Wall Street Zen Upgrades Bally’s (NYSE:BALY) to “Hold”

Bally’s (NYSE:BALY) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Saturday.

Other research analysts also recently issued reports about the company. Truist Financial lifted their target price on Bally’s from $13.00 to $15.00 and gave the company a “hold” rating in a research note on Monday, July 20th. Weiss Ratings downgraded Bally’s from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, July 30th. Barclays decreased their price target on Bally’s from $9.00 to $8.00 and set an “underweight” rating for the company in a report on Wednesday, May 20th. Finally, Stifel Nicolaus boosted their price objective 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. Three equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Bally’s currently has an average rating of “Reduce” and a consensus target price of $13.25.

Bally’s Stock Performance

NYSE BALY opened at $13.90 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.11 and a debt-to-equity ratio of 1.87. Bally’s has a 52-week low of $8.79 and a 52-week high of $20.74. The business’s 50-day moving average price is $13.93 and its 200 day moving average price is $13.20. The firm has a market cap of $680.65 million, a P/E ratio of -1.71 and a beta of 1.81.

Bally’s (NYSE:BALY) last issued its quarterly earnings results on Friday, August 14th. The company reported ($2.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.08) by ($1.33). The company had revenue of $792.23 million during the quarter, compared to analyst estimates of $789.89 million. Bally’s had a negative net margin of 25.83% and a negative return on equity of 43.05%. On average, equities research analysts expect that Bally’s will post -9.36 earnings per share for the current year.

Hedge Funds Weigh In On Bally’s

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Whitefort Capital Management LP raised its stake in shares of Bally’s by 43.0% during the 4th quarter. Whitefort Capital Management LP now owns 1,921,372 shares of the company’s stock worth $31,741,000 after buying an additional 578,129 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Bally’s by 21,781.4% in the third quarter. JPMorgan Chase & Co. now owns 758,411 shares of the company’s stock valued at $8,418,000 after buying an additional 754,945 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Bally’s by 13.9% in the fourth quarter. Geode Capital Management LLC now owns 186,194 shares of the company’s stock valued at $3,077,000 after buying an additional 22,784 shares in the last quarter. State Street Corp grew its holdings in Bally’s by 32.6% during the fourth quarter. State Street Corp now owns 116,903 shares of the company’s stock worth $1,931,000 after acquiring an additional 28,741 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in Bally’s by 9.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 61,442 shares of the company’s stock worth $1,015,000 after acquiring an additional 5,306 shares during the period. Institutional investors and hedge funds own 70.41% of the company’s stock.

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.