Bally’s Corporation (NYSE:BALY) Receives Average Rating of “Reduce” from Brokerages

Shares of Bally’s Corporation (NYSE:BALY) have been assigned an average recommendation of “Reduce” from the six brokerages that are currently covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating and four have issued a hold rating on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $16.50.

Several analysts recently issued reports on BALY shares. Barclays set a $11.00 target price on Bally’s and gave the stock an “underweight” rating in a research note on Wednesday. Wall Street Zen upgraded Bally’s from a “sell” rating to a “hold” rating in a research report on Sunday, September 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Bally’s in a research note on Thursday, October 30th. Macquarie upped their target price on Bally’s from $12.00 to $17.00 and gave the company a “neutral” rating in a report on Friday, November 14th. Finally, Truist Financial lifted their price target on shares of Bally’s from $13.00 to $18.00 and gave the company a “hold” rating in a report on Friday, November 14th.

Bally’s Stock Down 1.0%

Shares of NYSE BALY opened at $17.68 on Monday. The firm’s fifty day moving average is $16.78 and its 200 day moving average is $12.55. Bally’s has a 52 week low of $8.45 and a 52 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. The company has a market cap of $869.04 million, a price-to-earnings ratio of -3.62 and a beta of 1.46.

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

Hedge Funds Weigh In On Bally’s

Hedge funds and other institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. increased its holdings in shares of Bally’s by 21,781.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 758,411 shares of the company’s stock worth $8,418,000 after purchasing an additional 754,945 shares in the last quarter. Janney Montgomery Scott LLC purchased a new stake in shares of Bally’s during the second quarter valued at $867,000. Geode Capital Management LLC boosted its position in shares of 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 last quarter. JB Capital Partners LP bought a new stake in Bally’s in the 3rd quarter worth about $555,000. Finally, Crossingbridge Advisors LLC purchased a new position in Bally’s in the 2nd quarter worth about $240,000. Hedge funds and other 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.