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

Shares of Bally’s Corporation (NYSE:BALY) have received an average recommendation of “Reduce” from the six ratings firms that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating and five have issued a hold rating on the company. The average 12 month price target among brokers that have covered the stock in the last year is $16.50.

Several research firms have weighed in on BALY. Barclays dropped their target price on shares of Bally’s from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Bally’s in a report on Thursday, October 30th. Wall Street Zen raised Bally’s from a “sell” rating to a “hold” rating in a research report on Sunday, September 7th. Macquarie raised their target price on Bally’s from $12.00 to $17.00 and gave the stock a “neutral” rating in a research note on Friday, November 14th. Finally, Stifel Nicolaus boosted their price target on Bally’s from $10.00 to $20.00 and gave the company a “hold” rating in a research note on Tuesday, November 11th.

Hedge Funds Weigh In On Bally’s

Several hedge funds and other institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. purchased a new position in Bally’s during the 2nd quarter worth approximately $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Bally’s in the second quarter worth $38,000. Bank of America Corp DE raised its holdings in shares of Bally’s by 2,087.9% during the second 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 during the last quarter. New York State Common Retirement Fund purchased a new position in shares of Bally’s during the second quarter worth $97,000. Finally, Rhumbline Advisers lifted its position in Bally’s by 9.9% during the third quarter. Rhumbline Advisers now owns 10,160 shares of the company’s stock valued at $113,000 after purchasing an additional 916 shares during the period. Institutional investors and hedge funds own 70.41% of the company’s stock.

Bally’s Trading Up 1.5%

Shares of NYSE:BALY opened at $16.96 on Thursday. The business’s 50-day moving average is $15.13 and its 200 day moving average is $11.78. The company has a debt-to-equity ratio of 7.13, a current ratio of 0.68 and a quick ratio of 0.66. Bally’s has a 1 year low of $8.45 and a 1 year high of $22.41. The firm has a market capitalization of $833.75 million, a P/E ratio of -3.48 and a beta of 2.00.

Bally’s (NYSE:BALY) last issued its quarterly earnings results on Wednesday, November 12th. The company reported ($1.70) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.71) by ($0.99). Bally’s had a negative return on equity of 63.71% and a negative net margin of 17.41%.The business had revenue of $210.25 million for the quarter, compared to analysts’ expectations of $668.49 million. On average, research analysts predict that Bally’s will post -7.26 earnings per share for the current fiscal year.

Bally’s Company Profile

Bally’s Corp. is a global casino-entertainment company with a portfolio of casinos and resorts and online gaming businesses. It operates through the following segments: Casinos & Resorts, International Interactive, and North America Interactive. The Casinos & Resorts segment consists of the company’s casino and resort properties, a horse racetrack, and a golf course.