Bally’s Corporation (NYSE:BALY) Sees Significant Increase in Short Interest

Bally’s Corporation (NYSE:BALY) saw a significant growth in short interest during the month of December. As of December 31st, there was short interest totaling 632,605 shares, a growth of 21.1% from the December 15th total of 522,467 shares. Currently, 5.1% of the company’s shares are sold short. Based on an average trading volume of 119,054 shares, the days-to-cover ratio is currently 5.3 days. Based on an average trading volume of 119,054 shares, the days-to-cover ratio is currently 5.3 days. Currently, 5.1% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bally’s in a report on Thursday, October 30th. Barclays set a $11.00 price target on shares of Bally’s and gave the company an “underweight” rating in a report on Wednesday, December 17th. Macquarie boosted their price objective on shares of Bally’s from $12.00 to $17.00 and gave the stock a “neutral” rating in a research note on Friday, November 14th. Stifel Nicolaus increased their price objective on shares of Bally’s from $10.00 to $20.00 and gave the stock a “hold” rating in a research report on Tuesday, November 11th. Finally, Truist Financial lifted their target price on shares of Bally’s from $13.00 to $18.00 and gave the company a “hold” rating in a report on Friday, November 14th. Four research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Bally’s currently has a consensus rating of “Reduce” and an average target price of $16.50.

Hedge Funds Weigh In On Bally’s

A number of institutional investors have recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC acquired a new stake in shares of Bally’s during the second quarter valued at about $867,000. Wolverine Asset Management LLC boosted its holdings in Bally’s by 35.8% in the second quarter. Wolverine Asset Management LLC now owns 16,468 shares of the company’s stock valued at $158,000 after purchasing an additional 4,345 shares during the last quarter. Geode Capital Management LLC grew its stake in Bally’s by 113.1% during the 2nd quarter. Geode Capital Management LLC now owns 164,555 shares of the company’s stock valued at $1,577,000 after purchasing an additional 87,346 shares in the last quarter. JPMorgan Chase & Co. acquired a new stake in Bally’s during the 2nd quarter valued at approximately $33,000. Finally, Crossingbridge Advisors LLC purchased a new stake in Bally’s during the 2nd quarter worth approximately $240,000. Institutional investors and hedge funds own 70.41% of the company’s stock.

Bally’s Stock Down 0.9%

Bally’s stock traded down $0.15 during midday trading on Monday, hitting $16.88. 32,894 shares of the company were exchanged, compared to its average volume of 61,612. The company has a market cap of $829.82 million, a PE ratio of -3.46 and a beta of 1.45. Bally’s has a fifty-two week low of $8.45 and a fifty-two week high of $22.41. The company’s fifty day moving average price is $16.85 and its 200-day moving average price is $13.58. The company has a debt-to-equity ratio of 7.13, a current ratio of 0.68 and a quick ratio of 0.66.

Bally’s (NYSE:BALY) last posted its quarterly earnings data on Thursday, October 30th. The company reported ($1.70) earnings per share (EPS) for the quarter. Bally’s had a negative net margin of 17.41% and a negative return on equity of 63.71%. The firm had revenue of $210.25 million for the quarter. On average, research analysts predict that Bally’s will post -7.26 EPS for the current fiscal year.

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.