Bally's (NYSE:BALY) Stock Price Down 9.4% - Here's What Happened

Key Points

• Bally’s shares fell 9.4% in Tuesday mid-day trading, to $10.865, while trading volume was 94% below its average.
• Analyst sentiment is cautious: the stock has an average “Reduce” rating and an average price target of $11.75, with three Hold ratings and two Sell ratings.
• In its latest quarter, Bally’s reported an EPS loss of $2.41, missing the consensus estimate of a $1.08 loss, while revenue of $792.23 million slightly exceeded expectations.

Bally's Corporation (NYSE:BALY - Get Free Report) was down 9.4% during mid-day trading on Tuesday. The stock traded as low as $11.40 and last traded at $10.8650. 4,685 shares were traded during mid-day trading, a decline of 94% from the average daily volume of 82,994 shares. The stock had previously closed at $11.99.

Analyst Ratings Changes

Several equities research analysts recently weighed in on BALY shares. Weiss Ratings upgraded shares of Bally's from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Wednesday, October 28th. Barclays lowered their price target on Bally's from $8.00 to $7.00 and set an "underweight" rating on the stock in a research note on Wednesday, August 19th. Wall Street Zen cut Bally's from a "hold" rating to a "sell" rating in a report on Sunday, August 23rd. Finally, Truist Financial reduced their price objective on Bally's from $15.00 to $10.00 and set a "hold" rating for the company in a research report on Wednesday, August 19th. Three analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Reduce" and an average price target of $11.75.

Bally's Stock Down 6.5%

The stock has a market capitalization of $565.97 million, a P/E ratio of -1.64 and a beta of 1.83. The company has a current ratio of 0.91, a quick ratio of 0.85 and a debt-to-equity ratio of 2.06. The firm's fifty day moving average is $12.35 and its 200-day moving average is $12.86.

Bally's (NYSE:BALY - Get Free Report) last issued its quarterly earnings data on Friday, August 14th. The company reported ($2.41) earnings per share for the quarter, missing the consensus estimate of ($1.08) by ($1.33). Bally's had a negative return on equity of 40.97% and a negative net margin of 25.83%. The firm had revenue of $792.23 million for the quarter, compared to the consensus estimate of $789.89 million. As a group, equities research analysts predict that Bally's Corporation will post -9.36 earnings per share for the current year.

Institutional Investors Weigh In On Bally's

An institutional investor recently bought a new position in Bally's stock. HighTower Advisors LLC bought a new stake in Bally's Corporation (NYSE:BALY - Free Report) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 10,012 shares of the company's stock, valued at approximately $137,000. 70.41% of the stock is owned by institutional investors and hedge funds.

Bally's Company Profile

Bally's Corporation is a gaming, hospitality and entertainment company that owns and operates casinos, resorts and racetracks in the United States. Its properties offer casino gaming, hotel accommodations, dining, entertainment, meeting facilities and related amenities. The company serves regional gaming markets across multiple U.S. states and also has an international presence through its operations in the United Kingdom. Bally's also operates digital gaming businesses, including online sports betting and iGaming services under the Bally Bet and Bally Casino brands, where permitted by local regulations.

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