Bally’s (NYSE:BALY) Releases Quarterly Earnings Results, Misses Estimates By $0.99 EPS

Bally’s (NYSE:BALY) issued its earnings results on Wednesday. The company reported ($1.70) EPS 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 business had revenue of $210.25 million for the quarter, compared to analyst estimates of $668.49 million.

Bally’s Trading Down 0.8%

Shares of NYSE:BALY traded down $0.13 during trading on Thursday, reaching $17.10. 37,243 shares of the company traded hands, compared to its average volume of 92,232. The company has a current ratio of 0.49, a quick ratio of 0.47 and a debt-to-equity ratio of 5.54. Bally’s has a 52-week low of $8.45 and a 52-week high of $23.20. The firm has a market capitalization of $839.95 million, a price-to-earnings ratio of -3.31 and a beta of 2.00. The business’s fifty day moving average is $13.74 and its 200-day moving average is $11.46.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of BALY. JPMorgan Chase & Co. boosted its stake in shares of Bally’s by 21,781.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 758,411 shares of the company’s stock worth $8,418,000 after acquiring an additional 754,945 shares during the last quarter. Geode Capital Management LLC increased its position in Bally’s by 113.1% in the second 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 in the last quarter. Rhumbline Advisers lifted its position in shares of Bally’s by 9.9% during the 3rd quarter. Rhumbline Advisers now owns 10,160 shares of the company’s stock valued at $113,000 after buying an additional 916 shares in the last quarter. New York State Common Retirement Fund bought a new stake in Bally’s during the 2nd quarter worth approximately $97,000. Finally, Bank of America Corp DE increased 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 worth $76,000 after purchasing an additional 7,579 shares in the last quarter. 70.41% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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