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

Shares of Bally’s Co. (NYSE:BALY) gapped down before the market opened on Monday . The stock had previously closed at $18.04, but opened at $17.21. Bally’s shares last traded at $16.95, with a volume of 11,028 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Citizens Jmp upgraded Bally’s to a “hold” rating in a research report on Tuesday, March 18th. Stifel Nicolaus dropped their target price on 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, Barclays reduced their price target 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’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $17.13.

Bally’s Price Performance

The stock’s 50 day moving average price is $15.37 and its two-hundred day moving average price is $16.90. The company has a debt-to-equity ratio of 15.62, a current ratio of 0.56 and a quick ratio of 0.54. The firm has a market capitalization of $818.36 million, a price-to-earnings ratio of -1.12 and a beta of 2.02.

Bally’s (NYSE:BALY) last released its quarterly earnings results on Monday, March 17th. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.76) by $1.34. The company 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, equities research analysts anticipate that Bally’s Co. will post -7.26 EPS for the current year.

Institutional Investors Weigh In On Bally’s

Hedge funds and other institutional investors have recently modified their holdings of the stock. BNP Paribas Financial Markets bought a new stake in Bally’s in the 4th quarter valued at $58,000. SG Americas Securities LLC raised its position in shares of Bally’s by 7.0% during the fourth quarter. SG Americas Securities LLC now owns 9,493 shares of the company’s stock valued at $170,000 after buying an additional 624 shares during the last quarter. Intech Investment Management LLC bought a new stake in shares of Bally’s in the fourth quarter valued at about $196,000. Two Sigma Advisers LP acquired a new stake in Bally’s during the fourth quarter worth about $250,000. Finally, Wells Fargo & Company MN increased its stake in Bally’s by 6.5% during the fourth quarter. Wells Fargo & Company MN now owns 14,055 shares of the company’s stock valued at $251,000 after acquiring an additional 860 shares during the period. Institutional investors and hedge funds 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.