Macquarie Issues Pessimistic Forecast for Bally's (NYSE:BALY) Stock Price

Key Points

• Macquarie has reduced its price target for Bally's (NYSE:BALY) stock from $14.00 to $12.00, maintaining a "neutral" rating which suggests a potential upside of 21.15%.
• Several other analysts have also lowered their price targets for Bally's, with estimates ranging from $10.00 to $13.00, while the average rating remains at "Hold" with a consensus price target of $11.50.
• As of Tuesday, Bally's stock is trading at $9.91, down 0.5%, and has a market capitalization of approximately $485.44 million.

Bally's (NYSE:BALY - Free Report) had its price objective reduced by Macquarie from $14.00 to $12.00 in a research note published on Tuesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Other research analysts also recently issued reports about the stock. Wall Street Zen downgraded shares of Bally's from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Stifel Nicolaus lowered their target price on shares of Bally's from $12.00 to $10.00 and set a "hold" rating on the stock in a report on Tuesday, August 12th. Barclays dropped their price objective on Bally's from $14.00 to $13.00 and set an "equal weight" rating on the stock in a report on Tuesday, May 13th. Finally, Truist Financial reduced their price objective 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. Six investment analysts have rated the stock with a hold rating, According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $11.00.

Bally's Stock Down 0.4%

Shares of Bally's stock traded down $0.04 during trading hours on Tuesday, hitting $9.37. The company had a trading volume of 25,226 shares, compared to its average volume of 49,946. The company's 50-day moving average is $9.92 and its two-hundred day moving average is $12.65. The company has a market cap of $460.25 million, a P/E ratio of -0.80 and a beta of 1.86. Bally's has a twelve month low of $8.45 and a twelve month high of $23.20. The company has a debt-to-equity ratio of 5.54, a current ratio of 0.49 and a quick ratio of 0.47.

Institutional Trading of Bally's

A number of institutional investors and hedge funds have recently made changes to their positions in BALY. Balyasny Asset Management L.P. raised its position in Bally's by 88.7% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,057,332 shares of the company's stock valued at $18,916,000 after purchasing an additional 496,933 shares during the period. Nexpoint Asset Management L.P. raised its holdings in shares of Bally's by 88.3% during the fourth quarter. Nexpoint Asset Management L.P. now owns 808,337 shares of the company's stock worth $14,461,000 after purchasing an additional 378,950 shares during the period. Gabelli Funds LLC lifted its holdings in Bally's by 7.5% in the fourth quarter. Gabelli Funds LLC now owns 369,934 shares of the company's stock worth $6,618,000 after acquiring an additional 25,786 shares during the last quarter. Hsbc Holdings PLC boosted its position in Bally's by 1.4% during the 4th quarter. Hsbc Holdings PLC now owns 363,344 shares of the company's stock valued at $6,507,000 after purchasing an additional 5,147 shares during the period. Finally, Man Group plc bought a new position in shares of Bally's during the fourth quarter worth about $5,187,000. 70.41% of the stock is currently owned by institutional investors and hedge funds.

About Bally's

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.