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

Bally’s (NYSE:BALY) posted its 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 net margin of 29.98% and a negative return on equity of 56.76%. The firm had revenue of $792.23 million for the quarter, compared to analysts’ expectations of $789.89 million.

Bally’s Stock Performance

Shares of Bally’s stock traded up $0.41 during midday trading on Friday, hitting $13.90. The company had a trading volume of 46,385 shares, compared to its average volume of 68,564. The company has a fifty day simple moving average of $13.93 and a 200 day simple moving average of $13.22. The stock has a market cap of $680.65 million, a price-to-earnings ratio of -1.71 and a beta of 1.81. The company has a quick ratio of 1.05, a current ratio of 1.11 and a debt-to-equity ratio of 1.87. Bally’s has a 12-month low of $8.79 and a 12-month high of $20.74.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. purchased a new position in shares of Bally’s in the second quarter worth $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Bally’s during the second quarter worth $38,000. Police & Firemen s Retirement System of New Jersey grew its holdings in shares of 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 valued at $43,000 after buying an additional 1,271 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Bally’s by 2,087.9% during the second 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 during the last quarter. Finally, New York State Common Retirement Fund purchased a new stake in shares of Bally’s during the second quarter valued at $97,000. Institutional investors and hedge funds own 70.41% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on BALY. Stifel Nicolaus lifted their price target on shares of Bally’s from $12.00 to $13.00 and gave the stock a “hold” rating in a report on Tuesday, May 26th. Barclays decreased their price objective on Bally’s from $9.00 to $8.00 and set an “underweight” rating for the company in a report on Wednesday, May 20th. Truist Financial raised their price objective on Bally’s from $13.00 to $15.00 and gave the stock a “hold” rating in a research report on Monday, July 20th. Wall Street Zen downgraded Bally’s from a “hold” rating to a “sell” rating in a research note on Saturday, April 18th. Finally, Weiss Ratings lowered Bally’s from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, July 30th. Three analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Bally’s presently has a consensus rating of “Reduce” and a consensus price target of $13.25.

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.