Bally’s (NYSE:BALY) Upgraded by Wells Fargo & Company to “Equal Weight”

Wells Fargo & Company upgraded shares of Bally’s (NYSE:BALY) from an underweight rating to an equal weight rating in a research note issued to investors on Monday morning, MarketBeat reports. The brokerage currently has $18.25 price objective on the stock, up from their prior price objective of $11.00.

Other equities analysts have also recently issued research reports about the company. JMP Securities reissued a market perform rating on shares of Bally’s in a report on Monday, July 15th. TD Cowen restated a hold rating and issued a $18.25 price objective (up previously from $15.00) on shares of Bally’s in a report on Friday, July 26th. Stifel Nicolaus raised their price target on shares of Bally’s from $11.00 to $14.00 and gave the stock a hold rating in a research note on Thursday, May 2nd. Finally, Truist Financial restated a hold rating and issued a $18.25 price target (up from $16.00) on shares of Bally’s in a research report on Friday, July 26th. Seven equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, Bally’s currently has an average rating of Hold and a consensus price target of $17.17.

Bally’s Price Performance

Shares of NYSE BALY opened at $17.14 on Monday. The company has a debt-to-equity ratio of 8.14, a quick ratio of 0.59 and a current ratio of 0.61. The firm has a market cap of $694.00 million, a PE ratio of -1.66 and a beta of 2.11. Bally’s has a one year low of $7.28 and a one year high of $17.44. The firm has a fifty day moving average of $12.82 and a 200 day moving average of $12.51.

Bally’s (NYSE:BALY) last released its earnings results on Wednesday, May 1st. The company reported ($3.61) EPS for the quarter, missing analysts’ consensus estimates of ($1.13) by ($2.48). The company had revenue of $618.48 million for the quarter, compared to analysts’ expectations 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 for the quarter was up 3.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.74) EPS. As a group, research analysts predict that Bally’s will post -8.07 EPS for the current fiscal year.

Institutional Trading of Bally’s

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Napatree Capital LLC purchased a new position in Bally’s in the fourth quarter worth approximately $2,684,000. Gabelli Funds LLC increased its position in shares of Bally’s by 32.9% during the 1st quarter. Gabelli Funds LLC now owns 169,624 shares of the company’s stock worth $2,365,000 after purchasing an additional 42,000 shares during the last quarter. TFG Asset Management GP Ltd raised its holdings in Bally’s by 36.4% in the 4th quarter. TFG Asset Management GP Ltd now owns 1,500,000 shares of the company’s stock valued at $20,910,000 after buying an additional 400,000 shares during the period. Vanguard Group Inc. boosted its stake in Bally’s by 5.7% during 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 during the period. Finally, Garde Capital Inc. increased its position in shares of Bally’s by 50.0% during the fourth quarter. Garde Capital Inc. now owns 15,000 shares of the company’s stock valued at $209,000 after acquiring an additional 5,000 shares during the last quarter. Institutional investors and hedge funds own 70.41% of the company’s stock.

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.