Bally’s (NYSE:BALY) Releases Quarterly Earnings Results, Misses Expectations By $1.69 EPS

Bally’s (NYSE:BALY) released its earnings results on Monday. The company reported ($2.69) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.00) by ($1.69), Zacks reports. The firm had revenue of $755.72 million for the quarter, compared to analyst estimates of $769.69 million. Bally’s had a negative return on equity of 69.45% and a negative net margin of 29.98%.

Bally’s Stock Down 9.6%

BALY opened at $10.66 on Wednesday. The company has a market capitalization of $519.71 million, a P/E ratio of -1.95 and a beta of 1.80. The firm’s fifty day moving average price is $11.79 and its two-hundred day moving average price is $14.62. Bally’s has a fifty-two week low of $8.45 and a fifty-two week high of $20.74. The company has a debt-to-equity ratio of 1.75, a current ratio of 0.80 and a quick ratio of 0.77.

Hedge Funds Weigh In On Bally’s

Large investors have recently bought and sold shares of the business. Whitefort Capital Management LP increased 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 buying an additional 578,129 shares during the last quarter. JPMorgan Chase & Co. lifted its stake 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 acquiring an additional 754,945 shares during the last quarter. Geode Capital Management LLC lifted its stake in 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 acquiring an additional 22,784 shares during the last quarter. State Street Corp lifted its stake in 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 acquiring an additional 28,741 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Bally’s by 9.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 61,442 shares of the company’s stock valued at $1,015,000 after acquiring an additional 5,306 shares during the last quarter. 70.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have weighed in on BALY. Stifel Nicolaus cut their target price on shares of Bally’s from $18.00 to $12.00 and set a “hold” rating for the company in a research report on Monday, March 30th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bally’s in a research report on Friday, April 24th. Truist Financial cut their price objective on shares of Bally’s from $18.00 to $13.00 and set a “hold” rating for the company in a research report on Friday, March 27th. Finally, Wall Street Zen lowered shares of Bally’s from a “hold” rating to a “sell” rating in a research report on Saturday, April 18th. Three analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $13.25.

Bally’s Company 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.