Bally’s (NYSE:BALY) Rating Lowered to “Sell” at Wall Street Zen

Bally’s (NYSE:BALY) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Sunday.

A number of other equities research analysts have also recently commented on BALY. Barclays dropped their target price on Bally’s from $8.00 to $7.00 and set an “underweight” rating on the stock in a research report on Wednesday, August 19th. Truist Financial lowered their price target on Bally’s from $15.00 to $10.00 and set a “hold” rating on the stock in a research report on Wednesday, August 19th. Stifel Nicolaus boosted their price objective on Bally’s from $12.00 to $13.00 and gave the company a “hold” rating in a research report on Tuesday, May 26th. Finally, Weiss Ratings raised Bally’s from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, August 18th. Three research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $11.75.

Bally’s Stock Performance

Shares of BALY stock opened at $9.27 on Friday. The stock has a market cap of $467.71 million, a PE ratio of -1.36 and a beta of 1.81. The business has a 50-day simple moving average of $13.30 and a 200-day simple moving average of $12.96. The company has a quick ratio of 0.85, a current ratio of 0.91 and a debt-to-equity ratio of 2.06. Bally’s has a 52-week low of $8.44 and a 52-week high of $20.74.

Bally’s (NYSE:BALY) last announced its quarterly earnings results 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 net margin of 25.83% and a negative return on equity of 40.97%. The company had revenue of $792.23 million for the quarter, compared to analysts’ expectations of $789.89 million. On average, equities analysts expect that Bally’s will post -9.36 EPS for the current year.

Institutional Investors Weigh In On Bally’s

Hedge funds have recently modified their holdings of the company. California State Teachers Retirement System raised its stake in Bally’s by 267.6% during the second quarter. California State Teachers Retirement System now owns 1,919 shares of the company’s stock worth $26,000 after purchasing an additional 1,397 shares during the period. Police & Firemen s Retirement System of New Jersey grew its holdings in shares of Bally’s by 96.1% during the 4th quarter. Police & Firemen s Retirement System of New Jersey now owns 2,593 shares of the company’s stock worth $43,000 after purchasing an additional 1,271 shares during the period. JPMorgan Chase & Co. acquired a new stake in shares of Bally’s during the 2nd quarter worth about $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Bally’s in the 2nd quarter valued at about $38,000. Finally, MetLife Investment Management LLC acquired a new position in Bally’s in the fourth quarter valued at about $97,000. Hedge funds and other institutional investors own 70.41% of the company’s stock.

About Bally’s

Bally’s Corporation is an integrated entertainment company engaged in the ownership, development and operation of land‐based casinos, sports betting venues and online gaming platforms. The company leverages the iconic Bally’s brand under a long‐term license to provide gaming and hospitality services across multiple channels, including retail casinos, mobile sports wagering and interactive casino games.

The company’s portfolio spans gaming properties in key U.S. jurisdictions such as Rhode Island, Colorado, New Jersey, Mississippi, Iowa, Indiana, Pennsylvania and Nevada.