Bally’s (NYSE:BALY) Stock Price Down 3.4% – Should You Sell?

Bally’s Corporation (NYSE:BALY) traded down 3.4% during trading on Monday . The company traded as low as $16.74 and last traded at $16.9040. 19,369 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 91,831 shares. The stock had previously closed at $17.49.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Macquarie lifted their price target on shares of Bally’s from $12.00 to $17.00 and gave the company a “neutral” rating in a research report on Friday, November 14th. Stifel Nicolaus increased their target price on Bally’s from $10.00 to $20.00 and gave the stock a “hold” rating in a research note on Tuesday, November 11th. Wall Street Zen raised shares of Bally’s from a “sell” rating to a “hold” rating in a research report on Sunday, September 7th. Barclays reduced their target price on shares of Bally’s from $13.00 to $11.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 13th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Bally’s in a research note on Thursday, October 30th. Five analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $16.50.

Bally’s Price Performance

The stock has a fifty day simple moving average of $15.00 and a 200-day simple moving average of $11.74. The company has a market capitalization of $833.75 million, a PE ratio of -3.48 and a beta of 2.00. The company has a current ratio of 0.68, a quick ratio of 0.66 and a debt-to-equity ratio of 7.13.

Bally’s (NYSE:BALY) last issued its earnings results on Wednesday, November 12th. The company reported ($1.70) earnings per share for the quarter, missing the consensus estimate of ($0.71) by ($0.99). The business had revenue of $210.25 million for the quarter, compared to analyst estimates of $668.49 million. Bally’s had a negative return on equity of 63.71% and a negative net margin of 17.41%. Equities analysts anticipate that Bally’s Corporation will post -7.26 earnings per share for the current year.

Institutional Trading of Bally’s

Hedge funds and other institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. acquired a new position in shares of Bally’s during the second quarter worth about $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Bally’s in the 2nd quarter valued at approximately $38,000. Bank of America Corp DE increased its position in Bally’s by 2,087.9% during the 2nd quarter. Bank of America Corp DE now owns 7,942 shares of the company’s stock worth $76,000 after purchasing an additional 7,579 shares during the period. New York State Common Retirement Fund acquired a new position in Bally’s during the 2nd quarter worth approximately $97,000. Finally, Rhumbline Advisers raised its stake in shares of Bally’s by 9.9% during the 3rd quarter. Rhumbline Advisers now owns 10,160 shares of the company’s stock worth $113,000 after buying an additional 916 shares in the last quarter. 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.