Bally's (NYSE:BALY) Given New $13.00 Price Target at Truist Financial

Key Points

• Truist Financial cut its price target on Bally's from $18.00 to $13.00 and kept a "hold" rating, with the new target implying roughly a 19.8% upside from the stock's prior close.
• Analyst sentiment is broadly negative — the consensus from five analysts is an average rating of "Reduce" and an average price target of $15.25, including recent "underweight" and "sell" calls.
• Bally's shares traded around $10.85 (below analyst targets), the company has a market cap of about $526.6M, a negative P/E, elevated debt-to-equity (1.75), and roughly 70% institutional ownership with several firms materially increasing positions recently.

Bally's (NYSE:BALY - Get Free Report) had its target price dropped by analysts at Truist Financial from $18.00 to $13.00 in a research note issued on Friday,Benzinga reports. The firm presently has a "hold" rating on the stock. Truist Financial's price objective suggests a potential upside of 19.82% from the stock's previous close.

BALY has been the subject of a number of other research reports. Barclays set a $11.00 target price on Bally's and gave the stock an "underweight" rating in a report on Wednesday, December 17th. Weiss Ratings reissued a "sell (d-)" rating on shares of Bally's in a research report on Tuesday, January 27th. Three investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Reduce" and an average price target of $15.25.

Bally's Stock Performance

Bally's stock traded down $0.46 during trading hours on Friday, hitting $10.85. 32,336 shares of the stock traded hands, compared to its average volume of 88,873. The firm's 50 day moving average price is $14.12 and its 200-day moving average price is $14.91. The company has a debt-to-equity ratio of 1.75, a current ratio of 0.80 and a quick ratio of 0.66. The stock has a market capitalization of $526.60 million, a price-to-earnings ratio of -2.24 and a beta of 1.45. Bally's has a 1 year low of $8.45 and a 1 year high of $20.74.

Institutional Trading of Bally's

A number of hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its position in Bally's by 21,781.4% during the third quarter. JPMorgan Chase & Co. now owns 758,411 shares of the company's stock valued at $8,418,000 after acquiring an additional 754,945 shares in the last quarter. Whitefort Capital Management LP boosted its position in Bally's by 43.0% in the 4th quarter. Whitefort Capital Management LP now owns 1,921,372 shares of the company's stock worth $31,741,000 after purchasing an additional 578,129 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Bally's by 113.1% during the 2nd quarter. Geode Capital Management LLC now owns 164,555 shares of the company's stock worth $1,577,000 after purchasing an additional 87,346 shares during the period. JB Capital Partners LP acquired a new stake in shares of Bally's during the 3rd quarter worth approximately $555,000. Finally, State Street Corp increased its holdings in shares of Bally's by 32.6% during 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 in the last quarter. Hedge funds and other institutional investors own 70.41% of the company's stock.

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.

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