Bally’s (NYSE:BALY) Shares Down 13.6% After Analyst Downgrade

Bally’s Co. (NYSE:BALY) shares were down 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 were traded 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 reduced their price target on shares of Bally’s from $17.00 to $14.00 and set a “hold” rating for the company in a report on Thursday, March 6th. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $17.13.

Institutional Investors Weigh In On Bally’s

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BALY. Vestcor Inc grew its position in 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 purchasing an additional 594 shares during the last quarter. SG Americas Securities LLC lifted its position in Bally’s by 7.0% during the 4th 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 boosted its position in Bally’s by 6.5% in the fourth quarter. Wells Fargo & Company MN now owns 14,055 shares of the company’s stock valued at $251,000 after buying an additional 860 shares during the last quarter. Longfellow Investment Management Co. LLC purchased a new stake in shares of Bally’s in the 3rd quarter valued at $38,000. Finally, Point72 DIFC Ltd purchased a new position in shares of Bally’s during the third quarter worth $48,000. 70.41% of the stock is currently owned by hedge funds and other institutional investors.

Bally’s Trading Down 3.3 %

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

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.