Bally’s (NYSE:BALY) Stock Price Expected to Rise, Truist Financial Analyst Says

Bally’s (NYSE:BALY) had its price objective boosted by stock analysts at Truist Financial from $13.00 to $18.00 in a research note issued on Friday, Marketbeat Ratings reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s price objective points to a potential upside of 3.00% from the company’s previous close.

A number of other research firms also recently commented on BALY. Wall Street Zen raised Bally’s from a “sell” rating to a “hold” rating in a report on Sunday, September 7th. Macquarie reduced their price target on shares of Bally’s from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Tuesday, August 12th. Barclays reduced their target price on shares of Bally’s from $13.00 to $11.00 and set an “equal weight” rating for the company in a report on Wednesday, August 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bally’s in a report on Thursday, October 30th. Finally, Stifel Nicolaus lifted their price objective on Bally’s from $10.00 to $20.00 and gave the company a “hold” rating in a research note on Tuesday. Five investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus price target of $15.25.

Bally’s Stock Performance

Shares of NYSE:BALY traded up $1.20 on Friday, hitting $17.48. 26,963 shares of the company were exchanged, compared to its average volume of 92,118. The firm has a market capitalization of $858.37 million, a P/E ratio of -3.38 and a beta of 2.00. The company has a current ratio of 0.49, a quick ratio of 0.47 and a debt-to-equity ratio of 5.54. Bally’s has a 1-year low of $8.45 and a 1-year high of $23.20. The stock’s 50 day moving average price is $13.87 and its 200 day moving average price is $11.49.

Bally’s (NYSE:BALY) last issued its earnings results on Wednesday, November 12th. The company reported ($1.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.71) by ($0.99). Bally’s had a negative return on equity of 64.61% and a negative net margin of 17.41%.The firm had revenue of $210.25 million during the quarter, compared to analysts’ expectations of $668.49 million. Sell-side analysts predict that Bally’s will post -7.26 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. JPMorgan Chase & Co. grew its stake in Bally’s by 21,781.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 758,411 shares of the company’s stock valued at $8,418,000 after acquiring an additional 754,945 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in shares of Bally’s during the 2nd quarter worth approximately $867,000. Geode Capital Management LLC boosted its holdings in shares of Bally’s by 113.1% during the 2nd quarter. Geode Capital Management LLC now owns 164,555 shares of the company’s stock worth $1,577,000 after purchasing an additional 87,346 shares during the last quarter. Crossingbridge Advisors LLC acquired a new stake in shares of Bally’s in the second quarter valued at approximately $240,000. Finally, New York State Common Retirement Fund purchased a new position in Bally’s during the second quarter worth approximately $97,000. 70.41% of the stock is owned by institutional investors and hedge funds.

About Bally’s

Bally’s Corp. is a global casino-entertainment company with a portfolio of casinos and resorts and online gaming businesses. It operates through the following segments: Casinos & Resorts, International Interactive, and North America Interactive. The Casinos & Resorts segment consists of the company’s casino and resort properties, a horse racetrack, and a golf course.