Bally’s (NYSE:BALY) Price Target Increased to $16.00 by Analysts at Truist Financial

Bally’s (NYSE:BALY) had its price target hoisted by research analysts at Truist Financial from $14.00 to $16.00 in a report released on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price target would indicate a potential upside of 11.58% from the company’s previous close.

Several other equities research analysts have also commented on BALY. Wells Fargo & Company restated an “underweight” rating and issued a $10.00 price target on shares of Bally’s in a research note on Friday, January 5th. Stifel Nicolaus reduced their price objective on shares of Bally’s from $13.00 to $11.00 and set a “hold” rating for the company in a research report on Thursday, February 22nd. Finally, Macquarie lowered Bally’s from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $15.00 to $12.00 in a research report on Wednesday, January 17th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Bally’s has a consensus rating of “Hold” and a consensus price target of $15.29.

Bally’s Stock Up 1.2 %

Shares of BALY traded up $0.17 during midday trading on Tuesday, hitting $14.34. The company had a trading volume of 157,462 shares, compared to its average volume of 486,419. The company’s 50 day moving average price is $12.49 and its 200 day moving average price is $11.74. Bally’s has a 52 week low of $7.28 and a 52 week high of $18.66. The stock has a market cap of $574.89 million, a price-to-earnings ratio of -4.08 and a beta of 2.08. The company has a quick ratio of 0.64, a current ratio of 0.65 and a debt-to-equity ratio of 5.73.

Bally’s (NYSE:BALY) last posted its quarterly earnings results on Wednesday, February 21st. The company reported ($0.86) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.31). Bally’s had a negative return on equity of 17.92% and a negative net margin of 7.05%. The business had revenue of $611.67 million during the quarter, compared to the consensus estimate of $626.62 million. On average, equities research analysts predict that Bally’s will post -3.73 EPS for the current year.

Institutional Investors Weigh In On Bally’s

A number of institutional investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC increased its stake in shares of Bally’s by 100.5% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,843 shares of the company’s stock worth $54,000 after acquiring an additional 1,926 shares during the last quarter. Garde Capital Inc. grew its stake in Bally’s by 25.0% in the third quarter. Garde Capital Inc. now owns 10,000 shares of the company’s stock valued at $131,000 after purchasing an additional 2,000 shares in the last quarter. New York State Common Retirement Fund increased its position in Bally’s by 35.6% in the 3rd quarter. New York State Common Retirement Fund now owns 11,369 shares of the company’s stock worth $149,000 after purchasing an additional 2,987 shares during the last quarter. Shell Asset Management Co. purchased a new stake in shares of Bally’s during the 3rd quarter worth about $206,000. Finally, Counterpoint Mutual Funds LLC lifted its holdings in shares of Bally’s by 95.0% during the 3rd quarter. Counterpoint Mutual Funds LLC now owns 16,672 shares of the company’s stock valued at $219,000 after buying an additional 8,123 shares during the last quarter. Institutional investors and hedge funds own 70.41% of the company’s stock.

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.