Bally’s (NYSE:BALY) Issues Earnings Results

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

Bally’s Price Performance

Shares of BALY traded down $0.13 during trading hours on Thursday, hitting $17.10. 37,243 shares of the company were exchanged, compared to its average volume of 92,232. The firm has a fifty day simple moving average of $13.74 and a 200-day simple moving average of $11.46. The company has a debt-to-equity ratio of 5.54, a current ratio of 0.49 and a quick ratio of 0.47. The company has a market capitalization of $839.95 million, a PE ratio of -3.31 and a beta of 2.00. Bally’s has a one year low of $8.45 and a one year high of $23.20.

Analyst Upgrades and Downgrades

Several analysts have recently commented on BALY shares. Stifel Nicolaus increased their price objective on Bally’s from $10.00 to $20.00 and gave the stock a “hold” rating in a research note on Tuesday. Wall Street Zen upgraded Bally’s from a “sell” rating to a “hold” rating in a research note on Sunday, September 7th. Macquarie cut their target price on shares of Bally’s from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Tuesday, August 12th. Barclays reduced their price target on Bally’s from $13.00 to $11.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 13th. Finally, Truist Financial lifted their price objective on Bally’s from $11.00 to $13.00 and gave the company a “hold” rating in a research note on Tuesday, October 21st. Five 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.

Hedge Funds Weigh In On Bally’s

Large investors have recently made changes to their positions in the business. JPMorgan Chase & Co. raised 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 buying an additional 754,945 shares during the last quarter. New York State Common Retirement Fund bought a new stake in Bally’s in the second quarter valued at about $97,000. Rhumbline Advisers raised its position in shares of Bally’s by 9.9% in the 3rd quarter. Rhumbline Advisers now owns 10,160 shares of the company’s stock valued at $113,000 after acquiring an additional 916 shares during the period. Geode Capital Management LLC boosted its position in shares of 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 purchasing an additional 87,346 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Bally’s in the second quarter valued at about $38,000. Institutional investors and hedge funds own 70.41% of the company’s stock.

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.