Bally's (NYSE:BALY) Shares Down 5.7% - Here's What Happened

Shares of Bally's Corporation (NYSE:BALY - Get Free Report) were down 5.7% during mid-day trading on Monday . The stock traded as low as $10.36 and last traded at $10.34. Approximately 55,813 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 297,520 shares. The stock had previously closed at $10.97.

Analyst Ratings Changes

Several equities analysts have weighed in on BALY shares. Barclays reduced their price objective on Bally's from $14.00 to $13.00 and set an "equal weight" rating for the company in a report on Tuesday, May 13th. Citizens Jmp raised Bally's to a "hold" rating in a report on Tuesday, March 18th. Seven equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $16.96.

Bally's Trading Down 7.0%

The stock's 50 day moving average is $10.40 and its 200-day moving average is $14.12. The company has a quick ratio of 0.72, a current ratio of 0.75 and a debt-to-equity ratio of 4.24. The company has a market cap of $500.20 million, a PE ratio of -0.87 and a beta of 1.82.

Institutional Investors Weigh In On Bally's

Institutional investors and hedge funds have recently made changes to their positions in the stock. Balyasny Asset Management L.P. raised its holdings in shares of Bally's by 88.7% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,057,332 shares of the company's stock worth $18,916,000 after purchasing an additional 496,933 shares during the last quarter. Nexpoint Asset Management L.P. grew its position in shares of Bally's by 88.3% in the fourth quarter. Nexpoint Asset Management L.P. now owns 808,337 shares of the company's stock valued at $14,461,000 after purchasing an additional 378,950 shares during the period. Alliancebernstein L.P. grew its position in shares of Bally's by 6.3% in the fourth quarter. Alliancebernstein L.P. now owns 379,812 shares of the company's stock valued at $6,795,000 after purchasing an additional 22,573 shares during the period. Gabelli Funds LLC grew its position in shares of Bally's by 7.5% in the fourth quarter. Gabelli Funds LLC now owns 369,934 shares of the company's stock valued at $6,618,000 after purchasing an additional 25,786 shares during the period. Finally, Hsbc Holdings PLC grew its position in shares of Bally's by 1.4% in the fourth quarter. Hsbc Holdings PLC now owns 363,344 shares of the company's stock valued at $6,507,000 after purchasing an additional 5,147 shares during the period. 70.41% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.