Wells Fargo & Company Raises Bally’s (NYSE:BALY) Price Target to $11.00

Bally’s (NYSE:BALY) had its target price hoisted by stock analysts at Wells Fargo & Company from $9.00 to $11.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has an “underweight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential downside of 20.69% from the stock’s current price.

Other research analysts also recently issued reports about the company. Stifel Nicolaus upped their price objective on Bally’s from $11.00 to $14.00 and gave the stock a “hold” rating in a research note on Thursday, May 2nd. JMP Securities restated a “market perform” rating on shares of Bally’s in a report on Monday. Finally, Truist Financial upped their target price on Bally’s from $14.00 to $16.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Bally’s currently has an average rating of “Hold” and an average price target of $15.50.

Bally’s Stock Performance

BALY stock opened at $13.87 on Monday. The company has a current ratio of 0.61, a quick ratio of 0.59 and a debt-to-equity ratio of 8.14. The firm has a market cap of $561.60 million, a P/E ratio of -1.34 and a beta of 2.11. Bally’s has a 12-month low of $7.28 and a 12-month high of $16.96. The stock’s 50 day simple moving average is $12.20 and its 200 day simple moving average is $12.23.

Bally’s (NYSE:BALY) last posted its quarterly earnings results on Wednesday, May 1st. The company reported ($3.61) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.13) by ($2.48). The firm had revenue of $618.48 million for the quarter, compared to analyst estimates of $625.94 million. Bally’s had a negative net margin of 21.26% and a negative return on equity of 36.63%. The business’s revenue was up 3.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.74) earnings per share. As a group, equities research analysts predict that Bally’s will post -7.53 EPS for the current year.

Institutional Investors Weigh In On Bally’s

Hedge funds have recently bought and sold shares of the business. Tower Research Capital LLC TRC increased its position in Bally’s by 100.5% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,843 shares of the company’s stock worth $54,000 after purchasing an additional 1,926 shares during the last quarter. Garde Capital Inc. increased its holdings in shares of Bally’s by 50.0% during the 4th quarter. Garde Capital Inc. now owns 15,000 shares of the company’s stock valued at $209,000 after acquiring an additional 5,000 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Bally’s by 7.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 20,132 shares of the company’s stock valued at $281,000 after buying an additional 1,394 shares during the last quarter. PEAK6 Investments LLC grew its holdings in Bally’s by 20.2% in the 1st quarter. PEAK6 Investments LLC now owns 26,478 shares of the company’s stock valued at $369,000 after buying an additional 4,446 shares during the last quarter. Finally, Wolverine Asset Management LLC grew its holdings in Bally’s by 200.1% in the 4th quarter. Wolverine Asset Management LLC now owns 39,951 shares of the company’s stock valued at $557,000 after buying an additional 26,640 shares during the last quarter. 70.41% of the stock is owned by hedge funds and other institutional investors.

Bally’s Company Profile

Bally's Corporation operates as a casino-entertainment company. It owns and manages casinos across 10 states, a golf course in New York, a horse racetrack in Colorado, and has access to OSB licenses in 18 states. It also owns Bally's Interactive International, an online gaming operator; Bally Bet, a sports betting platform; and Bally Casino, an iCasino platform.