Bally's Corporation (NYSE:BALY) Receives Average Rating of "Reduce" from Brokerages

Key Points

• Analysts remain cautious on Bally’s: The five firms covering the stock give it an average “Reduce” rating, including two sells and three holds. Their average 12-month price target is $13.25, below the reported $13.98 share price.
• Bally’s recently reported a larger-than-expected quarterly loss of $2.69 per share, versus the consensus estimate of a $1.00 loss, while revenue of $755.72 million also fell short of expectations.
• Institutional investors own 70.41% of Bally’s shares, with several major firms increasing their positions. The company’s stock has traded between $8.79 and $20.74 over the past year and carries a debt-to-equity ratio of 1.87.

Bally's Corporation (NYSE:BALY - Get Free Report) has been given an average rating of "Reduce" by the five ratings firms that are covering the stock, Marketbeat reports. Two analysts have rated the stock with a sell rating and three have given a hold rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $13.25.

BALY has been the subject of several recent analyst reports. Weiss Ratings raised Bally's from a "sell (e+)" rating to a "sell (d-)" rating in a report on Friday, July 10th. Wall Street Zen lowered Bally's from a "hold" rating to a "sell" rating in a report on Saturday, April 18th. Truist Financial increased their price objective on Bally's from $13.00 to $15.00 and gave the stock a "hold" rating in a research report on Monday, July 20th. Barclays reduced their target price on Bally's from $9.00 to $8.00 and set an "underweight" rating for the company in a report on Wednesday, May 20th. Finally, Stifel Nicolaus boosted their target price on shares of Bally's from $12.00 to $13.00 and gave the stock a "hold" rating in a research report on Tuesday, May 26th.

Institutional Trading of Bally's

Hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. grew its holdings in Bally's by 21,781.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 758,411 shares of the company's stock worth $8,418,000 after acquiring an additional 754,945 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Bally's by 16.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 54,858 shares of the company's stock worth $906,000 after purchasing an additional 7,845 shares during the last quarter. Barclays PLC lifted its position in shares of Bally's by 43.1% during the fourth quarter. Barclays PLC now owns 15,077 shares of the company's stock worth $249,000 after purchasing an additional 4,540 shares during the last quarter. Price T Rowe Associates Inc. MD acquired a new position in Bally's in the fourth quarter worth about $178,000. Finally, Wells Fargo & Company MN grew its stake in Bally's by 133.9% in the fourth quarter. Wells Fargo & Company MN now owns 10,540 shares of the company's stock worth $174,000 after purchasing an additional 6,034 shares in the last quarter. Institutional investors and hedge funds own 70.41% of the company's stock.

Bally's Trading Up 1.9%

Shares of NYSE:BALY opened at $13.98 on Tuesday. Bally's has a 52 week low of $8.79 and a 52 week high of $20.74. The company's 50 day moving average is $13.74 and its two-hundred day moving average is $13.47. The company has a market cap of $684.57 million, a PE ratio of -1.72 and a beta of 1.80. The company has a current ratio of 1.11, a quick ratio of 1.05 and a debt-to-equity ratio of 1.87.

Bally's (NYSE:BALY - Get Free Report) last released 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). Bally's had a negative return on equity of 56.76% and a negative net margin of 29.98%.The firm had revenue of $755.72 million for the quarter, compared to analysts' expectations of $769.69 million. Equities analysts predict that Bally's will post -9.36 earnings per share for the current fiscal 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.