Bally's (NYSE:BALY) Stock Price Expected to Rise, Truist Financial Analyst Says

Key Points

• Truist Financial raised Bally’s price target from $13 to $15 while keeping a hold rating, implying only about 2.6% upside from the current share price.
• Analyst sentiment remains cautious overall: the consensus rating is now Reduce, with three Hold ratings and two Sell ratings among recent analyst calls.
• Bally’s shares traded up 4.0% to $14.62, but the company recently reported a wider-than-expected quarterly loss and revenue below estimates.

Bally's (NYSE:BALY - Get Free Report) had its target price boosted by equities researchers at Truist Financial from $13.00 to $15.00 in a report released on Monday,Benzinga reports. The brokerage presently has a "hold" rating on the stock. Truist Financial's target price suggests a potential upside of 2.60% from the stock's current price.

Several other analysts have also recently weighed in on BALY. Barclays cut their price objective on Bally's from $9.00 to $8.00 and set an "underweight" rating on the stock in a research report on Wednesday, May 20th. Weiss Ratings upgraded Bally's from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday, July 10th. Stifel Nicolaus lifted their price target on Bally's from $12.00 to $13.00 and gave the company a "hold" rating in a research report on Tuesday, May 26th. Finally, Wall Street Zen cut Bally's from a "hold" rating to a "sell" rating in a research note on Saturday, April 18th. Three equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Reduce" and an average price target of $13.25.

Bally's Trading Up 4.0%

NYSE:BALY traded up $0.56 during trading hours on Monday, hitting $14.62. The company had a trading volume of 2,342 shares, compared to its average volume of 72,004. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.11 and a quick ratio of 1.05. The stock has a 50-day moving average price of $13.46 and a 200 day moving average price of $13.58. The company has a market capitalization of $715.65 million, a PE ratio of -1.79 and a beta of 1.80. Bally's has a 52 week low of $8.79 and a 52 week high of $20.74.

Bally's (NYSE:BALY - Get Free Report) last posted its earnings results on Monday, May 18th. The company reported ($2.69) 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 company had revenue of $755.72 million during the quarter, compared to analysts' expectations of $769.69 million. On average, equities research analysts predict that Bally's will post -9.36 EPS for the current fiscal year.

Hedge Funds Weigh In On Bally's

Hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. increased its position 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 during the last quarter. Whitefort Capital Management LP lifted its stake in shares of 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 during the period. Geode Capital Management LLC boosted its holdings in shares of Bally's by 113.1% in the second quarter. Geode Capital Management LLC now owns 164,555 shares of the company's stock worth $1,577,000 after buying an additional 87,346 shares during the last quarter. State Street Corp boosted its holdings in shares of Bally's by 32.6% in the fourth quarter. State Street Corp now owns 116,903 shares of the company's stock worth $1,931,000 after buying an additional 28,741 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD bought a new stake in Bally's during the fourth quarter valued at approximately $178,000. 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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