Bally’s (NYSE:BALY) Shares Down 6.7% – What’s Next?

Bally’s Co. (NYSE:BALY) shares traded down 6.7% on Tuesday . The stock traded as low as $17.30 and last traded at $16.88. 24,539 shares were traded during mid-day trading, a decline of 93% from the average session volume of 369,344 shares. The stock had previously closed at $18.09.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Stifel Nicolaus reduced their price target on Bally’s from $17.00 to $14.00 and set a “hold” rating on the stock in a research note on Thursday, March 6th. Barclays decreased their price target on Bally’s from $18.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Monday, March 10th. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Bally’s presently has an average rating of “Hold” and a consensus price target of $17.13.

Bally’s Stock Performance

The stock has a market cap of $837.80 million, a PE ratio of -1.15 and a beta of 2.14. The company has a debt-to-equity ratio of 15.62, a current ratio of 0.56 and a quick ratio of 0.54. The stock has a 50-day simple moving average of $17.01 and a 200-day simple moving average of $17.37.

Hedge Funds Weigh In On Bally’s

Several hedge funds and other institutional investors have recently bought and sold shares of BALY. Vestcor Inc raised its stake in shares of Bally’s by 0.6% in the 4th quarter. Vestcor Inc now owns 100,594 shares of the company’s stock valued at $1,800,000 after purchasing an additional 594 shares in the last quarter. SG Americas Securities LLC raised its stake in Bally’s by 7.0% during the fourth quarter. SG Americas Securities LLC now owns 9,493 shares of the company’s stock valued at $170,000 after buying an additional 624 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in Bally’s by 6.5% during the 4th quarter. Wells Fargo & Company MN now owns 14,055 shares of the company’s stock worth $251,000 after buying an additional 860 shares during the last quarter. Longfellow Investment Management Co. LLC acquired a new position in shares of Bally’s in the 3rd quarter worth approximately $38,000. Finally, Point72 DIFC Ltd acquired a new stake in shares of Bally’s during the 3rd quarter valued at approximately $48,000. 70.41% of the stock is owned by institutional investors and hedge funds.

About Bally’s

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.