Bally’s (NYSE:BALY) Releases Earnings Results, Misses Expectations By $1.74 EPS

Bally’s (NYSE:BALY) released its quarterly earnings results on Wednesday. The company reported ($1.99) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($1.74), reports. The business had revenue of $629.97 million for the quarter, compared to analyst estimates of $650.63 million. Bally’s had a negative return on equity of 68.70% and a negative net margin of 30.04%.

Bally’s Stock Up 0.1 %

Shares of NYSE:BALY traded up $0.01 during trading on Friday, hitting $17.70. 380,656 shares of the company were exchanged, compared to its average volume of 464,440. The stock has a market cap of $719.68 million, a price-to-earnings ratio of -1.17 and a beta of 2.07. Bally’s has a fifty-two week low of $9.54 and a fifty-two week high of $18.00. The firm has a fifty day moving average price of $17.36 and a two-hundred day moving average price of $15.05. The company has a current ratio of 0.60, a quick ratio of 0.58 and a debt-to-equity ratio of 9.28.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC acquired a new position in shares of Bally’s during the 3rd quarter worth approximately $153,000. Quest Partners LLC bought a new position in shares of Bally’s during the 2nd quarter worth approximately $131,000. Pekin Hardy Strauss Inc. bought a new position in shares of Bally’s during the 2nd quarter worth approximately $217,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Bally’s by 7.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 20,132 shares of the company’s stock worth $281,000 after acquiring an additional 1,394 shares during the period. Finally, PEAK6 Investments LLC boosted its stake in shares of Bally’s by 20.2% during the 1st quarter. PEAK6 Investments LLC now owns 26,478 shares of the company’s stock worth $369,000 after acquiring an additional 4,446 shares during the period. Institutional investors and hedge funds own 70.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on BALY. Wells Fargo & Company raised Bally’s from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $11.00 to $18.25 in a research report on Monday, July 29th. TD Cowen reissued a “hold” rating and issued a $18.25 target price (up previously from $15.00) on shares of Bally’s in a research report on Friday, July 26th. Jefferies Financial Group lifted their target price on Bally’s from $13.00 to $17.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. JMP Securities reissued a “market perform” rating on shares of Bally’s in a research report on Monday, July 15th. Finally, Stifel Nicolaus lifted their target price on Bally’s from $14.00 to $18.25 and gave the company a “hold” rating in a research report on Thursday, August 1st. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $17.14.

About Bally’s

Bally's Corporation operates as a casino-entertainment company. It owns and manages casinos across 10 states, a golf course in New York, a horse racetrack in Colorado, and has access to OSB licenses in 18 states. It also owns Bally's Interactive International, an online gaming operator; Bally Bet, a sports betting platform; and Bally Casino, an iCasino platform.