Bally's (NYSE:BALY) Shares Gap Down - Here's What Happened

Bally's Co. (NYSE:BALY - Get Free Report)'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 traded.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Barclays cut their target price on shares of Bally's from $18.00 to $14.00 and set an "equal weight" rating on the stock in a research note on Monday, March 10th. Citizens Jmp raised Bally's to a "hold" rating in a research report on Tuesday, March 18th. Finally, Stifel Nicolaus reduced their target price on Bally's from $17.00 to $14.00 and set a "hold" rating on the stock in a report on Thursday, March 6th. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, Bally's presently has a consensus rating of "Hold" and a consensus target price of $17.13.

Bally's Trading Down 8.4 %

The stock's fifty day simple moving average is $16.92 and its two-hundred day simple moving average is $17.37. The firm has a market cap of $779.07 million, a PE ratio of -1.07 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 - Get Free Report) last posted its quarterly earnings data on Monday, March 17th. The company reported $0.58 earnings per share for the quarter, beating 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 analyst estimates of $589.83 million. On average, sell-side analysts forecast that Bally's Co. will post -7.26 EPS for the current fiscal year.

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Hedge Funds Weigh In On Bally's

Several large investors have recently modified their holdings of the stock. SG Americas Securities LLC increased its stake in Bally's by 7.0% during the 4th 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 in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Bally's by 120.7% during the third quarter. JPMorgan Chase & Co. now owns 41,001 shares of the company's stock valued at $707,000 after buying an additional 22,425 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Bally's during the fourth quarter valued at approximately $401,000. Wolverine Asset Management LLC raised its holdings in Bally's by 30.3% in 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 last quarter. Finally, Barclays PLC lifted its position in 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 acquiring an additional 14,567 shares in the last quarter. 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.