Bally’s (NYSE:BALY) Stock Price Down 7.9% – Time to Sell?

Bally’s Corporation (NYSE:BALY) fell 7.9% during mid-day trading on Monday . The company traded as low as $12.40 and last traded at $12.68. 28,774 shares were traded during trading, a decline of 67% from the average session volume of 86,876 shares. The stock had previously closed at $13.77.

Analyst Ratings Changes

A number of equities analysts have weighed in on BALY shares. Barclays set a $11.00 target price on shares of Bally’s and gave the company an “underweight” rating in a research note on Wednesday, December 17th. Macquarie Infrastructure raised their price objective on 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 boosted their target price on Bally’s from $10.00 to $20.00 and gave the stock a “hold” rating in a report on Tuesday, November 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of Bally’s in a research note on Tuesday, January 27th. Finally, Truist Financial lifted their price target on Bally’s from $13.00 to $18.00 and gave the stock a “hold” rating in a research report on Friday, November 14th. Four research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $16.50.

Bally’s Price Performance

The stock has a market capitalization of $601.74 million, a PE ratio of -2.51 and a beta of 1.45. The firm’s fifty day moving average price is $15.27 and its two-hundred day moving average price is $14.72. The company has a quick ratio of 0.66, a current ratio of 0.68 and a debt-to-equity ratio of 7.13.

Institutional Trading of Bally’s

Several large investors have recently modified their holdings of the company. JPMorgan Chase & Co. lifted its holdings in Bally’s by 21,781.4% in the third quarter. JPMorgan Chase & Co. now owns 758,411 shares of the company’s stock valued at $8,418,000 after acquiring an additional 754,945 shares during the period. Whitefort Capital Management LP grew its stake in shares of Bally’s by 43.0% during the 4th quarter. Whitefort Capital Management LP now owns 1,921,372 shares of the company’s stock valued at $31,741,000 after purchasing an additional 578,129 shares during the period. Geode Capital Management LLC increased its position in shares of Bally’s by 113.1% during the 2nd quarter. Geode Capital Management LLC now owns 164,555 shares of the company’s stock valued at $1,577,000 after purchasing an additional 87,346 shares during the last quarter. JB Capital Partners LP bought a new position in shares of Bally’s in the 3rd quarter worth approximately $555,000. Finally, State Street Corp lifted its stake in shares of Bally’s by 32.6% in the 4th quarter. State Street Corp now owns 116,903 shares of the company’s stock worth $1,931,000 after purchasing an additional 28,741 shares during the period. 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.