Bally’s (NYSE:BALY) Stock Price Down 6.9% – Should You Sell?

Bally’s Corporation (NYSE:BALY) shares traded down 6.9% on Monday . The company traded as low as $16.38 and last traded at $16.5350. 44,257 shares changed hands during mid-day trading, a decline of 55% from the average session volume of 97,292 shares. The stock had previously closed at $17.76.

Analyst Ratings Changes

Several analysts recently commented on BALY shares. Truist Financial raised their price target on shares of Bally’s from $13.00 to $18.00 and gave the stock a “hold” rating in a report on Friday, November 14th. Stifel Nicolaus increased their target price on shares of Bally’s from $10.00 to $20.00 and gave the stock a “hold” rating in a research report on Tuesday, November 11th. Wall Street Zen raised shares of Bally’s from a “sell” rating to a “hold” rating in a research note on Sunday, September 7th. Macquarie upped their target price on Bally’s from $12.00 to $17.00 and gave the stock a “neutral” rating in a research report on Friday, November 14th. Finally, Barclays set a $11.00 price target on Bally’s and gave the company an “underweight” rating in a research note on Wednesday, December 17th. Four equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $16.50.

Bally’s Stock Performance

The stock has a fifty day moving average price of $17.26 and a 200 day moving average price of $12.83. The company has a current ratio of 0.68, a quick ratio of 0.66 and a debt-to-equity ratio of 7.13. The firm has a market cap of $812.86 million, a price-to-earnings ratio of -3.39 and a beta of 1.46.

Bally’s (NYSE:BALY) last released its quarterly earnings results on Thursday, October 30th. The company reported ($1.70) EPS for the quarter. Bally’s had a negative net margin of 17.41% and a negative return on equity of 63.71%. The firm had revenue of $210.25 million during the quarter. As a group, analysts predict 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 added to or reduced their stakes in the business. JPMorgan Chase & Co. bought a new stake in shares of Bally’s in the second quarter valued at approximately $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Bally’s during the second quarter worth about $38,000. Bank of America Corp DE increased its stake in Bally’s by 2,087.9% during the second quarter. Bank of America Corp DE now owns 7,942 shares of the company’s stock valued at $76,000 after acquiring an additional 7,579 shares during the period. New York State Common Retirement Fund acquired a new stake in shares of Bally’s during the 2nd quarter worth approximately $97,000. Finally, Rhumbline Advisers increased 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 valued at $113,000 after purchasing an additional 916 shares during the period. Institutional investors and hedge funds own 70.41% of the company’s stock.

About Bally’s

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.