Bally’s (NYSE:BALY) Releases Quarterly Earnings Results, Misses Expectations By $1.33 EPS

Bally’s (NYSE:BALY) posted its quarterly earnings results on Friday. The company reported ($2.41) EPS for the quarter, missing analysts’ consensus estimates of ($1.08) by ($1.33), FiscalAI reports. Bally’s had a negative return on equity of 56.76% and a negative net margin of 29.98%.The company had revenue of $792.23 million during the quarter, compared to the consensus estimate of $789.89 million.

Bally’s Trading Up 3.1%

Shares of BALY stock opened at $13.90 on Friday. The stock has a market capitalization of $680.65 million, a price-to-earnings ratio of -1.71 and a beta of 1.81. The company’s fifty day simple moving average is $13.93 and its two-hundred day simple moving average is $13.23. Bally’s has a 1 year low of $8.79 and a 1 year high of $20.74. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.11 and a quick ratio of 1.05.

Analyst Upgrades and Downgrades

BALY has been the subject of a number of recent research reports. Truist Financial raised their target price on Bally’s from $13.00 to $15.00 and gave the stock a “hold” rating in a research report on Monday, July 20th. Barclays cut their price target on Bally’s from $9.00 to $8.00 and set an “underweight” rating for the company in a research note on Wednesday, May 20th. Wall Street Zen raised Bally’s from a “sell” rating to a “hold” rating in a report on Saturday. Stifel Nicolaus boosted their price objective on Bally’s from $12.00 to $13.00 and gave the company a “hold” rating in a research note on Tuesday, May 26th. Finally, Weiss Ratings downgraded shares of Bally’s from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, July 30th. Three research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Bally’s has a consensus rating of “Reduce” and an average price target of $13.25.

Hedge Funds Weigh In On Bally’s

Several hedge funds have recently made changes to their positions in BALY. Police & Firemen s Retirement System of New Jersey raised its stake in shares of Bally’s by 96.1% during the 4th quarter. Police & Firemen s Retirement System of New Jersey now owns 2,593 shares of the company’s stock valued at $43,000 after purchasing an additional 1,271 shares during the period. JPMorgan Chase & Co. bought a new position in Bally’s in the 2nd quarter worth about $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Bally’s in the 2nd quarter worth about $38,000. MetLife Investment Management LLC purchased a new position in Bally’s during the 4th quarter valued at about $97,000. Finally, Bank of America Corp DE grew its holdings 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 buying an additional 7,579 shares in the last quarter. 70.41% of the stock is currently owned by hedge funds and other institutional investors.

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.