Bally's (NYSE:BALY) Shares Down 7.2% - Should You Sell?

Bally's Corporation (NYSE:BALY - Get Free Report) dropped 7.2% on Tuesday . The company traded as low as $10.18 and last traded at $10.31. Approximately 76,362 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 298,422 shares. The stock had previously closed at $11.11.

Wall Street Analyst Weigh In

Several brokerages have recently commented on BALY. Citizens Jmp upgraded shares of Bally's to a "hold" rating in a research report on Tuesday, March 18th. Barclays lowered their price target on shares of Bally's from $14.00 to $13.00 and set an "equal weight" rating for the company in a research report on Tuesday, May 13th. Seven equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $16.96.

Bally's Price Performance

The stock has a market capitalization of $539.11 million, a price-to-earnings ratio of -0.94 and a beta of 1.82. 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 business's 50 day simple moving average is $10.50 and its 200-day simple moving average is $14.28.

Institutional Investors Weigh In On Bally's

Several hedge funds have recently added to or reduced their stakes in BALY. Yakira Capital Management Inc. lifted its position in shares of Bally's by 40.9% in the 4th quarter. Yakira Capital Management Inc. now owns 165,300 shares of the company's stock worth $2,957,000 after purchasing an additional 47,943 shares during the period. Proficio Capital Partners LLC acquired a new position in shares of Bally's during the 4th quarter valued at $401,000. Regatta Capital Group LLC acquired a new position in shares of Bally's during the 1st quarter valued at $780,000. Skandinaviska Enskilda Banken AB publ lifted its position in shares of Bally's by 54.8% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 84,761 shares of the company's stock valued at $1,513,000 after acquiring an additional 30,000 shares during the period. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of Bally's during the 4th quarter valued at $1,505,000. 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.