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

Bally’s Co. (NYSE:BALY)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $17.07, but opened at $15.99. Bally’s shares last traded at $16.48, with a volume of 6,759 shares changing hands.

Wall Street Analysts Forecast Growth

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

Bally’s Price Performance

The company has a current ratio of 0.56, a quick ratio of 0.54 and a debt-to-equity ratio of 15.62. The business’s fifty day moving average is $16.96 and its 200 day moving average is $17.36. The firm has a market capitalization of $796.62 million, a P/E ratio of -1.09 and a beta of 2.14.

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in BALY. SG Americas Securities LLC lifted its position in shares of Bally’s by 7.0% in the 4th quarter. SG Americas Securities LLC now owns 9,493 shares of the company’s stock valued at $170,000 after acquiring an additional 624 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Bally’s by 120.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 41,001 shares of the company’s stock valued at $707,000 after acquiring an additional 22,425 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of Bally’s in the 4th quarter valued at approximately $401,000. Wolverine Asset Management LLC lifted its position in shares of Bally’s by 30.3% in the 4th quarter. Wolverine Asset Management LLC now owns 173,238 shares of the company’s stock valued at $3,099,000 after acquiring an additional 40,250 shares in the last quarter. Finally, Barclays PLC lifted its position in shares of Bally’s by 63.7% in the 3rd quarter. Barclays PLC now owns 37,419 shares of the company’s stock valued at $645,000 after acquiring an additional 14,567 shares in the last quarter. 70.41% of the stock is owned by hedge funds and other institutional investors.

Bally’s Company Profile

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.