Bally’s (NYSE:BALY) Releases Earnings Results, Misses Estimates By $1.33 EPS

Bally’s (NYSE:BALY) issued its earnings results on Friday. The company reported ($2.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.08) by ($1.33), FiscalAI reports. Bally’s had a negative return on equity of 56.76% and a negative net margin of 29.98%.The business had revenue of $792.23 million for the quarter, compared to analysts’ expectations of $789.89 million.

Bally’s Price Performance

Shares of BALY stock traded up $0.41 during mid-day trading on Friday, reaching $13.90. The stock had a trading volume of 46,485 shares, compared to its average volume of 68,607. Bally’s has a 12-month low of $8.79 and a 12-month high of $20.74. The company has a market cap of $680.65 million, a P/E ratio of -1.71 and a beta of 1.81. The business has a 50-day simple moving average of $13.93 and a 200 day simple moving average of $13.22. The company has a current ratio of 1.11, a quick ratio of 1.05 and a debt-to-equity ratio of 1.87.

Institutional Investors Weigh In On Bally’s

Several institutional investors and hedge funds have recently made changes to their positions in the business. Whitefort Capital Management LP grew its stake in Bally’s by 43.0% in the 4th quarter. Whitefort Capital Management LP now owns 1,921,372 shares of the company’s stock valued at $31,741,000 after acquiring an additional 578,129 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of 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 purchasing an additional 754,945 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Bally’s by 13.9% in the fourth quarter. Geode Capital Management LLC now owns 186,194 shares of the company’s stock valued at $3,077,000 after purchasing an additional 22,784 shares during the last quarter. State Street Corp grew its position in shares of Bally’s by 32.6% in the fourth quarter. State Street Corp now owns 116,903 shares of the company’s stock valued at $1,931,000 after purchasing an additional 28,741 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Bally’s by 9.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 61,442 shares of the company’s stock worth $1,015,000 after purchasing an additional 5,306 shares in the last quarter. 70.41% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on BALY shares. Wall Street Zen cut Bally’s from a “hold” rating to a “sell” rating in a research report on Saturday, April 18th. Stifel Nicolaus increased their price target on shares of Bally’s from $12.00 to $13.00 and gave the company a “hold” rating in a report on Tuesday, May 26th. Barclays reduced their price objective on shares of Bally’s from $9.00 to $8.00 and set an “underweight” rating for the company in a research note on Wednesday, May 20th. Weiss Ratings lowered shares of Bally’s from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, July 30th. Finally, Truist Financial lifted their price target on shares of Bally’s from $13.00 to $15.00 and gave the company a “hold” rating in a research report on Monday, July 20th. Three analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $13.25.

About Bally’s

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.