Bally’s (NYSE:BALY) Sets New 1-Year Low on Analyst Downgrade

Bally’s Co. (NYSE:BALY – Get Rating) shares hit a new 52-week low during trading on Wednesday after Jefferies Financial Group lowered their price target on the stock from $22.00 to $18.00. The stock traded as low as $13.50 and last traded at $13.50, with a volume of 31424 shares traded. The stock had previously closed at $14.14.

Several other research firms have also recently weighed in on BALY. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Bally’s from $23.00 to $20.00 and set a “hold” rating for the company in a research report on Tuesday, February 14th. Stifel Nicolaus lowered their price objective on shares of Bally’s from $22.00 to $21.00 in a research report on Monday, February 13th. Wells Fargo & Company reduced their target price on shares of Bally’s from $23.00 to $22.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 25th. Truist Financial reduced their target price on shares of Bally’s from $29.00 to $23.00 in a research note on Wednesday, May 10th. Finally, Barclays reduced their price objective on shares of Bally’s from $23.00 to $21.00 in a research note on Wednesday, May 10th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $25.63.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Point72 Middle East FZE purchased a new position in Bally’s in the fourth quarter valued at about $28,000. UBS Group AG increased its holdings in Bally’s by 179.6% during the 3rd quarter. UBS Group AG now owns 1,644 shares of the company’s stock worth $33,000 after acquiring an additional 3,709 shares during the period. Great West Life Assurance Co. Can bought a new position in shares of Bally’s in the 3rd quarter worth $35,000. Counterpoint Mutual Funds LLC bought a new position in shares of Bally’s in the 1st quarter worth $112,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Bally’s by 33.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,062 shares of the company’s stock worth $117,000 after buying an additional 1,531 shares during the last quarter. 69.69% of the stock is currently owned by hedge funds and other institutional investors.

Bally’s Stock Down 3.0 %

The company has a market cap of $633.18 million, a PE ratio of -2.96 and a beta of 1.91. The stock’s 50 day moving average price is $17.37 and its 200-day moving average price is $19.73. The company has a debt-to-equity ratio of 3.24, a quick ratio of 0.90 and a current ratio of 0.92.

Bally’s (NYSE:BALY – Get Rating) last announced its quarterly earnings results on Thursday, February 23rd. The company reported ($0.43) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.64). The firm had revenue of $576.69 million during the quarter, compared to the consensus estimate of $575.82 million. Bally’s had a negative return on equity of 4.13% and a negative net margin of 10.80%. On average, analysts predict that Bally’s Co. will post -0.83 earnings per share for the current year.

Bally’s Company Profile

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Bally’s Corp. engages in the business of casino hotels and horse racetrack. Its properties include Twin River Casino, Hard Rock, Biloxi, Tiverton, Dover Downs, Arapahoe Park, Mardi Gras, Golden Gates, Golden Gulch, KC, Casino Vicksburg, Bally’s Atlantic City, and Eldorado Resort casino Shreveport. The company was founded on March 1, 2004 and is headquartered in Providence, RI.