Bally’s (NYSE:BALY) Shares Gap Down – Should You Sell?

Bally’s Co. (NYSE:BALY) shares 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 traded.

Analysts Set New Price Targets

A number of research firms have recently commented on BALY. 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 research note on Thursday, March 6th. Citizens Jmp upgraded Bally’s to a “hold” rating in a report on Tuesday, March 18th. Finally, Barclays decreased their target price on Bally’s from $18.00 to $14.00 and set an “equal weight” rating on the stock in a report on Monday, March 10th. Seven equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $17.13.

Bally’s Stock Up 5.0 %

The business has a 50-day simple moving average of $16.96 and a two-hundred day simple moving average of $17.37. The company has a market cap of $867.28 million, a price-to-earnings ratio of -1.19 and a beta of 2.14. The company has a quick ratio of 0.54, a current ratio of 0.56 and a debt-to-equity ratio of 15.62.

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

Hedge Funds Weigh In On Bally’s

Several large investors have recently made changes to their positions in the business. Vestcor Inc lifted 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 worth $1,800,000 after purchasing an additional 594 shares during the last quarter. SG Americas Securities LLC lifted its position in shares of Bally’s by 7.0% during the 4th quarter. SG Americas Securities LLC now owns 9,493 shares of the company’s stock worth $170,000 after purchasing an additional 624 shares during the last quarter. Wells Fargo & Company MN lifted its position in shares of Bally’s by 6.5% during the 4th quarter. Wells Fargo & Company MN now owns 14,055 shares of the company’s stock worth $251,000 after purchasing an additional 860 shares during the last quarter. Longfellow Investment Management Co. LLC acquired a new position in shares of Bally’s during the 3rd quarter worth about $38,000. Finally, Point72 DIFC Ltd acquired a new position in shares of Bally’s during the 3rd quarter worth about $48,000. 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.