Bally’s (NYSE:BALY) Posts 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 for the quarter, missing the consensus estimate of ($1.08) by ($1.33), FiscalAI reports. The business had revenue of $792.23 million for the quarter, compared to analyst estimates 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 Price Performance

Shares of Bally’s stock opened at $13.90 on Friday. Bally’s has a 1-year low of $8.79 and a 1-year high of $20.74. The firm’s 50-day moving average price is $13.93 and its two-hundred day moving average price is $13.23. The company has a current ratio of 1.11, a quick ratio of 1.05 and a debt-to-equity ratio of 1.87. The stock has a market capitalization of $680.64 million, a price-to-earnings ratio of -1.71 and a beta of 1.81.

Hedge Funds Weigh In On Bally’s

Institutional investors and hedge funds have recently bought and sold shares of the business. Police & Firemen s Retirement System of New Jersey increased its stake in shares of 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 buying an additional 1,271 shares in the last quarter. JPMorgan Chase & Co. bought a new position in Bally’s in the second quarter valued at about $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Bally’s in the second quarter valued at about $38,000. MetLife Investment Management LLC bought a new stake in Bally’s during the 4th quarter worth about $97,000. Finally, Bank of America Corp DE lifted its position in Bally’s by 2,087.9% during the 2nd 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 period. Institutional investors and hedge funds own 70.41% of the company’s stock.

Analysts Set New Price Targets

BALY has been the subject of a number of analyst reports. Weiss Ratings cut shares of Bally’s from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, July 30th. Barclays lowered their price objective on Bally’s from $9.00 to $8.00 and set an “underweight” rating on the stock in a research note on Wednesday, May 20th. Wall Street Zen upgraded Bally’s from a “sell” rating to a “hold” rating in a research report on Saturday. Truist Financial boosted their price target on Bally’s from $13.00 to $15.00 and gave the company a “hold” rating in a research note on Monday, July 20th. Finally, Stifel Nicolaus upped their price target on Bally’s from $12.00 to $13.00 and gave the company a “hold” rating in a research report on Tuesday, May 26th. Three research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock 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.