TD Cowen Reaffirms Hold Rating for Bally’s (NYSE:BALY)

TD Cowen reiterated their hold rating on shares of Bally’s (NYSE:BALY) in a research note published on Friday, Benzinga reports. TD Cowen currently has a $18.25 price target on the stock, up from their prior price target of $15.00.

Several other equities research analysts also recently weighed in on the stock. Wells Fargo & Company raised their target price on shares of Bally’s from $9.00 to $11.00 and gave the company an underweight rating in a research note on Monday, July 15th. JMP Securities restated a market perform rating on shares of Bally’s in a research note on Monday, July 15th. Truist Financial restated a hold rating and issued a $18.25 target price (up from $16.00) on shares of Bally’s in a research note on Friday. Finally, Stifel Nicolaus raised their target price on shares of Bally’s from $11.00 to $14.00 and gave the company a hold rating in a research note on Thursday, May 2nd. Seven equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, Bally’s has an average rating of Hold and an average target price of $15.13.

Bally’s Stock Performance

Shares of BALY stock opened at $17.20 on Friday. The firm has a market cap of $696.34 million, a price-to-earnings ratio of -1.66 and a beta of 2.11. The company’s 50 day moving average is $12.54 and its 200 day moving average is $12.40. The company has a quick ratio of 0.59, a current ratio of 0.61 and a debt-to-equity ratio of 8.14. Bally’s has a 52-week low of $7.28 and a 52-week high of $17.30.

Bally’s (NYSE:BALY) last issued its quarterly earnings data 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 business had revenue of $618.48 million for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 3.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.74) earnings per share. On average, sell-side analysts anticipate that Bally’s will post -8.07 EPS for the current fiscal year.

Institutional Investors Weigh In On Bally’s

Institutional investors and hedge funds have recently made changes to their positions in the stock. Napatree Capital LLC acquired a new position in Bally’s during the fourth quarter valued at $2,684,000. Gabelli Funds LLC lifted its position in Bally’s by 32.9% during the first quarter. Gabelli Funds LLC now owns 169,624 shares of the company’s stock valued at $2,365,000 after purchasing an additional 42,000 shares during the period. TFG Asset Management GP Ltd lifted its position in Bally’s by 36.4% during the fourth quarter. TFG Asset Management GP Ltd now owns 1,500,000 shares of the company’s stock valued at $20,910,000 after purchasing an additional 400,000 shares during the period. Vanguard Group Inc. lifted its position in Bally’s by 5.7% during the third quarter. Vanguard Group Inc. now owns 1,744,829 shares of the company’s stock valued at $22,875,000 after purchasing an additional 93,681 shares during the period. Finally, Garde Capital Inc. lifted its position in Bally’s by 50.0% during the fourth quarter. Garde Capital Inc. now owns 15,000 shares of the company’s stock valued at $209,000 after purchasing an additional 5,000 shares during the period. 70.41% of the stock is currently owned by institutional investors and hedge funds.

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.