Bally’s (NYSE:BALY) Releases Quarterly Earnings Results, Misses Expectations By $0.99 EPS

Bally’s (NYSE:BALY) posted its quarterly earnings results on Wednesday. The company reported ($1.70) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.71) by ($0.99), Zacks reports. Bally’s had a negative net margin of 23.55% and a negative return on equity of 72.98%. The business had revenue of $210.25 million during the quarter, compared to analysts’ expectations of $668.49 million.

Bally’s Trading Down 4.7%

Bally’s stock traded down $0.81 during midday trading on Thursday, reaching $16.42. The stock had a trading volume of 48,427 shares, compared to its average volume of 92,285. The stock’s 50-day simple moving average is $13.74 and its 200 day simple moving average is $11.46. Bally’s has a twelve month low of $8.45 and a twelve month high of $23.20. The company has a debt-to-equity ratio of 5.54, a quick ratio of 0.47 and a current ratio of 0.49. The stock has a market capitalization of $806.55 million, a PE ratio of -3.19 and a beta of 2.00.

Hedge Funds Weigh In On Bally’s

Several hedge funds and other institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. raised its holdings in Bally’s by 21,781.4% in the third quarter. JPMorgan Chase & Co. now owns 758,411 shares of the company’s stock valued at $8,418,000 after buying an additional 754,945 shares during the period. Geode Capital Management LLC grew its stake in Bally’s by 113.1% during the second quarter. Geode Capital Management LLC now owns 164,555 shares of the company’s stock worth $1,577,000 after buying an additional 87,346 shares during the period. Rhumbline Advisers increased its position in shares of Bally’s by 9.9% in the third quarter. Rhumbline Advisers now owns 10,160 shares of the company’s stock worth $113,000 after acquiring an additional 916 shares in the last quarter. New York State Common Retirement Fund purchased a new position in shares of Bally’s in the 2nd quarter valued at $97,000. Finally, Bank of America Corp DE lifted its holdings in shares of Bally’s by 2,087.9% during the 2nd quarter. Bank of America Corp DE now owns 7,942 shares of the company’s stock valued at $76,000 after acquiring an additional 7,579 shares in the last quarter. 70.41% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on BALY shares. Truist Financial increased their target price on shares of Bally’s from $11.00 to $13.00 and gave the company a “hold” rating in a report on Tuesday, October 21st. Stifel Nicolaus raised their price objective on Bally’s from $10.00 to $20.00 and gave the company a “hold” rating in a research note on Tuesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bally’s in a report on Thursday, October 30th. Macquarie lowered their target price on Bally’s from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Tuesday, August 12th. Finally, Wall Street Zen upgraded Bally’s from a “sell” rating to a “hold” rating in a research report on Sunday, September 7th. Five research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Bally’s presently has an average rating of “Reduce” and an average target price of $14.00.

About Bally’s

Bally’s Corp. is a global casino-entertainment company with a portfolio of casinos and resorts and online gaming businesses. It operates through the following segments: Casinos & Resorts, International Interactive, and North America Interactive. The Casinos & Resorts segment consists of the company’s casino and resort properties, a horse racetrack, and a golf course.