Bally’s (NYSE:BALY) Given New $55.00 Price Target at Truist Securities

Bally’s (NYSE:BALY) had its price objective cut by Truist Securities from $80.00 to $55.00 in a report issued 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 brokerages also recently issued reports on BALY. Zacks Investment Research upgraded Bally’s from a strong sell rating to a hold rating in a research note on Tuesday, January 4th. Cowen upgraded Bally’s from a market perform rating to an outperform rating and set a $75.00 price target for the company in a research note on Tuesday, October 26th. The Goldman Sachs Group assumed coverage on Bally’s in a research note on Wednesday, October 27th. They issued a neutral rating and a $52.00 price target for the company. KeyCorp dropped their price target on Bally’s from $70.00 to $65.00 and set an overweight rating for the company in a research note on Tuesday, November 9th. Finally, Truist dropped their price target on Bally’s from $80.00 to $55.00 and set a buy rating for the company in a research note on Thursday. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Buy and a consensus target price of $62.22.

Bally’s stock opened at $33.66 on Thursday. The business has a 50-day simple moving average of $39.01 and a two-hundred day simple moving average of $45.61. The company has a market cap of $1.83 billion, a P/E ratio of 23.87 and a beta of 2.31. Bally’s has a 52-week low of $32.61 and a 52-week high of $75.92. The company has a quick ratio of 8.24, a current ratio of 8.29 and a debt-to-equity ratio of 1.94.

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

In other news, insider Robeson Reeves purchased 5,750 shares of the company’s stock in a transaction dated Friday, November 5th. The shares were acquired at an average price of $45.00 per share, with a total value of $258,750.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Terrence Downey purchased 1,000 shares of the company’s stock in a transaction dated Friday, November 5th. The shares were purchased at an average cost of $45.00 per share, for a total transaction of $45,000.00. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 12,250 shares of company stock worth $550,260. Insiders own 40.34% of the company’s stock.

A number of hedge funds have recently modified their holdings of BALY. Long Pond Capital LP bought a new stake in Bally’s during the second quarter valued at about $115,773,000. Price T Rowe Associates Inc. MD purchased a new stake in Bally’s in the second quarter valued at about $61,804,000. Paulson & CO. Inc. purchased a new stake in Bally’s in the second quarter valued at about $54,110,000. Vaughan Nelson Investment Management L.P. purchased a new stake in Bally’s in the fourth quarter valued at about $35,294,000. Finally, BlackRock Inc. raised its stake in Bally’s by 61.0% in the second quarter. BlackRock Inc. now owns 2,024,981 shares of the company’s stock valued at $109,571,000 after buying an additional 767,194 shares during the last quarter. 82.57% of the stock is currently owned by institutional investors.

Bally’s Company Profile

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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Analyst Recommendations for Bally's (NYSE:BALY)

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