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

Key Points

• Bally's stock was downgraded from a "hold" to a "sell" rating by Wall Street Zen, amidst growing caution from other analysts as well.
• Barclays and Truist Financial also lowered their price targets for Bally's, with Barclays reducing it from $14.00 to $13.00 and Truist from $15.00 to $11.00.
• Institutional investors hold 70.41% of Bally's shares, with recent activity including new stakes purchased by BNP Paribas and Two Sigma Advisers.

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

Several other equities research analysts also recently weighed in on BALY. Barclays lowered their target price on shares of Bally's from $14.00 to $13.00 and set an "equal weight" rating for the company in a research note on Tuesday, May 13th. Truist Financial lowered their target price on shares of Bally's from $15.00 to $11.00 and set a "hold" rating for the company in a research note on Wednesday, July 16th. One analyst has rated the stock with a sell rating and five have given a hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $11.00.

Bally's Stock Down 2.9%

BALY stock traded down $0.29 during trading on Friday, hitting $9.82. 20,327 shares of the company's stock traded hands, compared to its average volume of 63,615. The firm has a market capitalization of $481.23 million, a P/E ratio of -0.84 and a beta of 1.86. The business has a fifty day simple moving average of $9.91 and a two-hundred day simple moving average of $12.87. The company has a quick ratio of 0.72, a current ratio of 0.75 and a debt-to-equity ratio of 4.24. Bally's has a 1 year low of $8.45 and a 1 year high of $23.20.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. acquired a new position in Bally's during the second quarter valued at $33,000. BNP Paribas Financial Markets acquired a new position in Bally's during the fourth quarter valued at $58,000. New York State Common Retirement Fund acquired a new position in Bally's during the second quarter valued at $97,000. Wolverine Asset Management LLC increased its holdings in Bally's by 35.8% in the second quarter. Wolverine Asset Management LLC now owns 16,468 shares of the company's stock valued at $158,000 after buying an additional 4,345 shares in the last quarter. Finally, Crossingbridge Advisors LLC purchased a new position in Bally's in the second quarter valued at $240,000. 70.41% of the stock is currently owned by institutional investors and hedge funds.

Bally's Company Profile

Bally's Corp. is a global casino-entertainment company with a portfolio of casinos and resorts and online gaming businesses. It operates through the following segments: Casinos & Resorts, International Interactive, and North America Interactive. The Casinos & Resorts segment consists of the company's casino and resort properties, a horse racetrack, and a golf course.