Bally’s (NYSE:BALY) Issues Earnings Results, Misses Estimates By $1.69 EPS

Bally’s (NYSE:BALY) announced its earnings results on Monday. The company reported ($2.69) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.00) by ($1.69), Zacks reports. The firm had revenue of $755.72 million during the quarter, compared to analysts’ expectations of $769.69 million. Bally’s had a negative net margin of 26.39% and a negative return on equity of 63.15%.

Bally’s Trading Up 1.7%

BALY opened at $11.84 on Tuesday. The stock has a market capitalization of $577.08 million, a price-to-earnings ratio of -2.17 and a beta of 1.80. The business has a fifty day moving average price of $11.85 and a 200 day moving average price of $14.67. The company has a debt-to-equity ratio of 1.75, a current ratio of 0.80 and a quick ratio of 0.77. Bally’s has a 12 month low of $8.45 and a 12 month high of $20.74.

Hedge Funds Weigh In On Bally’s

Several large investors have recently bought and sold shares of BALY. JPMorgan Chase & Co. increased its holdings in Bally’s by 21,781.4% in the third quarter. JPMorgan Chase & Co. now owns 758,411 shares of the company’s stock valued at $8,418,000 after buying an additional 754,945 shares during the last quarter. Whitefort Capital Management LP increased its holdings in Bally’s by 43.0% in the fourth quarter. Whitefort Capital Management LP now owns 1,921,372 shares of the company’s stock valued at $31,741,000 after buying an additional 578,129 shares during the last quarter. Geode Capital Management LLC increased its holdings in Bally’s by 113.1% in the second quarter. Geode Capital Management LLC now owns 164,555 shares of the company’s stock valued at $1,577,000 after buying an additional 87,346 shares during the last quarter. State Street Corp increased its holdings in Bally’s by 32.6% in the fourth quarter. State Street Corp now owns 116,903 shares of the company’s stock valued at $1,931,000 after buying an additional 28,741 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD purchased a new position in Bally’s in the fourth quarter valued at $178,000. Hedge funds and other institutional investors own 70.41% of the company’s stock.

Wall Street Analysts Forecast Growth

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

About Bally’s

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.