Bally’s (NYSE:BALY) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of Bally’s (NYSE:BALY) from a hold rating to a sell rating in a report released on Saturday morning.

Several other brokerages have also recently weighed in on BALY. Stifel Nicolaus dropped their price objective on shares of Bally’s from $18.00 to $12.00 and set a “hold” rating for the company in a research note on Monday, March 30th. Truist Financial decreased their target price on shares of Bally’s from $18.00 to $13.00 and set a “hold” rating on the stock in a report on Friday, March 27th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Bally’s in a report on Tuesday, January 27th. Three investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $13.25.

Bally’s Price Performance

Shares of Bally’s stock opened at $11.86 on Friday. Bally’s has a twelve month low of $8.45 and a twelve month high of $20.74. The company has a quick ratio of 0.77, a current ratio of 0.80 and a debt-to-equity ratio of 1.75. The company has a 50-day simple moving average of $12.43 and a two-hundred day simple moving average of $14.97. The stock has a market capitalization of $578.06 million, a price-to-earnings ratio of -2.17 and a beta of 1.55.

Bally’s (NYSE:BALY) last issued its quarterly earnings data on Saturday, January 31st. The company reported ($7.53) earnings per share for the quarter. Bally’s had a negative return on equity of 63.15% and a negative net margin of 26.39%.The business had revenue of $746.25 million during the quarter. Analysts forecast that Bally’s will post -6.3 EPS for the current year.

Institutional Investors Weigh In On Bally’s

Several hedge funds and other institutional investors have recently made changes to their positions in BALY. JPMorgan Chase & Co. grew its holdings in shares of Bally’s by 21,781.4% during the 3rd 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 during the last quarter. Whitefort Capital Management LP boosted its position in Bally’s by 43.0% during the 4th quarter. Whitefort Capital Management LP now owns 1,921,372 shares of the company’s stock worth $31,741,000 after buying an additional 578,129 shares during the period. Geode Capital Management LLC boosted its position in Bally’s by 113.1% during the 2nd quarter. Geode Capital Management LLC now owns 164,555 shares of the company’s stock worth $1,577,000 after buying an additional 87,346 shares during the period. JB Capital Partners LP acquired a new stake in Bally’s during the 3rd quarter worth approximately $555,000. Finally, State Street Corp boosted its position in Bally’s by 32.6% during the 4th quarter. State Street Corp now owns 116,903 shares of the company’s stock worth $1,931,000 after buying an additional 28,741 shares during the period. 70.41% of the stock is owned by institutional investors.

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.