Bally’s (NYSE:BALY) Shares Gap Down – Time to Sell?

Shares of Bally’s Co. (NYSE:BALY) gapped down before the market opened on Thursday . The stock had previously closed at $18.24, but opened at $17.70. Bally’s shares last traded at $17.99, with a volume of 1,285 shares traded.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on BALY shares. Stifel Nicolaus dropped their price objective on Bally’s from $17.00 to $14.00 and set a “hold” rating on the stock in a report on Thursday, March 6th. Barclays cut their price objective on shares of Bally’s from $18.00 to $14.00 and set an “equal weight” rating on the stock in a report on Monday. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $17.13.

Bally’s Stock Performance

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 50-day simple moving average of $17.02 and a 200 day simple moving average of $17.35. The company has a market cap of $737.50 million, a price-to-earnings ratio of -1.20 and a beta of 2.05.

Institutional Trading of Bally’s

Institutional investors and hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC increased its stake 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. JPMorgan Chase & Co. raised its stake in Bally’s by 120.7% during 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 during the last quarter. Wolverine Asset Management LLC lifted its position in Bally’s by 30.3% during the 4th quarter. Wolverine Asset Management LLC now owns 173,238 shares of the company’s stock worth $3,099,000 after acquiring an additional 40,250 shares during the period. Barclays PLC grew its stake 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 purchasing an additional 14,567 shares during the last quarter. Finally, King Street Capital Management L.P. acquired a new position in shares of Bally’s in the third quarter valued at approximately $6,784,000. Hedge funds and other institutional investors own 70.41% of the company’s stock.

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.