Bally’s (NYSE:BALY) Stock Price Down 6.9% – Here’s What Happened

Bally’s Corporation (NYSE:BALY) was down 6.9% during trading on Wednesday . The stock traded as low as $16.36 and last traded at $16.24. Approximately 9,039 shares were traded during trading, a decline of 82% from the average daily volume of 49,323 shares. The stock had previously closed at $17.44.

Analyst Upgrades and Downgrades

Several research firms have issued reports on BALY. Barclays set a $11.00 price target on shares of Bally’s and gave the stock an “underweight” rating in a research report on Wednesday, December 17th. Stifel Nicolaus upped their target price on shares of Bally’s from $10.00 to $20.00 and gave the company a “hold” rating in a report on Tuesday, November 11th. Truist Financial lifted their price target on Bally’s from $13.00 to $18.00 and gave the stock a “hold” rating in a report on Friday, November 14th. Macquarie upped their price target 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 restated a “sell (d-)” rating on shares of Bally’s in a research report on Thursday, October 30th. Four analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Bally’s presently has a consensus rating of “Reduce” and a consensus price target of $16.50.

Bally’s Stock Performance

The company has a market capitalization of $790.18 million, a price-to-earnings ratio of -3.29 and a beta of 1.45. 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 company’s 50-day moving average price is $17.07 and its two-hundred day moving average price is $13.23.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. acquired a new position in Bally’s during the second quarter worth $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Bally’s during the second quarter valued at approximately $38,000. Bank of America Corp DE raised its position 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 valued at $76,000 after buying an additional 7,579 shares during the last quarter. New York State Common Retirement Fund bought a new position in Bally’s during the 2nd quarter valued at $97,000. Finally, Rhumbline Advisers boosted its holdings in 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 acquiring an additional 916 shares during the last quarter. Institutional investors own 70.41% of the company’s stock.

Bally’s Company Profile

Bally’s Corporation is an integrated entertainment company engaged in the ownership, development and operation of land‐based casinos, sports betting venues and online gaming platforms. The company leverages the iconic Bally’s brand under a long‐term license to provide gaming and hospitality services across multiple channels, including retail casinos, mobile sports wagering and interactive casino games.

The company’s portfolio spans gaming properties in key U.S. jurisdictions such as Rhode Island, Colorado, New Jersey, Mississippi, Iowa, Indiana, Pennsylvania and Nevada.