Bally’s (NYSE:BALY) Shares Gap Down After Earnings Miss

Bally’s Corporation (NYSE:BALY) gapped down prior to trading on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $11.80, but opened at $11.20. Bally’s shares last traded at $10.4390, with a volume of 11,208 shares traded.

The company reported ($2.69) EPS for the quarter, missing analysts’ consensus estimates of ($1.00) by ($1.69). The company had revenue of $755.72 million for the quarter, compared to analysts’ expectations of $769.69 million. Bally’s had a negative return on equity of 63.15% and a negative net margin of 26.39%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Bally’s in a research report on Friday, April 24th. Wall Street Zen lowered shares of Bally’s from a “hold” rating to a “sell” rating in a research report on Saturday, April 18th. Truist Financial lowered their target price on shares of Bally’s from $18.00 to $13.00 and set a “hold” rating for the company in a research note on Friday, March 27th. Finally, Stifel Nicolaus reduced their price target on Bally’s from $18.00 to $12.00 and set a “hold” rating on the stock in a research note on Monday, March 30th. Three research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Bally’s has a consensus rating of “Reduce” and a consensus price target of $13.25.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Rhumbline Advisers grew its holdings in Bally’s by 9.9% in the third quarter. Rhumbline Advisers now owns 10,160 shares of the company’s stock valued at $113,000 after purchasing an additional 916 shares during the period. Police & Firemen s Retirement System of New Jersey raised its stake in Bally’s by 96.1% during the fourth quarter. Police & Firemen s Retirement System of New Jersey now owns 2,593 shares of the company’s stock worth $43,000 after purchasing an additional 1,271 shares during the period. JPMorgan Chase & Co. purchased a new position in Bally’s during the second quarter worth approximately $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Bally’s in the 2nd quarter valued at $38,000. Finally, Barclays PLC grew its stake in shares of Bally’s by 43.1% during the 4th quarter. Barclays PLC now owns 15,077 shares of the company’s stock valued at $249,000 after buying an additional 4,540 shares during the period. 70.41% of the stock is currently owned by hedge funds and other institutional investors.

Bally’s Price Performance

The company has a market capitalization of $521.52 million, a PE ratio of -1.96 and a beta of 1.80. The company has a current ratio of 0.80, a quick ratio of 0.77 and a debt-to-equity ratio of 1.75. The company’s 50 day moving average price is $11.85 and its 200-day moving average price is $14.67.

Bally’s Company Profile

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.