Bally’s Corporation (NYSE:BALY) Receives $11.75 Average Price Target from Analysts

Shares of Bally’s Corporation (NYSE:BALY) have been given a consensus rating of “Reduce” by the five analysts that are covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation and three have issued a hold recommendation on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $11.75.

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

Bally’s Stock Down 9.4%

NYSE BALY opened at $9.27 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.91 and a debt-to-equity ratio of 2.06. Bally’s has a 52 week low of $8.44 and a 52 week high of $20.74. The firm has a market capitalization of $467.71 million, a price-to-earnings ratio of -1.36 and a beta of 1.81. The company has a fifty day moving average of $13.30 and a two-hundred day moving average of $12.96.

Bally’s (NYSE:BALY) last announced its earnings results on Friday, August 14th. The company reported ($2.41) earnings per share for the quarter, missing the consensus estimate of ($1.08) by ($1.33). The firm 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 25.83% and a negative return on equity of 40.97%. On average, analysts predict that Bally’s will post -9.36 earnings per share for the current year.

Hedge Funds Weigh In On Bally’s

Several hedge funds have recently bought and sold shares of BALY. Geode Capital Management LLC increased its stake in Bally’s by 113.1% in the second quarter. Geode Capital Management LLC now owns 164,555 shares of the company’s stock worth $1,577,000 after purchasing an additional 87,346 shares during the period. JPMorgan Chase & Co. bought a new stake in shares of Bally’s during the second quarter worth $33,000. New York State Common Retirement Fund purchased a new stake in shares of Bally’s during the second quarter valued at $97,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Bally’s during the second quarter valued at $38,000. Finally, Bank of America Corp DE grew its holdings 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 worth $76,000 after purchasing an additional 7,579 shares during the last quarter. 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.