Truist Securities Cuts Bally’s (NYSE:BALY) Price Target to $55.00

Bally’s (NYSE:BALY) had its target price cut by Truist Securities from $80.00 to $55.00 in a research report sent to investors on Thursday morning, Stock Target Advisor reports. They currently have a buy rating on the stock. Truist Securities also issued estimates for Bally’s’ Q4 2021 earnings at $0.24 EPS, FY2021 earnings at $1.24 EPS, Q2 2022 earnings at $0.47 EPS and Q3 2022 earnings at $0.18 EPS.

A number of other research firms have also commented on BALY. Cowen raised shares of Bally’s from a market perform rating to an outperform rating and set a $75.00 price objective on the stock in a research note on Tuesday, October 26th. Truist reduced their price objective on shares of Bally’s from $80.00 to $55.00 and set a buy rating on the stock in a research note on Thursday. The Goldman Sachs Group initiated coverage on shares of Bally’s in a research report on Wednesday, October 27th. They set a neutral rating and a $52.00 target price on the stock. KeyCorp dropped their target price on shares of Bally’s from $70.00 to $65.00 and set an overweight rating on the stock in a research report on Tuesday, November 9th. Finally, Zacks Investment Research upgraded shares of Bally’s from a strong sell rating to a hold rating in a research report on Tuesday, January 4th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Bally’s has a consensus rating of Buy and a consensus price target of $62.22.

BALY opened at $33.66 on Thursday. The company’s 50 day moving average price is $39.01 and its two-hundred day moving average price is $45.61. The company has a debt-to-equity ratio of 1.94, a current ratio of 8.29 and a quick ratio of 8.24. Bally’s has a fifty-two week low of $32.61 and a fifty-two week high of $75.92. The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of 23.87 and a beta of 2.31.

Bally’s (NYSE:BALY) last posted its quarterly earnings data on Thursday, November 4th. The company reported ($0.30) EPS for the quarter, missing the Zacks’ consensus estimate of $0.51 by ($0.81). Bally’s had a net margin of 7.14% and a return on equity of 5.98%. The firm had revenue of $314.78 million during the quarter, compared to the consensus estimate of $315.58 million. During the same period in the prior year, the company posted $0.32 earnings per share. The company’s revenue for the quarter was up 169.9% compared to the same quarter last year. As a group, equities research analysts predict that Bally’s will post 1.62 EPS for the current year.

In other Bally’s news, insider Robeson Reeves acquired 5,750 shares of the stock in a transaction on Friday, November 5th. The shares were purchased at an average price of $45.00 per share, for a total transaction of $258,750.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Stephen H. Capp acquired 5,500 shares of the stock in a transaction on Friday, November 5th. The shares were acquired at an average price of $44.82 per share, for a total transaction of $246,510.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 12,250 shares of company stock worth $550,260. Corporate insiders own 40.34% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. RPg Family Wealth Advisory LLC purchased a new stake in shares of Bally’s in the second quarter valued at about $33,000. Lazard Asset Management LLC purchased a new stake in shares of Bally’s in the second quarter valued at about $42,000. FORA Capital LLC purchased a new stake in shares of Bally’s in the second quarter valued at about $50,000. Dark Forest Capital Management LP purchased a new stake in shares of Bally’s in the third quarter valued at about $51,000. Finally, UBS Group AG raised its holdings in shares of Bally’s by 1,300.0% in the third quarter. UBS Group AG now owns 1,050 shares of the company’s stock valued at $53,000 after purchasing an additional 975 shares during the last quarter. Institutional investors own 82.57% of the company’s stock.

About Bally’s

Bally’s Corp. engages in the business of casino hotels and horse racetrack. Its properties include Twin River Casino Hotel, Hard Rock Hotel and Casino Biloxi, Tiverton Casino Hotel, Dover Downs, Arapahoe Park, Mardi Gras Casino, Golden Gates Casino, Golden Gulch Casino, Casino KC, Casino Vicksburg, Bally’s Atlantic City, and Eldorado Resort casino Shreveport.

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