Bally’s (NYSE:BALY) Shares Down 8% After Earnings Miss

Bally’s Corporation (NYSE:BALY)’s stock price dropped 8% on Monday following a weaker than expected earnings announcement. The stock traded as low as $12.21 and last traded at $12.4130. 13,529 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 68,606 shares. The stock had previously closed at $13.49.

The company reported ($2.41) EPS for the quarter, missing analysts’ consensus estimates of ($1.08) by ($1.33). Bally’s had a negative net margin of 25.83% and a negative return on equity of 43.05%. The company had revenue of $792.23 million during the quarter, compared to analysts’ expectations of $789.89 million.

Analyst Upgrades and Downgrades

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

Institutional Trading of Bally’s

Hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its holdings in shares of 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 purchasing an additional 87,346 shares during the period. JPMorgan Chase & Co. acquired a new stake in shares of Bally’s during the second quarter worth $33,000. New York State Common Retirement Fund acquired a new stake in shares of Bally’s during the second quarter worth $97,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Bally’s in the 2nd quarter valued at $38,000. Finally, Bank of America Corp DE grew its position in Bally’s by 2,087.9% in the 2nd 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. 70.41% of the stock is owned by institutional investors and hedge funds.

Bally’s Stock Down 10.9%

The company has a current ratio of 1.11, a quick ratio of 1.05 and a debt-to-equity ratio of 1.87. The company has a market capitalization of $609.92 million, a price-to-earnings ratio of -1.53 and a beta of 1.81. The firm’s 50 day simple moving average is $13.93 and its 200-day simple moving average is $13.20.

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.