Bally’s (NYSE:BALY) Trading Down 5.7% – What’s Next?

Bally’s Co. (NYSE:BALY)’s stock price dropped 5.7% during mid-day trading on Monday . The company traded as low as $17.21 and last traded at $17.21. Approximately 4,249 shares changed hands during trading, a decline of 99% from the average daily volume of 362,324 shares. The stock had previously closed at $18.25.

Analyst Upgrades and Downgrades

BALY has been the topic of several research analyst reports. Citizens Jmp upgraded shares of Bally’s to a “hold” rating in a report on Tuesday, March 18th. Stifel Nicolaus reduced their price target on shares of Bally’s from $17.00 to $14.00 and set a “hold” rating on the stock in a research note on Thursday, March 6th. Finally, Barclays lowered their price objective on shares of Bally’s from $18.00 to $14.00 and set an “equal weight” rating for the company in a research report on Monday, March 10th. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, Bally’s presently has an average rating of “Hold” and an average target price of $17.13.

Bally’s Price Performance

The company’s 50-day moving average price is $16.92 and its 200-day moving average price is $17.37. The company has a quick ratio of 0.54, a current ratio of 0.56 and a debt-to-equity ratio of 15.62. The firm has a market cap of $779.07 million, a price-to-earnings ratio of -1.07 and a beta of 2.14.

Bally’s (NYSE:BALY) last released its earnings results on Monday, March 17th. The company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.76) by $1.34. The company had revenue of $580.37 million for the quarter, compared to analyst estimates of $589.83 million. Bally’s had a negative net margin of 30.04% and a negative return on equity of 79.10%. On average, equities research analysts forecast that Bally’s Co. will post -7.26 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BALY. Balyasny Asset Management L.P. raised its position in Bally’s by 88.7% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,057,332 shares of the company’s stock valued at $18,916,000 after purchasing an additional 496,933 shares in the last quarter. Nexpoint Asset Management L.P. increased its stake in shares of Bally’s by 88.3% during the fourth quarter. Nexpoint Asset Management L.P. now owns 808,337 shares of the company’s stock worth $14,461,000 after buying an additional 378,950 shares during the period. Citigroup Inc. raised its holdings in Bally’s by 8.8% in the third quarter. Citigroup Inc. now owns 442,400 shares of the company’s stock valued at $7,631,000 after acquiring an additional 35,901 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Bally’s in the third quarter worth approximately $7,326,000. Finally, King Street Capital Management L.P. acquired a new position in Bally’s during the 3rd quarter worth approximately $6,784,000. 70.41% of the stock is currently owned by hedge funds and other institutional investors.

About Bally’s

Bally’s Corp. is a global casino-entertainment company with a portfolio of casinos and resorts and online gaming businesses. It operates through the following segments: Casinos & Resorts, International Interactive, and North America Interactive. The Casinos & Resorts segment consists of the company’s casino and resort properties, a horse racetrack, and a golf course.