Analysts Set Bally’s Corporation (NYSE:BALY) Price Target at $11.75

Bally’s Corporation (NYSE:BALY) has received a consensus recommendation of “Reduce” from the five analysts that are covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $11.75.

Several equities analysts recently commented on the stock. Stifel Nicolaus upped their price target on shares of Bally’s from $12.00 to $13.00 and gave the company a “hold” rating in a report on Tuesday, May 26th. Wall Street Zen lowered Bally’s from a “hold” rating to a “sell” rating in a research report on Sunday, August 23rd. Weiss Ratings raised Bally’s from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, August 18th. Barclays reduced their price target on Bally’s from $8.00 to $7.00 and set an “underweight” rating on the stock in a report on Wednesday, August 19th. Finally, Truist Financial decreased their price target on Bally’s from $15.00 to $10.00 and set a “hold” rating for the company in a research note on Wednesday, August 19th.

Bally’s Price Performance

Shares of Bally’s stock opened at $9.52 on Friday. The stock has a market cap of $480.47 million, a price-to-earnings ratio of -1.40 and a beta of 1.81. The company has a debt-to-equity ratio of 2.06, a quick ratio of 0.85 and a current ratio of 0.91. The stock has a 50 day moving average price of $12.96 and a 200-day moving average price of $12.83. Bally’s has a one year low of $8.44 and a one year high of $20.74.

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

Institutional Trading of Bally’s

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Rhumbline Advisers lifted its position in shares of Bally’s by 9.9% during the third quarter. Rhumbline Advisers now owns 10,160 shares of the company’s stock worth $113,000 after purchasing an additional 916 shares during the last quarter. Police & Firemen s Retirement System of New Jersey grew its holdings in shares of Bally’s by 96.1% in the fourth 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 during the last quarter. California State Teachers Retirement System increased its stake in Bally’s by 267.6% in the 2nd quarter. California State Teachers Retirement System now owns 1,919 shares of the company’s stock worth $26,000 after buying an additional 1,397 shares during the period. JPMorgan Chase & Co. purchased a new position in Bally’s in the 2nd quarter worth about $33,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Bally’s during the 2nd quarter valued at about $38,000. 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.