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

Wall Street Zen cut shares of Bally’s (NYSE:BALY) from a hold rating to a sell rating in a research note released on Sunday.

Other analysts have also issued reports about the company. Barclays dropped their target price on Bally’s from $8.00 to $7.00 and set an “underweight” rating on the stock in a research report on Wednesday, August 19th. Stifel Nicolaus raised their price objective on Bally’s from $12.00 to $13.00 and gave the company a “hold” rating in a research note on Tuesday, May 26th. Weiss Ratings upgraded Bally’s from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, August 18th. Finally, Truist Financial cut their target price on Bally’s from $15.00 to $10.00 and set a “hold” rating on the stock in a research report on Wednesday, August 19th. Three equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Bally’s has a consensus rating of “Reduce” and a consensus price target of $11.75.

Bally’s Trading Up 2.6%

BALY opened at $9.50 on Friday. The firm’s 50 day moving average is $13.22 and its 200-day moving average is $12.93. Bally’s has a 52-week low of $8.44 and a 52-week high of $20.74. The company has a quick ratio of 0.85, a current ratio of 0.91 and a debt-to-equity ratio of 2.06. The firm has a market capitalization of $479.67 million, a P/E ratio of -1.40 and a beta of 1.81.

Bally’s (NYSE:BALY) last released its quarterly earnings results on Friday, August 14th. The company reported ($2.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.08) by ($1.33). Bally’s had a negative net margin of 25.83% and a negative return on equity of 40.97%. The firm had revenue of $792.23 million for the quarter, compared to analyst estimates of $789.89 million. Analysts expect that Bally’s will post -9.36 EPS for the current fiscal year.

Hedge Funds Weigh In On Bally’s

Several large investors have recently modified their holdings 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. bought a new position in Bally’s during the 2nd quarter worth approximately $33,000. New York State Common Retirement Fund acquired a new position in shares of Bally’s in the 2nd quarter worth approximately $97,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Bally’s in the 2nd quarter worth approximately $38,000. Finally, Bank of America Corp DE grew its position in shares of 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 worth $76,000 after acquiring an additional 7,579 shares in the last quarter. 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.