Bally’s (NYSE:BALY) PT Raised to $16.00

Bally’s (NYSE:BALY) had its price objective increased by equities researchers at Truist Financial from $14.00 to $16.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price target indicates a potential upside of 14.37% from the stock’s current price.

BALY has been the subject of a number of other reports. Wells Fargo & Company reiterated an “underweight” rating and set a $10.00 price target on shares of Bally’s in a report on Friday, January 5th. Macquarie downgraded Bally’s from an “outperform” rating to a “neutral” rating and cut their price target for the company from $15.00 to $12.00 in a report on Wednesday, January 17th. Finally, Stifel Nicolaus decreased their price objective on Bally’s from $13.00 to $11.00 and set a “hold” rating on the stock in a report on Thursday, February 22nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Bally’s currently has an average rating of “Hold” and a consensus target price of $15.29.

Bally’s Stock Performance

Shares of BALY opened at $13.99 on Tuesday. Bally’s has a 12-month low of $7.28 and a 12-month high of $17.97. The stock has a market cap of $560.86 million, a P/E ratio of -4.00 and a beta of 2.08. The company has a current ratio of 0.65, a quick ratio of 0.64 and a debt-to-equity ratio of 5.73. The company has a 50-day moving average of $12.62 and a two-hundred day moving average of $11.78.

Bally’s (NYSE:BALY) last posted its earnings results on Wednesday, February 21st. The company reported ($0.86) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.31). Bally’s had a negative net margin of 7.05% and a negative return on equity of 17.92%. The company had revenue of $611.67 million during the quarter, compared to analysts’ expectations of $626.62 million. As a group, research analysts predict that Bally’s will post -3.73 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Tower Research Capital LLC TRC grew its position in shares of Bally’s by 100.5% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,843 shares of the company’s stock worth $54,000 after buying an additional 1,926 shares in the last quarter. Garde Capital Inc. grew its holdings in Bally’s by 25.0% during the 3rd quarter. Garde Capital Inc. now owns 10,000 shares of the company’s stock worth $131,000 after acquiring an additional 2,000 shares in the last quarter. New York State Common Retirement Fund increased its position in shares of Bally’s by 35.6% in the 3rd quarter. New York State Common Retirement Fund now owns 11,369 shares of the company’s stock worth $149,000 after purchasing an additional 2,987 shares during the last quarter. Shell Asset Management Co. acquired a new stake in shares of Bally’s in the 3rd quarter valued at about $206,000. Finally, Counterpoint Mutual Funds LLC lifted its position in shares of Bally’s by 95.0% during the third quarter. Counterpoint Mutual Funds LLC now owns 16,672 shares of the company’s stock worth $219,000 after purchasing an additional 8,123 shares during the last quarter. 70.41% of the stock is currently owned by hedge funds and other institutional investors.

About Bally’s

Bally's Corporation operates as a casino-entertainment company. It owns and manages casinos across 10 states, a golf course in New York, a horse racetrack in Colorado, and has access to OSB licenses in 18 states. It also owns Bally's Interactive International, an online gaming operator; Bally Bet, a sports betting platform; and Bally Casino, an iCasino platform.