Standard General L.P. Sells 878,771 Shares of Bally’s Corporation $BALY

Standard General L.P. lessened its holdings in Bally’s Corporation (NYSE:BALY) by 2.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 32,480,973 shares of the company’s stock after selling 878,771 shares during the quarter. Bally’s comprises approximately 96.1% of Standard General L.P.’s investment portfolio, making the stock its largest holding. Standard General L.P. owned 66.07% of Bally’s worth $536,586,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. JPMorgan Chase & Co. purchased a new stake in shares of Bally’s during the 2nd quarter worth about $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Bally’s during the 2nd quarter valued at about $38,000. Police & Firemen s Retirement System of New Jersey grew its position in shares of Bally’s by 96.1% during the 4th quarter. Police & Firemen s Retirement System of New Jersey now owns 2,593 shares of the company’s stock valued at $43,000 after acquiring an additional 1,271 shares during the period. Bank of America Corp DE grew its position 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 during the period. Finally, New York State Common Retirement Fund acquired a new stake in shares of Bally’s during the 2nd quarter valued at about $97,000. Institutional investors and hedge funds own 70.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BALY. Wall Street Zen lowered Bally’s from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. Truist Financial decreased their price objective on Bally’s from $18.00 to $13.00 and set a “hold” rating on the stock in a report on Friday, March 27th. Barclays decreased their price objective on Bally’s from $9.00 to $8.00 and set an “underweight” rating on the stock in a report on Wednesday, May 20th. Weiss Ratings restated a “sell (d-)” rating on shares of Bally’s in a report on Friday, April 24th. Finally, Stifel Nicolaus raised their price objective on Bally’s from $12.00 to $13.00 and gave the company a “hold” rating in a report on Tuesday, May 26th. Three analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Bally’s presently has an average rating of “Reduce” and an average price target of $12.75.

Bally’s Stock Down 8.8%

Shares of NYSE:BALY opened at $13.58 on Wednesday. The business has a 50-day moving average price of $12.64 and a 200 day moving average price of $14.09. The company has a current ratio of 1.11, a quick ratio of 1.05 and a debt-to-equity ratio of 1.87. The company has a market capitalization of $664.74 million, a price-to-earnings ratio of -1.67 and a beta of 1.80. Bally’s Corporation has a 12-month low of $8.45 and a 12-month high of $20.74.

Bally’s (NYSE:BALY) last released its earnings results on Monday, May 18th. The company reported ($2.69) earnings per share for the quarter, missing the consensus estimate of ($1.00) by ($1.69). The firm had revenue of $755.72 million during the quarter, compared to analyst estimates of $769.69 million. Bally’s had a negative net margin of 29.98% and a negative return on equity of 56.76%. Sell-side analysts expect that Bally’s Corporation will post -9.36 EPS for the current year.

Bally’s Profile

Bally’s Corporation is an integrated entertainment company engaged in the ownership, development and operation of land‐based casinos, sports betting venues and online gaming platforms. The company leverages the iconic Bally’s brand under a long‐term license to provide gaming and hospitality services across multiple channels, including retail casinos, mobile sports wagering and interactive casino games.

The company’s portfolio spans gaming properties in key U.S. jurisdictions such as Rhode Island, Colorado, New Jersey, Mississippi, Iowa, Indiana, Pennsylvania and Nevada.