Brokerages Set Bally’s Corporation (NYSE:BALY) Price Target at $13.25

Shares of Bally’s Corporation (NYSE:BALY) have received an average recommendation of “Reduce” from the five brokerages that are covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation and three have assigned a hold recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $13.25.

A number of research analysts have recently commented on the stock. Truist Financial lifted their price objective on shares of Bally’s from $13.00 to $15.00 and gave the company a “hold” rating in a research report on Monday, July 20th. Weiss Ratings raised shares of Bally’s from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, July 10th. Stifel Nicolaus raised their target price on shares of Bally’s from $12.00 to $13.00 and gave the company a “hold” rating in a research note on Tuesday, May 26th. Wall Street Zen cut Bally’s from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. Finally, Barclays lowered their price target 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.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. acquired a new position in shares of Bally’s during the 2nd quarter worth approximately $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Bally’s during the 2nd quarter valued at $38,000. Police & Firemen s Retirement System of New Jersey lifted its holdings in Bally’s by 96.1% during the 4th 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. Bank of America Corp DE boosted 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 worth $76,000 after purchasing an additional 7,579 shares during the period. Finally, New York State Common Retirement Fund bought a new position in Bally’s during the second quarter worth $97,000. 70.41% of the stock is currently owned by institutional investors.

Bally’s Trading Down 1.2%

NYSE BALY opened at $14.29 on Tuesday. Bally’s has a 12 month low of $8.79 and a 12 month high of $20.74. The company has a current ratio of 1.11, a quick ratio of 1.05 and a debt-to-equity ratio of 1.87. The stock has a 50 day moving average of $13.94 and a 200-day moving average of $13.43. The company has a market cap of $699.40 million, a PE ratio of -1.75 and a beta of 1.80.

Bally’s (NYSE:BALY) last issued its earnings results on Monday, May 18th. The company reported ($2.69) earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $755.72 million for the quarter, compared to analyst estimates of $769.69 million. On average, equities research analysts anticipate that Bally’s will post -9.36 EPS for the current fiscal year.

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.