Brokerages Set Bally’s Corporation (NYSE:BALY) Price Target at $11.75

Bally’s Corporation (NYSE:BALY) has received a consensus recommendation of “Reduce” from the five analysts that are covering the firm, Marketbeat reports. Two analysts have rated the stock with a sell recommendation and three have given a hold recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $11.75.

Several research analysts have recently issued reports on BALY shares. Truist Financial reduced their price objective on Bally’s from $15.00 to $10.00 and set a “hold” rating for the company in a research note on Wednesday, August 19th. Barclays reduced their price target on shares of Bally’s from $8.00 to $7.00 and set an “underweight” rating for the company in a research report on Wednesday, August 19th. Stifel Nicolaus lifted their price objective on shares of Bally’s from $12.00 to $13.00 and gave the company a “hold” rating in a research note on Tuesday, May 26th. Weiss Ratings raised shares of Bally’s from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, August 18th. Finally, Wall Street Zen downgraded shares of Bally’s from a “hold” rating to a “sell” rating in a report on Sunday.

Bally’s Stock Down 3.8%

BALY stock opened at $9.13 on Friday. The stock has a market capitalization of $460.79 million, a PE ratio of -1.34 and a beta of 1.81. Bally’s has a 52 week low of $8.44 and a 52 week high of $20.74. The company has a quick ratio of 0.85, a current ratio of 0.91 and a debt-to-equity ratio of 2.06. The firm has a 50 day moving average of $13.14 and a 200 day moving average of $12.89.

Bally’s (NYSE:BALY) last issued its quarterly earnings results on Friday, August 14th. The company reported ($2.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $789.89 million. Sell-side analysts forecast that Bally’s will post -9.36 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BALY. JPMorgan Chase & Co. raised its stake in shares of Bally’s by 21,781.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 758,411 shares of the company’s stock worth $8,418,000 after buying an additional 754,945 shares during the period. Whitefort Capital Management LP lifted its position in shares of Bally’s by 43.0% during the 4th 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 in the last quarter. Geode Capital Management LLC grew its stake in Bally’s by 113.1% in the 2nd 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 during the period. State Street Corp grew its stake in Bally’s by 32.6% in the 4th 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 during the period. Finally, Price T Rowe Associates Inc. MD purchased a new stake in Bally’s in the 4th quarter worth $178,000. 70.41% of the stock is currently owned by institutional investors and hedge funds.

Bally’s Company Profile

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.