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

Bally’s Co. (NYSE:BALY)’s stock price 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 changing hands.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on BALY shares. Stifel Nicolaus reduced their price objective 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. Barclays reduced their price objective on Bally’s from $18.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Monday, March 10th. Finally, Citizens Jmp upgraded Bally’s to a “hold” rating in a research report on Tuesday, March 18th. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $17.13.

Bally’s Price Performance

The stock has a market capitalization of $867.28 million, a price-to-earnings ratio of -1.19 and a beta of 2.14. The company has a 50 day moving average of $16.96 and a 200 day moving average of $17.37. 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 EPS 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 return on equity of 79.10% and a negative net margin of 30.04%. As a group, equities research analysts forecast that Bally’s Co. will post -7.26 EPS for the current fiscal year.

Institutional Investors Weigh In On Bally’s

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vestcor Inc grew its stake in shares of Bally’s by 0.6% in the fourth quarter. Vestcor Inc now owns 100,594 shares of the company’s stock valued at $1,800,000 after buying an additional 594 shares in the last quarter. SG Americas Securities LLC grew its stake in shares of 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 buying an additional 624 shares in the last quarter. Wells Fargo & Company MN grew its stake 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 acquired a new stake in shares of Bally’s in the third quarter valued at about $38,000. Finally, Point72 DIFC Ltd acquired a new stake in shares of Bally’s in the third quarter valued at about $48,000. 70.41% of the stock is currently owned by institutional investors and hedge funds.

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.