Bally’s (NYSE:BALY) Shares Gap Down on Analyst Downgrade

Bally’s Corporation (NYSE:BALY)’s stock price gapped down before the market opened on Wednesday after Barclays downgraded the stock from an equal weight rating to an underweight rating. The stock had previously closed at $17.08, but opened at $15.50. Barclays now has a $11.00 price target on the stock. Bally’s shares last traded at $15.6710, with a volume of 15,147 shares changing hands.

Several other analysts also recently issued reports on the company. Truist Financial lifted their target price on Bally’s from $13.00 to $18.00 and gave the company a “hold” rating in a research note on Friday, November 14th. Wall Street Zen upgraded shares of Bally’s from a “sell” rating to a “hold” rating in a research report on Sunday, September 7th. Stifel Nicolaus boosted their target price on shares of Bally’s from $10.00 to $20.00 and gave the stock a “hold” rating in a report on Tuesday, November 11th. Macquarie raised their target price on shares of Bally’s from $12.00 to $17.00 and gave the company a “neutral” rating in a research note on Friday, November 14th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Bally’s in a report on Thursday, October 30th. Four equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $16.50.

Institutional Investors Weigh In On Bally’s

Several large investors have recently bought and sold shares of the business. Rhumbline Advisers lifted its position in shares of Bally’s by 9.9% during the third quarter. Rhumbline Advisers now owns 10,160 shares of the company’s stock worth $113,000 after purchasing an additional 916 shares during the last quarter. JPMorgan Chase & Co. bought a new stake in Bally’s during the 2nd quarter valued at about $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Bally’s in the 2nd quarter valued at about $38,000. Wolverine Asset Management LLC boosted its position in Bally’s by 35.8% in the 2nd quarter. Wolverine Asset Management LLC now owns 16,468 shares of the company’s stock valued at $158,000 after buying an additional 4,345 shares during the period. Finally, Bank of America Corp DE grew its stake in Bally’s by 2,087.9% in the 2nd quarter. Bank of America Corp DE now owns 7,942 shares of the company’s stock worth $76,000 after acquiring an additional 7,579 shares in the last quarter. Institutional investors own 70.41% of the company’s stock.

Bally’s Trading Up 9.5%

The stock’s 50-day moving average price is $16.69 and its 200 day moving average price is $12.45. The company has a debt-to-equity ratio of 7.13, a current ratio of 0.68 and a quick ratio of 0.66. The firm has a market capitalization of $883.24 million, a PE ratio of -3.68 and a beta of 1.46.

Bally’s (NYSE:BALY) last announced its quarterly earnings data on Thursday, October 30th. The company reported ($1.70) earnings per share (EPS) for the quarter. The firm had revenue of $210.25 million during the quarter. Bally’s had a negative return on equity of 63.71% and a negative net margin of 17.41%. On average, sell-side analysts expect that Bally’s Corporation will post -7.26 EPS for the current fiscal year.

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.