Bally’s (NYSE:BALY) Shares Down 6.8% – Time to Sell?

Bally’s Corporation (NYSE:BALY) dropped 6.8% during mid-day trading on Monday . The stock traded as low as $14.00 and last traded at $13.6960. Approximately 6,354 shares traded hands during trading, a decline of 91% from the average session volume of 72,997 shares. The stock had previously closed at $14.70.

Analysts Set New Price Targets

Several research firms recently commented on BALY. Truist Financial lowered their target price on Bally’s from $18.00 to $13.00 and set a “hold” rating on the stock in a research report on Friday, March 27th. Stifel Nicolaus increased their price target on Bally’s from $12.00 to $13.00 and gave the stock a “hold” rating in a research note on Tuesday, May 26th. Wall Street Zen lowered Bally’s from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. Barclays cut their price objective on shares of Bally’s from $9.00 to $8.00 and set an “underweight” rating on the stock in a research note on Wednesday, May 20th. Finally, Weiss Ratings lowered shares of Bally’s from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, June 24th. Three research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Bally’s presently has a consensus rating of “Reduce” and an average target price of $12.75.

Bally’s Stock Performance

The company has a debt-to-equity ratio of 1.87, a current ratio of 1.11 and a quick ratio of 1.05. The stock has a market cap of $605.81 million, a P/E ratio of -1.52 and a beta of 1.80. The stock has a 50-day simple moving average of $13.42 and a 200-day simple moving average of $13.81.

Bally’s (NYSE:BALY) last posted its quarterly earnings results on Monday, May 18th. The company reported ($2.69) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.00) by ($1.69). Bally’s had a negative net margin of 29.98% and a negative return on equity of 56.76%. The company had revenue of $755.72 million during the quarter, compared to analyst estimates of $769.69 million. Research analysts forecast that Bally’s Corporation will post -9.36 earnings per share for the current year.

Institutional Investors Weigh In On Bally’s

Several large investors have recently modified their holdings of BALY. Police & Firemen s Retirement System of New Jersey increased its stake in Bally’s by 96.1% in the 4th quarter. Police & Firemen s Retirement System of New Jersey now owns 2,593 shares of the company’s stock worth $43,000 after acquiring an additional 1,271 shares during the last quarter. JPMorgan Chase & Co. bought a new position in Bally’s in the second quarter worth about $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Bally’s during the 2nd quarter worth approximately $38,000. MetLife Investment Management LLC purchased a new position in shares of Bally’s in the 4th quarter valued at approximately $97,000. Finally, Bank of America Corp DE boosted its position in shares of 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 purchasing an additional 7,579 shares in the last quarter. Hedge funds and other institutional investors 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.