Bally’s (NYSE:BALY) Stock Falls 0.5% – Time to Sell?

Bally’s Corporation (NYSE:BALY) dropped 0.5% on Monday. The stock traded as low as $13.11 and last traded at $13.4470. Approximately 50,688 shares traded hands during mid-day trading, a decline of 44% from the average daily volume of 90,936 shares. The stock had previously closed at $13.52.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on BALY. Weiss Ratings upgraded Bally’s from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, October 28th. Wall Street Zen cut Bally’s from a “hold” rating to a “sell” rating in a report on Sunday, August 23rd. Barclays reduced their price objective on Bally’s from $8.00 to $7.00 and set an “underweight” rating for the company in a research report on Wednesday, August 19th. Finally, Truist Financial decreased their price objective on Bally’s from $15.00 to $10.00 and set a “hold” rating on the stock in a report on Wednesday, August 19th. Three research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $11.75.

Bally’s Trading Up 3.2%

The company has a market cap of $676.90 million, a price-to-earnings ratio of -1.97 and a beta of 1.83. The company has a debt-to-equity ratio of 2.06, a quick ratio of 0.85 and a current ratio of 0.91. The business’s 50 day moving average price is $12.16 and its 200-day moving average price is $12.92.

Bally’s (NYSE:BALY) last released its quarterly earnings data on Friday, August 14th. The company reported ($2.41) EPS for the quarter, missing analysts’ consensus estimates of ($1.08) by ($1.33). The business had revenue of $792.23 million for the quarter, compared to the consensus estimate of $789.89 million. Bally’s had a negative return on equity of 40.97% and a negative net margin of 25.83%. On average, research analysts forecast that Bally’s Corporation will post -9.36 EPS for the current year.

Bally’s Company Profile

Bally’s Corporation is a gaming, hospitality and entertainment company that owns and operates casinos, resorts and racetracks in the United States. Its properties offer casino gaming, hotel accommodations, dining, entertainment, meeting facilities and related amenities. The company serves regional gaming markets across multiple U.S. states and also has an international presence through its operations in the United Kingdom.

Bally’s also operates digital gaming businesses, including online sports betting and iGaming services under the Bally Bet and Bally Casino brands, where permitted by local regulations.