Bally’s Corporation (NYSE:BALY) Receives Consensus Recommendation of “Reduce” from Analysts

Bally’s Corporation (NYSE:BALY) has been given an average rating of “Reduce” by the five analysts that are presently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation and three have given a hold recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $12.75.

BALY has been the topic of several analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bally’s in a research report on Friday, April 24th. Barclays reduced their price target on shares of Bally’s from $9.00 to $8.00 and set an “underweight” rating on the stock in a research report on Wednesday, May 20th. Stifel Nicolaus boosted their target price on Bally’s from $12.00 to $13.00 and gave the company a “hold” rating in a research report on Tuesday, May 26th. Wall Street Zen lowered Bally’s from a “hold” rating to a “sell” rating in a research report on Saturday, April 18th. Finally, Truist Financial cut their target price on Bally’s from $18.00 to $13.00 and set a “hold” rating on the stock in a research report on Friday, March 27th.

Bally’s Stock Performance

Shares of BALY stock opened at $13.53 on Monday. The business has a fifty day moving average of $11.99 and a 200 day moving average of $14.20. The firm has a market capitalization of $662.05 million, a price-to-earnings ratio of -1.66 and a beta of 1.80. Bally’s has a 1 year low of $8.45 and a 1 year high of $20.74. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.11 and a quick ratio of 1.05.

Bally’s (NYSE:BALY) last posted its earnings results on Monday, May 18th. The company reported ($2.69) EPS 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 for the quarter, compared to analyst estimates of $769.69 million. As a group, research analysts expect that Bally’s will post -9.36 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC increased its holdings in Bally’s by 113.1% in 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 last quarter. JPMorgan Chase & Co. purchased a new position in Bally’s in the second quarter valued at $33,000. New York State Common Retirement Fund purchased a new position in Bally’s in the second quarter valued at $97,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Bally’s in the second quarter valued at $38,000. Finally, Bank of America Corp DE increased its holdings in 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 buying an additional 7,579 shares during the last quarter. 70.41% of the stock is 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.