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

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

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. acquired a new position in Bally’s during the 2nd quarter worth $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Bally’s during the 2nd quarter worth $38,000. Police & Firemen s Retirement System of New Jersey grew its stake in Bally’s by 96.1% during the 4th quarter. Police & Firemen s Retirement System of New Jersey now owns 2,593 shares of the company’s stock worth $43,000 after purchasing an additional 1,271 shares in the last quarter. Bank of America Corp DE grew its stake in Bally’s by 2,087.9% during the 2nd quarter. Bank of America Corp DE now owns 7,942 shares of the company’s stock worth $76,000 after purchasing an additional 7,579 shares in the last quarter. Finally, New York State Common Retirement Fund acquired a new position in Bally’s during the 2nd quarter worth $97,000. 70.41% of the stock is owned by institutional investors and hedge funds.

Bally’s Price Performance

BALY stock opened at $15.04 on Monday. The company has a current ratio of 1.11, a quick ratio of 1.05 and a debt-to-equity ratio of 1.87. The company has a market capitalization of $736.35 million, a PE ratio of -1.85 and a beta of 1.80. Bally’s has a 12-month low of $8.45 and a 12-month high of $20.74. The business’s fifty day moving average price is $12.45 and its 200 day moving average price is $14.13.

Bally’s (NYSE:BALY) last posted its quarterly earnings data on Monday, May 18th. The company reported ($2.69) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.00) by ($1.69). The firm had revenue of $755.72 million during the quarter, compared to analysts’ expectations of $769.69 million. Bally’s had a negative net margin of 29.98% and a negative return on equity of 56.76%. On average, sell-side analysts anticipate that Bally’s will post -9.36 EPS for the current year.

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.