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

Key Points

• Bally’s has a consensus “Reduce” rating from five analysts: two recommend selling and three recommend holding. The average 12-month price target is $11.75, with recent targets cut by Truist Financial and Barclays.
• The company reported a quarterly loss of $2.41 per share, missing the $1.08 consensus estimate, although revenue of $792.23 million slightly exceeded forecasts. Analysts expect a full-year loss of approximately $9.36 per share.
• Bally’s shares opened at $10.23, down substantially from their 50-day and 200-day moving averages of $13.41 and $13.02, respectively; institutional investors own 70.41% of the stock.

Shares of Bally's Corporation (NYSE:BALY - Get Free Report) have earned a consensus rating of "Reduce" from the five analysts that are currently covering the firm, MarketBeat Ratings reports. Two equities research 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 brokerages that have issued ratings on the stock in the last year is $11.75.

A number of analysts have recently issued reports on the stock. Truist Financial reduced their price target on shares of Bally's from $15.00 to $10.00 and set a "hold" rating for the company in a research report on Wednesday. Barclays lowered their price objective on shares of Bally's from $8.00 to $7.00 and set an "underweight" rating on the stock in a research report on Wednesday. Weiss Ratings upgraded shares of Bally's from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday. Wall Street Zen raised Bally's from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. Finally, Stifel Nicolaus raised their price target on Bally's from $12.00 to $13.00 and gave the stock a "hold" rating in a research note on Tuesday, May 26th.

Bally's Stock Up 4.2%

NYSE:BALY opened at $10.23 on Friday. The business's fifty day moving average price is $13.41 and its 200 day moving average price is $13.02. The firm has a market capitalization of $516.31 million, a price-to-earnings ratio of -1.50 and a beta of 1.81. The company has a current ratio of 0.91, a quick ratio of 1.05 and a debt-to-equity ratio of 2.06. Bally's has a 1-year low of $8.44 and a 1-year high of $20.74.

Bally's (NYSE:BALY - Get Free Report) last announced its quarterly earnings data on Friday, August 14th. The company reported ($2.41) 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 business had revenue of $792.23 million for the quarter, compared to analyst estimates of $789.89 million. On average, sell-side analysts forecast that Bally's will post -9.36 earnings per share for the current fiscal year.

Institutional Trading of Bally's

A number of institutional investors have recently added to or reduced their stakes in BALY. Whitefort Capital Management LP grew its position in Bally's by 43.0% in the fourth quarter. Whitefort Capital Management LP now owns 1,921,372 shares of the company's stock worth $31,741,000 after acquiring an additional 578,129 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Bally's by 21,781.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 758,411 shares of the company's stock valued at $8,418,000 after purchasing an additional 754,945 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Bally's by 13.9% during the 4th quarter. Geode Capital Management LLC now owns 186,194 shares of the company's stock valued at $3,077,000 after purchasing an additional 22,784 shares in the last quarter. State Street Corp lifted its stake in shares of Bally's by 32.6% in the 4th quarter. State Street Corp now owns 116,903 shares of the company's stock valued at $1,931,000 after purchasing an additional 28,741 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Bally's by 9.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 61,442 shares of the company's stock valued at $1,015,000 after purchasing an additional 5,306 shares during the last quarter. 70.41% of the stock is currently owned by institutional investors and hedge funds.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source