Crossingbridge Advisors LLC Invests $240,000 in Bally’s Corporation $BALY

Crossingbridge Advisors LLC bought a new stake in Bally’s Corporation (NYSE:BALY) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 25,000 shares of the company’s stock, valued at approximately $240,000. Crossingbridge Advisors LLC owned about 0.05% of Bally’s at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. JPMorgan Chase & Co. acquired a new stake in shares of Bally’s during the 2nd quarter worth about $33,000. Wolverine Asset Management LLC lifted its position in shares of Bally’s by 35.8% during the 2nd quarter. Wolverine Asset Management LLC now owns 16,468 shares of the company’s stock worth $158,000 after buying an additional 4,345 shares during the last quarter. Janney Montgomery Scott LLC acquired a new position in shares of Bally’s in the 2nd quarter valued at $867,000. Finally, Geode Capital Management LLC grew its position in shares of Bally’s by 113.1% in the 2nd 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. 70.41% of the stock is owned by hedge funds and other institutional investors.

Bally’s Stock Performance

Shares of BALY stock opened at $16.96 on Friday. Bally’s Corporation has a 52-week low of $8.45 and a 52-week high of $22.41. The stock’s 50-day moving average price is $15.25 and its 200 day moving average price is $11.82. The company has a quick ratio of 0.66, a current ratio of 0.68 and a debt-to-equity ratio of 7.13. The stock has a market capitalization of $833.79 million, a PE ratio of -3.48 and a beta of 2.00.

Bally’s (NYSE:BALY) last released its earnings results on Wednesday, November 12th. The company reported ($1.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.71) by ($0.99). Bally’s had a negative net margin of 17.41% and a negative return on equity of 63.71%. The company had revenue of $210.25 million during the quarter, compared to analyst estimates of $668.49 million. As a group, equities research analysts forecast that Bally’s Corporation will post -7.26 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Truist Financial boosted their price target on shares of Bally’s from $13.00 to $18.00 and gave the company a “hold” rating in a research report on Friday, November 14th. Macquarie lifted their target price on Bally’s from $12.00 to $17.00 and gave the stock a “neutral” rating in a research report on Friday, November 14th. Barclays reduced their target price on Bally’s from $13.00 to $11.00 and set an “equal weight” rating for the company in a report on Wednesday, August 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Bally’s in a research note on Thursday, October 30th. Finally, Wall Street Zen raised 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 data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $16.50.

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.