Bally’s (NYSE:BALY) Upgraded to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Bally’s (NYSE:BALY) from a sell rating to a hold rating in a research note published on Saturday.

Other equities research analysts have also recently issued research reports about the company. Weiss Ratings cut Bally’s from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, July 30th. Truist Financial boosted their price target on Bally’s from $13.00 to $15.00 and gave the stock a “hold” rating in a report on Monday, July 20th. Stifel Nicolaus upped 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, Barclays decreased their price objective 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. Three investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Bally’s presently has an average rating of “Reduce” and an average price target of $13.25.

Bally’s Stock Performance

Shares of BALY opened at $13.90 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.05 and a debt-to-equity ratio of 1.87. The stock has a market cap of $680.65 million, a P/E ratio of -1.71 and a beta of 1.81. The company has a 50-day moving average of $13.93 and a two-hundred day moving average of $13.23. Bally’s has a 12-month low of $8.79 and a 12-month 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 (EPS) for the quarter, missing the consensus estimate of ($1.08) by ($1.33). The business had revenue of $792.23 million during the quarter, compared to analysts’ expectations of $789.89 million. Bally’s had a negative net margin of 29.98% and a negative return on equity of 56.76%. As a group, research analysts predict that Bally’s will post -9.36 EPS for the current fiscal year.

Institutional Investors Weigh In On Bally’s

A number of hedge funds and other institutional investors have recently made changes to their positions in BALY. Barclays PLC grew its holdings in Bally’s by 43.1% in the 4th quarter. Barclays PLC now owns 15,077 shares of the company’s stock valued at $249,000 after buying an additional 4,540 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Bally’s by 9.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 61,442 shares of the company’s stock valued at $1,015,000 after acquiring an additional 5,306 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in shares of Bally’s by 133.9% during the 4th quarter. Wells Fargo & Company MN now owns 10,540 shares of the company’s stock worth $174,000 after acquiring an additional 6,034 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of Bally’s by 16.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 54,858 shares of the company’s stock worth $906,000 after acquiring an additional 7,845 shares during the last quarter. Finally, Millennium Management LLC acquired a new stake in shares of Bally’s in the third quarter worth approximately $119,000. 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.