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

Bally's Co. (NYSE:BALY - Get Free Report) gapped down prior to trading 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 changing hands.

Analysts Set New Price Targets

BALY has been the topic of several recent research reports. Barclays reduced their price target 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. Stifel Nicolaus cut their target price on shares of Bally's from $17.00 to $14.00 and set a "hold" rating on the stock in a report on Thursday, March 6th. Finally, Citizens Jmp upgraded shares of Bally's to a "hold" rating in a report on Tuesday, March 18th. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat, Bally's presently has an average rating of "Hold" and an average target price of $17.13.

Bally's Trading Up 1.8 %

The company has a debt-to-equity ratio of 15.62, a quick ratio of 0.54 and a current ratio of 0.56. The firm has a market capitalization of $696.12 million, a PE ratio of -0.95 and a beta of 2.02. The stock's 50-day simple moving average is $15.32 and its 200-day simple moving average is $16.84.

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

Institutional Investors Weigh In On Bally's

Hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets bought a new position in Bally's in the fourth quarter worth $58,000. SG Americas Securities LLC increased its stake in shares of Bally's by 7.0% in the 4th quarter. SG Americas Securities LLC now owns 9,493 shares of the company's stock worth $170,000 after acquiring an additional 624 shares in the last quarter. Intech Investment Management LLC purchased a new position in Bally's during the 4th quarter valued at about $196,000. Spirepoint Private Client LLC purchased a new position in Bally's during the 1st quarter valued at about $246,000. Finally, Two Sigma Advisers LP bought a new stake in Bally's during the fourth quarter worth about $250,000. 70.41% of the stock is currently owned by institutional investors.

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.