TD Cowen Reaffirms Hold Rating for Bally’s (NYSE:BALY)

TD Cowen reissued their hold rating on shares of Bally’s (NYSE:BALY) in a report issued on Friday, Benzinga reports. The brokerage currently has a $18.25 price objective on the stock, up from their previous price objective of $15.00.

Other analysts have also recently issued reports about the company. JMP Securities reissued a market perform rating on shares of Bally’s in a report on Monday, July 15th. Wells Fargo & Company boosted their price objective on Bally’s from $9.00 to $11.00 and gave the stock an underweight rating in a research report on Monday, July 15th. Stifel Nicolaus boosted their price objective on Bally’s from $11.00 to $14.00 and gave the stock a hold rating in a research report on Thursday, May 2nd. Finally, Truist Financial restated a hold rating and set a $18.25 price objective (up previously from $16.00) on shares of Bally’s in a research report on Friday. Seven research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $15.13.

Bally’s Trading Up 1.3 %

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

Bally’s (NYSE:BALY) last announced its quarterly 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). The business had revenue of $618.48 million during the quarter, compared to the consensus estimate of $625.94 million. Bally’s had a negative return on equity of 36.63% and a negative net margin of 21.26%. The firm’s revenue was up 3.3% compared to the same quarter last year. During the same quarter last year, the company earned ($0.74) earnings per share. On average, equities analysts expect that Bally’s will post -8.07 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in BALY. TFG Asset Management GP Ltd grew its holdings in shares of 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 acquiring an additional 400,000 shares in the last quarter. Napatree Capital LLC purchased a new stake in shares of Bally’s during the fourth quarter worth $2,684,000. Vanguard Group Inc. raised its position in shares of Bally’s by 5.7% in the third quarter. Vanguard Group Inc. now owns 1,744,829 shares of the company’s stock worth $22,875,000 after buying an additional 93,681 shares in the last quarter. Whitebox Advisors LLC purchased a new stake in shares of Bally’s in the first quarter worth $1,152,000. Finally, CastleKnight Management LP raised its position in shares of Bally’s by 97.8% in the fourth quarter. CastleKnight Management LP now owns 138,964 shares of the company’s stock worth $1,937,000 after buying an additional 68,700 shares in the last quarter. 70.41% of the stock is owned by institutional investors and hedge funds.

About Bally’s

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.