Bally’s (NYSE:BALY) Shares Down 2.9% – Time to Sell?

Shares of Bally’s Co. (NYSE:BALY) dropped 2.9% during trading on Monday . The company traded as low as $15.01 and last traded at $15.01. Approximately 1,653 shares were traded during mid-day trading, a decline of 100% from the average daily volume of 346,403 shares. The stock had previously closed at $15.46.

Analysts Set New Price Targets

A number of research analysts have weighed in on BALY shares. Citizens Jmp upgraded Bally’s to a “hold” rating in a report on Tuesday, March 18th. Stifel Nicolaus lowered their price objective on 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 dropped their target price on Bally’s from $18.00 to $14.00 and set an “equal weight” rating for the company in a report on Monday, March 10th. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $17.13.

Bally’s Trading Down 1.4 %

The business has a fifty day moving average price of $15.40 and a two-hundred day moving average price of $16.93. 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 firm has a market capitalization of $739.78 million, a PE ratio of -1.01 and a beta of 2.02.

Bally’s (NYSE:BALY) last announced its earnings results on Monday, March 17th. The company reported $0.58 earnings per share for the quarter, topping the consensus estimate of ($0.76) by $1.34. The company had revenue of $580.37 million during 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%. Analysts expect that Bally’s Co. will post -7.26 EPS for the current fiscal year.

Institutional Trading of Bally’s

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BALY. Balyasny Asset Management L.P. grew its stake in shares of Bally’s by 88.7% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,057,332 shares of the company’s stock valued at $18,916,000 after buying an additional 496,933 shares in the last quarter. Nexpoint Asset Management L.P. boosted its holdings in Bally’s by 88.3% during the 4th quarter. Nexpoint Asset Management L.P. now owns 808,337 shares of the company’s stock valued at $14,461,000 after acquiring an additional 378,950 shares during the period. Man Group plc acquired a new position in Bally’s in the 4th quarter valued at about $5,187,000. Eisler Capital Management Ltd. purchased a new stake in Bally’s during the fourth quarter worth about $4,699,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of Bally’s during the fourth quarter worth about $2,005,000. Hedge funds and other institutional investors 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.