Bally’s Corporation (NYSE:BALY) Given Average Recommendation of “Reduce” by Brokerages

Bally’s Corporation (NYSE:BALY) has been assigned an average recommendation of “Reduce” from the six ratings firms that are covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation and four have given a hold recommendation to the company. The average 1 year target price among brokers that have covered the stock in the last year is $16.50.

Several equities research analysts have recently weighed in on the company. Truist Financial raised their price objective on Bally’s from $13.00 to $18.00 and gave the stock a “hold” rating in a research note on Friday, November 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bally’s in a report on Thursday, October 30th. Barclays set a $11.00 price target on Bally’s and gave the stock an “underweight” rating in a research note on Wednesday, December 17th. Macquarie upped their price objective on shares of Bally’s from $12.00 to $17.00 and gave the company a “neutral” rating in a research note on Friday, November 14th. Finally, Stifel Nicolaus raised their target price on shares of Bally’s from $10.00 to $20.00 and gave the stock a “hold” rating in a report on Tuesday, November 11th.

Bally’s Trading Down 1.6%

Shares of BALY stock opened at $16.24 on Friday. The stock has a 50-day simple moving average of $17.07 and a 200 day simple moving average of $13.23. The stock has a market capitalization of $798.36 million, a P/E ratio of -3.33 and a beta of 1.45. Bally’s has a fifty-two week low of $8.45 and a fifty-two week high of $22.41. The company has a quick ratio of 0.66, a current ratio of 0.68 and a debt-to-equity ratio of 7.13.

Bally’s (NYSE:BALY) last issued its quarterly earnings results on Thursday, October 30th. The company reported ($1.70) EPS for the quarter. The business had revenue of $210.25 million during the quarter. Bally’s had a negative return on equity of 63.71% and a negative net margin of 17.41%. On average, sell-side analysts expect that Bally’s will post -7.26 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bally’s

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its holdings in shares of Bally’s by 21,781.4% in the third quarter. JPMorgan Chase & Co. now owns 758,411 shares of the company’s stock valued at $8,418,000 after purchasing an additional 754,945 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in Bally’s during the second quarter valued at $867,000. Geode Capital Management LLC raised its position in Bally’s by 113.1% during the second quarter. Geode Capital Management LLC now owns 164,555 shares of the company’s stock valued at $1,577,000 after buying an additional 87,346 shares during the period. JB Capital Partners LP purchased a new stake in Bally’s in the 3rd quarter worth about $555,000. Finally, Crossingbridge Advisors LLC acquired a new stake in Bally’s during the 2nd quarter worth about $240,000. 70.41% of the stock is currently owned by hedge funds and other institutional investors.

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.