Bally’s (NYSE:BALY) Stock Price Down 13.6% on Analyst Downgrade

Bally’s Co. (NYSE:BALY) dropped 13.6% during trading on Tuesday after Barclays lowered their price target on the stock from $18.00 to $14.00. Barclays currently has an equal weight rating on the stock. Bally’s traded as low as $15.71 and last traded at $14.95. Approximately 21,940 shares were traded during trading, a decline of 94% from the average daily volume of 397,150 shares. The stock had previously closed at $17.30.

Separately, Stifel Nicolaus lowered their price target on shares of Bally’s from $17.00 to $14.00 and set a “hold” rating on the stock in a report on Thursday, March 6th. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $17.13.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vestcor Inc grew its position in shares of Bally’s by 0.6% during the 4th quarter. Vestcor Inc now owns 100,594 shares of the company’s stock valued at $1,800,000 after acquiring an additional 594 shares during the period. SG Americas Securities LLC grew its holdings in Bally’s by 7.0% in the fourth quarter. SG Americas Securities LLC now owns 9,493 shares of the company’s stock valued at $170,000 after purchasing an additional 624 shares during the period. Wells Fargo & Company MN increased its position in shares of Bally’s by 6.5% in the fourth quarter. Wells Fargo & Company MN now owns 14,055 shares of the company’s stock valued at $251,000 after buying an additional 860 shares in the last quarter. Longfellow Investment Management Co. LLC purchased a new stake in shares of Bally’s in the third quarter valued at approximately $38,000. Finally, Point72 DIFC Ltd acquired a new position in shares of Bally’s during the 3rd quarter worth approximately $48,000. Hedge funds and other institutional investors own 70.41% of the company’s stock.

Bally’s Stock Down 11.6 %

The business has a 50-day moving average price of $17.01 and a 200-day moving average price of $17.34. The stock has a market cap of $622.00 million, a PE ratio of -1.02 and a beta of 2.05. The company has a current ratio of 0.56, a quick ratio of 0.54 and a debt-to-equity ratio of 15.62.

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.