Bally’s Corporation (NYSE:BALY) Given Average Recommendation of “Reduce” by Analysts

Shares of Bally’s Corporation (NYSE:BALY) have received an average rating of “Reduce” from the five research firms that are covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation and three have given a hold recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $12.75.

Several equities analysts have issued reports on BALY shares. Stifel Nicolaus boosted their price target on Bally’s from $12.00 to $13.00 and gave the company a “hold” rating in a research note on Tuesday, May 26th. Truist Financial dropped their price target on Bally’s from $18.00 to $13.00 and set a “hold” rating on the stock in a research note on Friday, March 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of Bally’s in a research note on Friday, April 24th. Wall Street Zen lowered Bally’s from a “hold” rating to a “sell” rating in a research note on Saturday, April 18th. Finally, Barclays dropped their price target on Bally’s from $9.00 to $8.00 and set an “underweight” rating on the stock in a research note on Wednesday, May 20th.

Bally’s Price Performance

Bally’s stock opened at $15.04 on Monday. The stock’s 50 day moving average is $12.45 and its 200 day moving average is $14.15. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.11 and a quick ratio of 1.05. The firm has a market cap of $736.35 million, a P/E ratio of -1.85 and a beta of 1.80. Bally’s has a one year low of $8.45 and a one year high of $20.74.

Bally’s (NYSE:BALY) last posted its quarterly earnings data on Monday, May 18th. The company reported ($2.69) EPS for the quarter, missing analysts’ consensus estimates of ($1.00) by ($1.69). The company had revenue of $755.72 million during the quarter, compared to analyst estimates of $769.69 million. Bally’s had a negative return on equity of 56.76% and a negative net margin of 29.98%. As a group, research analysts expect that Bally’s will post -9.36 EPS for the current year.

Hedge Funds Weigh In On Bally’s

Several institutional investors have recently added to or reduced their stakes in BALY. JPMorgan Chase & Co. lifted its stake in Bally’s by 21,781.4% in the third quarter. JPMorgan Chase & Co. now owns 758,411 shares of the company’s stock valued at $8,418,000 after buying an additional 754,945 shares during the period. Whitefort Capital Management LP lifted its stake in Bally’s by 43.0% in the fourth quarter. Whitefort Capital Management LP now owns 1,921,372 shares of the company’s stock valued at $31,741,000 after buying an additional 578,129 shares during the period. Geode Capital Management LLC increased its holdings in shares of Bally’s by 113.1% during the second quarter. Geode Capital Management LLC now owns 164,555 shares of the company’s stock valued at $1,577,000 after acquiring an additional 87,346 shares in the last quarter. JB Capital Partners LP bought a new stake in shares of Bally’s during the third quarter valued at approximately $555,000. Finally, State Street Corp increased its holdings in shares of Bally’s by 32.6% during the fourth quarter. State Street Corp now owns 116,903 shares of the company’s stock valued at $1,931,000 after acquiring an additional 28,741 shares in the last quarter. 70.41% of the stock is owned by institutional investors and hedge funds.

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.