Wall Street Zen Downgrades Bally's (NYSE:BALY) to Sell

Key Points

• Wall Street Zen downgraded Bally's from "hold" to "sell," joining other firms that have cut price targets and ratings; the consensus from analysts is a "Reduce" rating with a $13.25 average price target.
• Bally's reported steep losses (last quarter EPS of -$7.53), a negative net margin of 26.39% and negative ROE of 63.15%, and sell-side forecasts expect about -7.26 EPS for the year while the stock trades near $11.89 with a ~$579 million market cap.
• Institutional investors own roughly 70.4% of the stock, with several funds recently increasing positions, and the share price has shown volatility with a 52-week range of $8.45 to $20.74.

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 note issued to investors on Saturday.

A number of other research firms have also issued reports on BALY. Stifel Nicolaus reduced their target price on shares of Bally's from $18.00 to $12.00 and set a "hold" rating for the company in a research note on Monday, March 30th. Weiss Ratings reissued a "sell (d-)" rating on shares of Bally's in a research note on Tuesday, January 27th. Finally, Truist Financial reduced their price target on shares of Bally's from $18.00 to $13.00 and set a "hold" rating for the company in a research note on Friday, March 27th. Three investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Bally's currently has an average rating of "Reduce" and a consensus price target of $13.25.

Bally's Trading Up 2.8%

Bally's stock opened at $11.89 on Friday. The company has a quick ratio of 0.77, a current ratio of 0.80 and a debt-to-equity ratio of 1.75. The firm has a 50-day moving average price of $12.48 and a two-hundred day moving average price of $14.93. The firm has a market capitalization of $579.27 million, a price-to-earnings ratio of -2.18 and a beta of 1.55. Bally's has a 52-week low of $8.45 and a 52-week high of $20.74.

Bally's (NYSE:BALY - Get Free Report) last posted its earnings results on Saturday, January 31st. The company reported ($7.53) earnings per share (EPS) for the quarter. The firm had revenue of $746.25 million for the quarter. Bally's had a negative net margin of 26.39% and a negative return on equity of 63.15%. Sell-side analysts expect that Bally's will post -7.26 earnings per share for the current year.

Institutional Trading of Bally's

A number of institutional investors have recently made changes to their positions in BALY. Rhumbline Advisers lifted its stake in Bally's by 9.9% during the third quarter. Rhumbline Advisers now owns 10,160 shares of the company's stock valued at $113,000 after purchasing an additional 916 shares during the last quarter. Police & Firemen s Retirement System of New Jersey lifted its stake in Bally's by 96.1% during the fourth quarter. Police & Firemen s Retirement System of New Jersey now owns 2,593 shares of the company's stock valued at $43,000 after purchasing an additional 1,271 shares during the last quarter. JPMorgan Chase & Co. acquired a new stake in Bally's during the second quarter valued at approximately $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Bally's during the second quarter valued at approximately $38,000. Finally, Barclays PLC lifted its stake in Bally's by 43.1% during the fourth quarter. Barclays PLC now owns 15,077 shares of the company's stock valued at $249,000 after purchasing an additional 4,540 shares during the last quarter. 70.41% of the stock is owned by institutional investors and hedge funds.

About Bally's

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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