Bally’s (NYSE:BALY) Issues Quarterly Earnings Results

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

Bally’s Stock Performance

Shares of BALY stock traded down $0.75 during trading on Thursday, reaching $16.49. 46,351 shares of the company’s stock were exchanged, compared to its average volume of 92,278. Bally’s has a twelve month low of $8.45 and a twelve month high of $23.20. The firm’s fifty day moving average price is $13.74 and its 200-day moving average price is $11.46. The company has a quick ratio of 0.47, a current ratio of 0.49 and a debt-to-equity ratio of 5.54. The stock has a market capitalization of $809.74 million, a PE ratio of -3.20 and a beta of 2.00.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Wall Street Zen raised Bally’s from a “sell” rating to a “hold” rating in a research note on Sunday, September 7th. Barclays cut their price objective on shares of Bally’s from $13.00 to $11.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bally’s in a report on Thursday, October 30th. Truist Financial increased their price target on Bally’s from $11.00 to $13.00 and gave the company a “hold” rating in a research note on Tuesday, October 21st. Finally, Stifel Nicolaus upped their price objective on Bally’s from $10.00 to $20.00 and gave the company a “hold” rating in a report on Tuesday. Five investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Bally’s presently has a consensus rating of “Reduce” and an average target price of $14.00.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of BALY. JPMorgan Chase & Co. increased its stake in shares of Bally’s by 21,781.4% during the third quarter. JPMorgan Chase & Co. now owns 758,411 shares of the company’s stock worth $8,418,000 after purchasing an additional 754,945 shares during the period. Geode Capital Management LLC increased its position in Bally’s by 113.1% during the 2nd quarter. Geode Capital Management LLC now owns 164,555 shares of the company’s stock worth $1,577,000 after buying an additional 87,346 shares during the period. Rhumbline Advisers lifted its holdings in shares of Bally’s by 9.9% during the third quarter. Rhumbline Advisers now owns 10,160 shares of the company’s stock worth $113,000 after buying an additional 916 shares in the last quarter. New York State Common Retirement Fund bought a new stake in shares of Bally’s in the second quarter valued at about $97,000. Finally, Bank of America Corp DE grew its stake in shares of 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 acquiring an additional 7,579 shares in the last quarter. 70.41% of the stock is owned by institutional investors.

Bally’s Company Profile

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.