Truist Financial Cuts Bally’s (NYSE:BALY) Price Target to $13.00

Bally’s (NYSE:BALY) had its price objective decreased by Truist Financial from $18.00 to $13.00 in a research report report published on Friday,Benzinga reports. Truist Financial currently has a hold rating on the stock.

Several other equities research analysts also recently issued reports on the stock. Barclays set a $11.00 target price on shares of Bally’s and gave the company an “underweight” rating in a research note on Wednesday, December 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Bally’s in a research note on Tuesday, January 27th. Three research 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 has a consensus rating of “Reduce” and a consensus target price of $15.25.

Bally’s Stock Performance

NYSE BALY opened at $10.51 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.77 and a debt-to-equity ratio of 1.75. The firm’s fifty day moving average price is $13.99 and its two-hundred day moving average price is $14.98. Bally’s has a 1 year low of $8.45 and a 1 year high of $20.74. The firm has a market capitalization of $509.81 million, a P/E ratio of -2.15 and a beta of 1.45.

Bally’s (NYSE:BALY) last announced its quarterly earnings data on Saturday, January 31st. The company reported ($7.53) EPS for the quarter. The firm had revenue of $746.25 million during the quarter. Bally’s had a negative net margin of 26.39% and a negative return on equity of 63.15%. As a group, research analysts anticipate that Bally’s will post -7.26 EPS for the current year.

Institutional Investors Weigh In On Bally’s

Hedge funds have recently bought and sold shares of the stock. Police & Firemen s Retirement System of New Jersey boosted its holdings in shares of Bally’s by 96.1% during the fourth quarter. Police & Firemen s Retirement System of New Jersey now owns 2,593 shares of the company’s stock worth $43,000 after acquiring an additional 1,271 shares during the period. JPMorgan Chase & Co. bought a new position in shares of Bally’s during the second quarter worth approximately $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Bally’s during the 2nd quarter worth approximately $38,000. MetLife Investment Management LLC acquired a new stake in Bally’s during the 4th quarter worth approximately $97,000. Finally, Bank of America Corp DE boosted its stake in Bally’s by 2,087.9% in the 2nd quarter. Bank of America Corp DE now owns 7,942 shares of the company’s stock valued at $76,000 after purchasing an additional 7,579 shares during the period. 70.41% of the stock is currently owned by institutional investors and hedge funds.

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.