Barclays Issues Pessimistic Forecast for Bally’s (NYSE:BALY) Stock Price

Bally’s (NYSE:BALY) had its target price lowered by analysts at Barclays from $13.00 to $11.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Barclays‘s price target would suggest a potential upside of 16.79% from the company’s previous close.

Other research analysts also recently issued reports about the company. Stifel Nicolaus reduced their target price on Bally’s from $12.00 to $10.00 and set a “hold” rating for the company in a research note on Tuesday. Wall Street Zen downgraded Bally’s from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Macquarie reduced their target price on Bally’s from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Tuesday. Finally, Truist Financial reduced their target price on Bally’s from $15.00 to $11.00 and set a “hold” rating for the company in a research note on Wednesday, July 16th. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. According to MarketBeat, Bally’s presently has a consensus rating of “Hold” and a consensus price target of $11.00.

Bally’s Trading Down 5.2%

Bally’s stock opened at $9.42 on Wednesday. The company has a current ratio of 0.49, a quick ratio of 0.72 and a debt-to-equity ratio of 5.54. Bally’s has a 12 month low of $8.45 and a 12 month high of $23.20. The stock’s 50 day simple moving average is $9.93 and its two-hundred day simple moving average is $12.79. The firm has a market cap of $462.66 million, a PE ratio of -0.80 and a beta of 1.86.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Bally’s in the 2nd quarter valued at $38,000. New York State Common Retirement Fund acquired a new position in Bally’s in the 2nd quarter valued at $97,000. Crossingbridge Advisors LLC acquired a new stake in shares of Bally’s in the 2nd quarter worth $240,000. JPMorgan Chase & Co. acquired a new stake in shares of Bally’s in the 2nd quarter worth $33,000. Finally, Geode Capital Management LLC increased its stake in shares of Bally’s by 113.1% in the 2nd quarter. Geode Capital Management LLC now owns 164,555 shares of the company’s stock worth $1,577,000 after acquiring an additional 87,346 shares during the last quarter. 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.