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

Bally’s (NYSE:BALY) had its target price decreased by investment analysts at Truist Securities from $80.00 to $55.00 in a research report issued on Thursday, Stock Target Advisor reports. The firm currently has a “buy” rating on the stock. Truist Securities’ price target suggests a potential upside of 63.40% from the stock’s previous close. 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. The Goldman Sachs Group started coverage on shares of Bally’s in a research note on Wednesday, October 27th. They issued a “neutral” rating and a $52.00 price objective on the stock. 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. Zacks Investment Research raised shares of Bally’s from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 4th. 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. Finally, KeyCorp reduced their price objective on shares of Bally’s from $70.00 to $65.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 9th. 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. Bally’s has a fifty-two week low of $32.61 and a fifty-two week high of $75.92. The company has a debt-to-equity ratio of 1.94, a current ratio of 8.29 and a quick ratio of 8.24. The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of 23.87 and a beta of 2.31. The company’s 50 day moving average price is $39.01 and its two-hundred day moving average price is $45.61.

Bally’s (NYSE:BALY) last posted its earnings results on Thursday, November 4th. The company reported ($0.30) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.51 by ($0.81). Bally’s had a return on equity of 5.98% and a net margin of 7.14%. The business had revenue of $314.78 million for the quarter, compared to the consensus estimate of $315.58 million. During the same period in the previous year, the firm earned $0.32 earnings per share. The company’s revenue 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, Director Terrence Downey acquired 1,000 shares of the stock in a transaction on Friday, November 5th. The shares were acquired at an average price of $45.00 per share, for a total transaction of $45,000.00. The disclosure for this purchase can be found here. Insiders have purchased a total of 12,250 shares of company stock worth $550,260 in the last quarter. 40.34% of the stock is owned by corporate insiders.

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.

Featured Article: Cyclical Stocks – What You Should Know

Stock Target Advisor logo

Analyst Recommendations for Bally's (NYSE:BALY)

Receive News & Ratings for Bally's Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bally's and related companies with MarketBeat.com's FREE daily email newsletter.