Bally's (NYSE:BALY) Stock Price Down 6.6% - Should You Sell?

Key Points

• Bally's Corporation shares fell by 6.6% on Monday, trading as low as $12.40 before closing at $12.25, with trading volume down by 17% from the average.
• Several analysts have adjusted their price targets for Bally's, with Macquarie lowering its target from $14.00 to $12.00 and Stifel Nicolaus reducing it from $12.00 to $10.00, indicating a consensus rating of "Reduce" with a target price of $11.00.
• Institutional investors hold 70.41% of Bally's stock, with notable increases in stakes from firms like Bank of America Corp DE, which raised its stake by over 2,000%.

Bally's Corporation (NYSE:BALY - Get Free Report)'s share price traded down 6.6% on Monday . The company traded as low as $12.40 and last traded at $12.25. 67,244 shares changed hands during mid-day trading, a decline of 17% from the average session volume of 80,827 shares. The stock had previously closed at $13.11.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Macquarie decreased their price target on shares of Bally's from $14.00 to $12.00 and set a "neutral" rating on the stock in a research note on Tuesday, August 12th. Weiss Ratings reissued a "sell (e+)" rating on shares of Bally's in a research note on Wednesday, October 8th. Stifel Nicolaus cut their price target on shares of Bally's from $12.00 to $10.00 and set a "hold" rating for the company in a report on Tuesday, August 12th. Barclays cut their price target on shares of Bally's from $13.00 to $11.00 and set an "equal weight" rating for the company in a report on Wednesday, August 13th. Finally, Truist Financial cut their price target on shares of Bally's from $15.00 to $11.00 and set a "hold" rating for the company in a report on Wednesday, July 16th. Five analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Reduce" and a consensus price target of $11.00.

Bally's Price Performance

The company has a debt-to-equity ratio of 5.54, a quick ratio of 0.47 and a current ratio of 0.49. The company has a market cap of $597.58 million, a PE ratio of -1.04 and a beta of 1.96. The company's 50-day simple moving average is $10.48 and its 200 day simple moving average is $11.06.

Institutional Investors Weigh In On Bally's

Institutional investors and hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. purchased a new stake in Bally's in the second quarter valued at $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Bally's in the second quarter valued at $38,000. Bank of America Corp DE increased its stake in Bally's by 2,087.9% in the second quarter. Bank of America Corp DE now owns 7,942 shares of the company's stock valued at $76,000 after purchasing an additional 7,579 shares during the period. New York State Common Retirement Fund acquired a new position in Bally's in the second quarter valued at $97,000. Finally, Wolverine Asset Management LLC increased its stake in Bally's by 35.8% in the second quarter. Wolverine Asset Management LLC now owns 16,468 shares of the company's stock valued at $158,000 after purchasing an additional 4,345 shares during the period. 70.41% of the stock is owned by hedge funds and other 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.

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