Bally’s’ (BALY) “Hold” Rating Reiterated at Truist Financial

Truist Financial restated their hold rating on shares of Bally’s (NYSE:BALY) in a research note issued to investors on Friday morning, Benzinga reports. Truist Financial currently has a $18.25 price objective on the stock, up from their prior price objective of $16.00.

A number of other research analysts have also recently weighed in on BALY. Stifel Nicolaus lifted their price target on shares of Bally’s from $11.00 to $14.00 and gave the company a hold rating in a research report on Thursday, May 2nd. Wells Fargo & Company lifted their price target on shares of Bally’s from $9.00 to $11.00 and gave the company an underweight rating in a research report on Monday, July 15th. Finally, JMP Securities reaffirmed a market perform rating on shares of Bally’s in a research report on Monday, July 15th. Seven analysts have rated the stock with a hold rating, According to MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $15.13.

Bally’s Price Performance

BALY opened at $17.20 on Friday. The company’s 50 day simple moving average is $12.54 and its 200 day simple moving average is $12.40. The company has a debt-to-equity ratio of 8.14, a quick ratio of 0.59 and a current ratio of 0.61. Bally’s has a 1 year low of $7.28 and a 1 year high of $17.30. The stock has a market capitalization of $696.34 million, a PE ratio of -1.66 and a beta of 2.11.

Bally’s (NYSE:BALY) last released its 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). Bally’s had a negative return on equity of 36.63% and a negative net margin of 21.26%. The company had revenue of $618.48 million during the quarter, compared to analyst estimates of $625.94 million. During the same period in the prior year, the business posted ($0.74) earnings per share. Bally’s’s revenue was up 3.3% on a year-over-year basis. As a group, sell-side analysts expect that Bally’s will post -8.07 EPS for the current year.

Hedge Funds Weigh In On Bally’s

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Bally’s by 5.7% during the third quarter. Vanguard Group Inc. now owns 1,744,829 shares of the company’s stock worth $22,875,000 after acquiring an additional 93,681 shares during the last quarter. TFG Asset Management GP Ltd boosted its holdings in Bally’s by 36.4% in 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 last quarter. Napatree Capital LLC purchased a new position in Bally’s in the fourth quarter valued at about $2,684,000. Gamco Investors INC. ET AL boosted its holdings in Bally’s by 16.0% in the first quarter. Gamco Investors INC. ET AL now owns 177,294 shares of the company’s stock valued at $2,471,000 after purchasing an additional 24,466 shares during the last quarter. Finally, Gabelli Funds LLC boosted its holdings in Bally’s by 32.9% in 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 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.