Bally's (NYSE:BALY) Trading Down 8% After Earnings Miss

Key Points

• Bally’s shares fell 8% to about $12.41 after the company reported a quarterly loss of $2.41 per share, missing analyst expectations by $1.33.
• Quarterly revenue was $792.23 million, slightly above the $789.89 million consensus estimate, but the company reported a negative net margin of 25.83% and negative return on equity of 43.05%.
• Analyst sentiment remains cautious: Bally’s has an average “Reduce” rating, with three Hold ratings and two Sell ratings, and a consensus price target of $13.25. Institutional investors own 70.41% of the stock.

Shares of Bally's Corporation (NYSE:BALY - Get Free Report) traded down 8% during trading on Monday following a weaker than expected earnings announcement. The company traded as low as $12.21 and last traded at $12.4130. 13,529 shares traded hands during trading, a decline of 80% from the average session volume of 68,606 shares. The stock had previously closed at $13.49.

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

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on BALY. Barclays decreased their price objective on Bally's from $9.00 to $8.00 and set an "underweight" rating for the company in a research note on Wednesday, May 20th. Wall Street Zen upgraded shares of Bally's from a "sell" rating to a "hold" rating in a research note on Saturday. Truist Financial raised their target price on shares of Bally's from $13.00 to $15.00 and gave the company a "hold" rating in a report on Monday, July 20th. 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 research note on Tuesday, May 26th. Finally, Weiss Ratings cut shares of Bally's from a "sell (d-)" rating to a "sell (e+)" rating in a report on Thursday, July 30th. Three research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Bally's has an average rating of "Reduce" and a consensus price target of $13.25.

Institutional Trading of Bally's

Institutional investors have recently bought and sold shares of the business. Whitefort Capital Management LP boosted its position in shares of Bally's by 43.0% during the 4th quarter. Whitefort Capital Management LP now owns 1,921,372 shares of the company's stock worth $31,741,000 after acquiring an additional 578,129 shares in the last quarter. Price T Rowe Associates Inc. MD acquired a new stake in shares of Bally's during the 4th quarter worth about $178,000. Barclays PLC lifted its stake in Bally's by 43.1% during the fourth quarter. Barclays PLC now owns 15,077 shares of the company's stock worth $249,000 after purchasing an additional 4,540 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Bally's by 9.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 61,442 shares of the company's stock worth $1,015,000 after purchasing an additional 5,306 shares during the last quarter. Finally, Police & Firemen s Retirement System of New Jersey boosted its holdings in Bally's by 96.1% in 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 purchasing an additional 1,271 shares in the last quarter. 70.41% of the stock is owned by hedge funds and other institutional investors.

Bally's Price Performance

The stock has a market capitalization of $609.92 million, a price-to-earnings ratio of -1.53 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. The stock has a fifty day moving average of $13.93 and a 200-day moving average of $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.

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