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

Bally’s (NYSE:BALY) had its target price dropped by equities researchers at Truist Securities from $80.00 to $55.00 in a research note issued on Thursday, Stock Target Advisor reports. The brokerage presently has a “buy” rating on the stock. Truist Securities’ target price points to a potential upside of 63.40% from the company’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 equities analysts have also weighed in on the company. Zacks Investment Research raised Bally’s from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 4th. Truist cut 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. 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 set a “neutral” rating and a $52.00 price target for the company. Finally, KeyCorp cut 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. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $62.22.

NYSE:BALY opened at $33.66 on Thursday. Bally’s has a twelve month low of $32.61 and a twelve month high of $75.92. The stock has a market cap of $1.83 billion, a P/E ratio of 23.87 and a beta of 2.31. The company has a quick ratio of 8.24, a current ratio of 8.29 and a debt-to-equity ratio of 1.94. The firm’s fifty day simple moving average is $39.01 and its 200 day simple moving average is $45.61.

Bally’s (NYSE:BALY) last announced its earnings results on Thursday, November 4th. The company reported ($0.30) EPS for the quarter, missing the Zacks’ consensus estimate of $0.51 by ($0.81). The business 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 business’s quarterly revenue was up 169.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.32 EPS. On average, analysts expect that Bally’s will post 1.62 EPS for the current fiscal year.

In related news, Director Terrence Downey purchased 1,000 shares of the firm’s stock in a transaction that occurred on Friday, November 5th. The shares were bought at an average price of $45.00 per share, for a total transaction of $45,000.00. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Stephen H. Capp purchased 5,500 shares of the firm’s stock in a transaction that occurred on Friday, November 5th. The shares were bought 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. Insiders acquired a total of 12,250 shares of company stock valued at $550,260 over the last 90 days. 40.34% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the stock. RPg Family Wealth Advisory LLC purchased a new stake in Bally’s in the second quarter worth $33,000. Lazard Asset Management LLC purchased a new stake in Bally’s in the second quarter worth $42,000. FORA Capital LLC purchased a new stake in Bally’s in the second quarter worth $50,000. Dark Forest Capital Management LP purchased a new stake in Bally’s in the third quarter worth $51,000. Finally, UBS Group AG increased its stake in Bally’s by 1,300.0% in the third quarter. UBS Group AG now owns 1,050 shares of the company’s stock worth $53,000 after purchasing an additional 975 shares during the period. Institutional investors own 82.57% of the company’s stock.

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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