finally, Barclays PLC boosted its position in Bally’s by 63.7% during the 3rd quarter. Barclays PLC now owns 37,419 shares of the company’s stock worth $645,000 after acquiring an additional 14,567 shares during the period. 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.