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

Key Points

• Wall Street Zen has downgraded Bally's (NYSE:BALY) from a "hold" rating to a "sell" rating, reflecting a negative outlook from equities researchers.
• Several analysts adjusted their price targets for Bally's, with estimates ranging from $10.00 to $12.00, while the current consensus price target is $11.00.
• Bally's stock has been experiencing volatility, with a 52-week high of $23.20 and a low of $8.45, currently trading around $9.95.

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

Several other analysts have also issued reports on the company. Barclays reduced their target price on Bally's from $13.00 to $11.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 13th. Truist Financial reduced their price objective on Bally's from $15.00 to $11.00 and set a "hold" rating for the company in a research note on Wednesday, July 16th. Stifel Nicolaus lowered their target price on shares of Bally's from $12.00 to $10.00 and set a "hold" rating for the company in a report on Tuesday, August 12th. Finally, Macquarie lowered their target price on Bally's from $14.00 to $12.00 and set a "neutral" rating on the stock in a research note on Tuesday, August 12th. Five analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $11.00.

Bally's Stock Performance

Shares of BALY traded up $0.10 during mid-day trading on Friday, reaching $9.97. The company's stock had a trading volume of 11,176 shares, compared to its average volume of 61,401. The company has a current ratio of 0.49, a quick ratio of 0.47 and a debt-to-equity ratio of 5.54. Bally's has a 1-year low of $8.45 and a 1-year high of $23.20. The business has a 50-day simple moving average of $9.94 and a two-hundred day simple moving average of $12.08. The stock has a market cap of $489.73 million, a P/E ratio of -0.85 and a beta of 1.86.

Hedge Funds Weigh In On Bally's

Hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets purchased a new position in shares of Bally's in the fourth quarter worth $58,000. JPMorgan Chase & Co. purchased a new stake in shares of Bally's during the 2nd quarter valued at about $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Bally's in the second quarter worth approximately $38,000. Bank of America Corp DE lifted its position in 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 valued at $76,000 after purchasing an additional 7,579 shares during the period. Finally, New York State Common Retirement Fund purchased a new stake in Bally's in the second quarter worth approximately $97,000. 70.41% of the stock is currently owned by hedge funds and other institutional investors.

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.