Bally’s (NYSE:BALY) Shares Gap Down – Here’s What Happened

Shares of Bally’s Corporation (NYSE:BALY) gapped down prior to trading on Wednesday . The stock had previously closed at $13.06, but opened at $12.04. Bally’s shares last traded at $11.9550, with a volume of 2,827 shares changing hands.

Wall Street Analysts Forecast Growth

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

Bally’s Stock Down 3.3%

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 firm’s 50-day moving average price is $13.42 and its 200 day moving average price is $13.81. The firm has a market capitalization of $583.73 million, a price-to-earnings ratio of -1.46 and a beta of 1.80.

Bally’s (NYSE:BALY) last posted its quarterly earnings data on Monday, May 18th. The company reported ($2.69) EPS 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 for the quarter, compared to analyst estimates of $769.69 million. Sell-side analysts expect that Bally’s Corporation will post -9.36 EPS for the current year.

Hedge Funds Weigh In On Bally’s

Institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. acquired a new stake in Bally’s during the second quarter worth approximately $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Bally’s during the 2nd quarter worth $38,000. Police & Firemen s Retirement System of New Jersey lifted its stake in shares of Bally’s by 96.1% during 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 purchasing an additional 1,271 shares during the period. Bank of America Corp DE boosted its holdings 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 worth $76,000 after purchasing an additional 7,579 shares during the last quarter. Finally, New York State Common Retirement Fund acquired a new stake in shares of Bally’s during the second quarter worth $97,000. Institutional investors and hedge funds 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.