Bally’s (NYSE:BALY) Trading Down 13.6% Following Analyst Downgrade

Bally’s Co. (NYSE:BALY)’s stock price dropped 13.6% during mid-day trading on Tuesday after Barclays lowered their price target on the stock from $18.00 to $14.00. Barclays currently has an equal weight rating on the stock. Bally’s traded as low as $15.71 and last traded at $14.95. Approximately 21,940 shares traded hands during trading, a decline of 94% from the average daily volume of 397,150 shares. The stock had previously closed at $17.30.

Separately, Stifel Nicolaus decreased their price objective on Bally’s from $17.00 to $14.00 and set a “hold” rating on the stock in a report on Thursday, March 6th. Six investment 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 has a consensus rating of “Hold” and a consensus target price of $17.13.

Institutional Investors Weigh In On Bally’s

A number of large investors have recently made changes to their positions in BALY. Vestcor Inc raised its holdings in shares of Bally’s by 0.6% during the 4th quarter. Vestcor Inc now owns 100,594 shares of the company’s stock worth $1,800,000 after acquiring an additional 594 shares during the period. SG Americas Securities LLC grew its position in Bally’s by 7.0% in the fourth quarter. SG Americas Securities LLC now owns 9,493 shares of the company’s stock worth $170,000 after acquiring an additional 624 shares during the period. Wells Fargo & Company MN increased its position in shares of 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 purchasing an additional 860 shares during the last quarter. Longfellow Investment Management Co. LLC acquired a new stake in shares of Bally’s during the third quarter valued at about $38,000. Finally, Point72 DIFC Ltd purchased a new stake in shares of Bally’s in the 3rd quarter valued at approximately $48,000. 70.41% of the stock is currently owned by hedge funds and other institutional investors.

Bally’s Stock Performance

The company has a current ratio of 0.56, a quick ratio of 0.54 and a debt-to-equity ratio of 15.62. The firm’s fifty day moving average price is $17.02 and its 200 day moving average price is $17.35. The stock has a market capitalization of $736.89 million, a price-to-earnings ratio of -1.20 and a beta of 2.05.

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.