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

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

Bally’s Stock Up 3.1%

NYSE:BALY traded up $0.41 during trading hours on Friday, reaching $13.90. The company’s stock had a trading volume of 46,385 shares, compared to its average volume of 68,564. The stock has a 50 day moving average price of $13.93 and a two-hundred day moving average price of $13.22. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.05 and a current ratio of 1.11. The company has a market capitalization of $680.65 million, a P/E ratio of -1.71 and a beta of 1.81. Bally’s has a 12 month low of $8.79 and a 12 month high of $20.74.

Analyst Ratings Changes

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. purchased a new stake in shares of Bally’s during the 2nd quarter worth $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Bally’s in the second quarter valued at about $38,000. Police & Firemen s Retirement System of New Jersey grew its stake in Bally’s by 96.1% in the fourth quarter. Police & Firemen s Retirement System of New Jersey now owns 2,593 shares of the company’s stock valued at $43,000 after purchasing an additional 1,271 shares during the last quarter. Bank of America Corp DE grew its stake in Bally’s by 2,087.9% in the second quarter. Bank of America Corp DE now owns 7,942 shares of the company’s stock valued at $76,000 after purchasing an additional 7,579 shares during the last quarter. Finally, New York State Common Retirement Fund bought a new position in Bally’s in the second quarter worth about $97,000. 70.41% of the stock is currently owned by hedge funds and other institutional investors.

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.