Bally's Co. (NYSE:BALY) Receives Consensus Recommendation of "Hold" from Analysts
According to a report from Marketbeat Ratings, Bally's Co. (NYSE:BALY - Free Report) has received a mediocre "Hold" recommendation from the seven ratings firms currently analyzing the stock. Out of these, four investment analysts suggest holding the stock, while three recommend buying it. The average price target predicted by brokers who have assessed the stock in the past year is $25.63.
Recently, there have been several analyst reports discussing BALY. Jefferies Financial Group conducted a research report on Tuesday, May 23rd and lowered their price target for Bally's from $22.00 to $18.00. Similarly, Barclays conducted a research report on Wednesday, May 10th and decreased their target price for Bally's from $23.00 to $21.00. Finally, Truist Financial also conducted a research report on Wednesday, May 10th and reduced their target price for Bally's from $29.00 to $23.00.
Investors' Opinions On Bally's
The ownership of Bally's stock has seen changes in recent months as hedge funds have either increased or decreased their stakes in the company. In the first quarter, BlackRock Inc. raised its holdings in Bally's by 35.7%, resulting in a total of 3,166,952 shares valued at $61,819,000. During the second quarter, Goldman Sachs Group Inc. significantly increased its stake in Bally's by 1,363.2%, acquiring an additional 494,475 shares worth $9,780,000. Dimensional Fund Advisors LP also increased its stake in Bally's by 648.9% during the first quarter, now holding 310,024 shares valued at $6,052,000. Deroy & Devereaux Private Investment Counsel Inc. saw a 60.4% increase in its stake during the same period, bringing its total shares in Bally's to 693,944, worth $13,546,000. Lastly, Bank of America Corp DE raised its stake by 69.5% in the first quarter, now owning 297,251 shares valued at $5,802,000. Overall, hedge funds and other institutional investors own 63.46% of the stock in Bally's.
On Friday, the stock of BALY started trading at $15.36. The company's fifty-day average price is $15.43, while its two-hundred-day average price is $18.14. The market value of the company stands at $708.86 million, with a price-to-earnings ratio of -3.31 and a beta of 1.92. The company's current ratio is 0.92, its quick ratio is 0.90, and its debt-to-equity ratio is 3.24. Bally's lowest stock price in the last twelve months was $13.09, and its highest price was $26.78.
Bally's recently released its financial results for the quarter ending on May 9th. Unfortunately, the company did not meet analysts' expectations, reporting earnings per share of ($0.74), which was $0.43 lower than predicted. However, their revenue for the quarter was slightly higher than anticipated, reaching $598.72 million compared to the estimated $594.49 million. Bally's also had a negative return on equity of 4.13% and a negative net margin of 10.80%. Looking ahead, analysts predict that Bally's will have earnings per share of -0.88 for this fiscal year.
Bally's Corporation is a company that is involved in the gaming, hospitality, and entertainment industries. They have businesses in casinos, resorts, and online gaming in the United States. The company is divided into three parts: Casinos & Resorts, North America Interactive, and International Interactive. They provide various forms of entertainment and gaming, such as typical casino games, online casino experiences, bingo games, sports betting, fantasy sports, and games that can be played for free.
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