Truist Financial Lowers Bally’s (NYSE:BALY) Price Target to $13.00

Bally’s (NYSE:BALY) had its price target dropped by Truist Financial from $18.00 to $13.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s target price indicates a potential upside of 23.75% from the company’s current price.

BALY has been the subject of several other research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bally’s in a research report on Tuesday, January 27th. Barclays set a $11.00 price target on Bally’s and gave the stock an “underweight” rating in a report on Wednesday, December 17th. Three research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Reduce” and a consensus target price of $15.25.

Bally’s Stock Down 7.1%

BALY opened at $10.51 on Friday. The stock has a market cap of $509.81 million, a price-to-earnings ratio of -2.15 and a beta of 1.45. The company has a debt-to-equity ratio of 1.75, a quick ratio of 0.66 and a current ratio of 0.80. The firm’s fifty day moving average is $13.99 and its 200 day moving average is $14.95. Bally’s has a fifty-two week low of $8.45 and a fifty-two week high of $20.74.

Bally’s (NYSE:BALY) last issued its quarterly earnings results on Saturday, January 31st. The company reported ($7.53) earnings per share (EPS) for the quarter. The business had revenue of $746.25 million during the quarter. Bally’s had a negative return on equity of 63.15% and a negative net margin of 26.39%. On average, sell-side analysts forecast that Bally’s will post -7.26 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bally’s

Large investors have recently modified their holdings of the stock. Crossingbridge Advisors LLC bought a new stake in Bally’s in the second quarter worth $240,000. JB Capital Partners LP bought a new stake in shares of Bally’s in the 3rd quarter worth about $555,000. Wolverine Asset Management LLC lifted its holdings in shares of Bally’s by 44.1% in the 3rd quarter. Wolverine Asset Management LLC now owns 23,734 shares of the company’s stock worth $263,000 after acquiring an additional 7,266 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Bally’s by 16.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 54,858 shares of the company’s stock worth $906,000 after purchasing an additional 7,845 shares during the period. Finally, Barclays PLC grew its holdings in Bally’s by 43.1% during the 4th quarter. Barclays PLC now owns 15,077 shares of the company’s stock valued at $249,000 after purchasing an additional 4,540 shares during the last quarter. Institutional investors own 70.41% of the company’s stock.

Bally’s Company Profile

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.