Bally's (NYSE:BALY) Lowered to "Sell" Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Bally’s from “Hold” to “Sell,” adding to mixed analyst sentiment. The stock has an overall “Reduce” consensus rating and an average price target of $11.75.
• Bally’s shares opened at $10.23, well below their 50-day and 200-day moving averages of $13.41 and $13.02, respectively, and have traded between $8.44 and $20.74 over the past year.
• The company reported a quarterly loss of $2.41 per share, missing analyst expectations by $1.33, despite revenue of $792.23 million slightly exceeding estimates.

Bally's (NYSE:BALY - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued on Sunday.

A number of other equities analysts have also recently commented on the stock. Weiss Ratings raised shares of Bally's from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday. Stifel Nicolaus lifted their price objective on shares of Bally's from $12.00 to $13.00 and gave the stock a "hold" rating in a report on Tuesday, May 26th. Truist Financial cut their target price 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. Finally, Barclays reduced their target price on Bally's from $8.00 to $7.00 and set an "underweight" rating on the stock in a research note on Wednesday. Three analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus target price of $11.75.

Bally's Price Performance

BALY opened at $10.23 on Friday. The company 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 debt-to-equity ratio of 2.06, a current ratio of 0.91 and a quick ratio of 1.05. The firm's fifty day moving average price is $13.41 and its two-hundred day moving average price is $13.02. 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 issued its quarterly earnings data on Friday, August 14th. The company reported ($2.41) EPS for the quarter, missing the consensus estimate of ($1.08) by ($1.33). The business had revenue of $792.23 million for the quarter, compared to analysts' expectations of $789.89 million. Bally's had a negative return on equity of 40.97% and a negative net margin of 25.83%. As a group, analysts anticipate that Bally's will post -9.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bally's

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its holdings in Bally's by 113.1% in the 2nd quarter. Geode Capital Management LLC now owns 164,555 shares of the company's stock worth $1,577,000 after acquiring an additional 87,346 shares during the last quarter. JPMorgan Chase & Co. bought a new position in shares of Bally's during the second quarter valued at about $33,000. New York State Common Retirement Fund bought a new position in shares of Bally's during the second quarter valued at about $97,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Bally's during the second quarter worth about $38,000. Finally, Bank of America Corp DE boosted 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 period. 70.41% of the stock is currently owned by institutional investors.

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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