Brokerages Set Bally’s Corporation (NYSE:BALY) PT at $13.25

Bally’s Corporation (NYSE:BALY) has been assigned a consensus recommendation of “Reduce” from the five brokerages that are presently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $13.25.

Several equities research analysts have recently weighed in on the company. Barclays lowered 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. Wall Street Zen downgraded Bally’s from a “hold” rating to a “sell” rating in a research report on Saturday, April 18th. Truist Financial boosted their price target on Bally’s from $13.00 to $15.00 and gave the company a “hold” rating in a research note on Monday, July 20th. Weiss Ratings cut Bally’s from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday. Finally, Stifel Nicolaus increased their price objective on Bally’s from $12.00 to $13.00 and gave the stock a “hold” rating in a research note on Tuesday, May 26th.

Bally’s Price Performance

NYSE:BALY opened at $14.06 on Tuesday. The company has a 50-day moving average of $13.97 and a 200-day moving average of $13.40. The company has a market capitalization of $688.09 million, a price-to-earnings ratio of -1.72 and a beta of 1.81. Bally’s has a 52 week low of $8.79 and a 52 week high of $20.74. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.05 and a current ratio of 1.11.

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

Institutional Investors Weigh In On Bally’s

A number of hedge funds have recently made changes to their positions in the company. Police & Firemen s Retirement System of New Jersey lifted its holdings in 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 valued at $43,000 after purchasing an additional 1,271 shares during the last quarter. JPMorgan Chase & Co. acquired a new stake in shares of Bally’s during the second quarter worth approximately $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Bally’s in the second quarter valued at approximately $38,000. MetLife Investment Management LLC bought a new position in shares of Bally’s in the fourth quarter valued at approximately $97,000. Finally, Bank of America Corp DE raised its stake in shares of Bally’s by 2,087.9% in the second quarter. Bank of America Corp DE now owns 7,942 shares of the company’s stock valued at $76,000 after acquiring an additional 7,579 shares during the last quarter. Institutional investors and hedge funds 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.