Bally’s (NYSE:BALY) Shares Down 5.7% – Here’s What Happened

Shares of Bally’s Co. (NYSE:BALY) fell 5.7% on Monday . The stock traded as low as $17.21 and last traded at $17.21. 4,249 shares traded hands during trading, a decline of 99% from the average session volume of 362,324 shares. The stock had previously closed at $18.25.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Barclays cut their price target on shares of Bally’s from $18.00 to $14.00 and set an “equal weight” rating for the company in a report on Monday, March 10th. Stifel Nicolaus cut their target price on shares of Bally’s from $17.00 to $14.00 and set a “hold” rating for the company in a research note on Thursday, March 6th. Finally, Citizens Jmp upgraded Bally’s to a “hold” rating in a report on Tuesday, March 18th. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Bally’s presently has an average rating of “Hold” and an average target price of $17.13.

Bally’s Stock Performance

The company has a debt-to-equity ratio of 15.62, a quick ratio of 0.54 and a current ratio of 0.56. The firm’s 50 day moving average is $16.96 and its 200-day moving average is $17.37. The company has a market cap of $862.49 million, a PE ratio of -1.18 and a beta of 2.14.

Bally’s (NYSE:BALY) last released its quarterly earnings data on Monday, March 17th. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $1.34. The firm had revenue of $580.37 million during the quarter, compared to analysts’ expectations 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, research analysts anticipate that Bally’s Co. will post -7.26 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bally’s

Institutional investors have recently modified their holdings of the business. Balyasny Asset Management L.P. grew its stake in Bally’s by 88.7% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,057,332 shares of the company’s stock worth $18,916,000 after purchasing an additional 496,933 shares in the last quarter. Nexpoint Asset Management L.P. boosted its stake in shares of Bally’s by 88.3% in the 4th quarter. Nexpoint Asset Management L.P. now owns 808,337 shares of the company’s stock valued at $14,461,000 after buying an additional 378,950 shares during the period. Citigroup Inc. grew its position in shares of Bally’s by 8.8% during the third quarter. Citigroup Inc. now owns 442,400 shares of the company’s stock worth $7,631,000 after buying an additional 35,901 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Bally’s during 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. Institutional investors and hedge funds own 70.41% of the company’s stock.

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.