Bally’s (NYSE:BALY) Posts Earnings Results, Misses Expectations By $0.99 EPS

Bally’s (NYSE:BALY) released its quarterly earnings data on Wednesday. The company reported ($1.70) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.71) by ($0.99), Zacks reports. Bally’s had a negative net margin of 17.41% and a negative return on equity of 64.61%. The company had revenue of $210.25 million for the quarter, compared to analysts’ expectations of $668.49 million.

Bally’s Price Performance

Bally’s stock opened at $16.30 on Friday. The company has a market cap of $800.61 million, a P/E ratio of -3.15 and a beta of 2.00. Bally’s has a one year low of $8.45 and a one year high of $23.20. The business has a fifty day moving average of $13.87 and a two-hundred day moving average of $11.49. The company has a debt-to-equity ratio of 5.54, a quick ratio of 0.47 and a current ratio of 0.49.

Hedge Funds Weigh In On Bally’s

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. acquired a new position in shares of Bally’s during the 2nd quarter worth approximately $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Bally’s during the second quarter worth $38,000. Bank of America Corp DE raised its holdings 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 worth $76,000 after acquiring an additional 7,579 shares during the last quarter. New York State Common Retirement Fund purchased a new stake in shares of Bally’s in the second quarter valued at $97,000. Finally, Rhumbline Advisers lifted its position in shares of 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 acquiring an additional 916 shares in the last quarter. Institutional investors and hedge funds own 70.41% of the company’s stock.

Analyst Upgrades and Downgrades

BALY has been the subject of a number of research reports. Wall Street Zen raised shares of Bally’s from a “sell” rating to a “hold” rating in a research note on Sunday, September 7th. Stifel Nicolaus raised their price objective on Bally’s from $10.00 to $20.00 and gave the stock a “hold” rating in a research report on Tuesday. Truist Financial increased their target price on Bally’s from $11.00 to $13.00 and gave the stock a “hold” rating in a research note on Tuesday, October 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Bally’s in a research note on Thursday, October 30th. Finally, Macquarie dropped their price objective on Bally’s from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Tuesday, August 12th. Five analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Bally’s presently has an average rating of “Reduce” and a consensus target price of $14.00.

About Bally’s

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.