Bally’s (NYSE:BALY) Announces Quarterly Earnings Results, Beats Estimates By $0.46 EPS

Bally’s (NYSE:BALY – Get Rating) released its quarterly earnings data on Thursday. The company reported $0.03 EPS for the quarter, topping the consensus estimate of ($0.43) by $0.46, MarketWatch Earnings reports. The business had revenue of $548.30 million for the quarter, compared to analyst estimates of $573.92 million. Bally’s had a positive return on equity of 3.37% and a negative net margin of 5.43%. The business’s quarterly revenue was up 185.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.28 EPS.

Shares of BALY traded down $0.18 during trading hours on Friday, hitting $28.90. 845,299 shares of the stock were exchanged, compared to its average volume of 351,880. The stock’s 50-day moving average price is $30.29 and its two-hundred day moving average price is $35.87. Bally’s has a 12-month low of $26.11 and a 12-month high of $59.64. The company has a debt-to-equity ratio of 2.12, a quick ratio of 0.97 and a current ratio of 0.99. The company has a market cap of $1.57 billion, a price-to-earnings ratio of -39.05 and a beta of 1.99.

Hedge funds have recently made changes to their positions in the business. Morgan Stanley lifted its stake in Bally’s by 15,678.1% in the 2nd quarter. Morgan Stanley now owns 662,365 shares of the company’s stock worth $35,839,000 after purchasing an additional 658,167 shares in the last quarter. Thrivent Financial for Lutherans increased its stake in shares of Bally’s by 29.9% in the 4th quarter. Thrivent Financial for Lutherans now owns 349,950 shares of the company’s stock worth $13,319,000 after acquiring an additional 80,652 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Bally’s by 3.0% during the 4th quarter. BlackRock Inc. now owns 2,048,016 shares of the company’s stock worth $77,947,000 after acquiring an additional 60,565 shares during the period. Deutsche Bank AG boosted its position in shares of Bally’s by 64.2% during the 4th quarter. Deutsche Bank AG now owns 118,025 shares of the company’s stock valued at $4,492,000 after acquiring an additional 46,143 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Bally’s by 8.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 266,929 shares of the company’s stock valued at $10,160,000 after purchasing an additional 21,296 shares during the period. Institutional investors own 72.98% of the company’s stock.

A number of brokerages recently issued reports on BALY. Zacks Investment Research downgraded shares of Bally’s from a “buy” rating to a “hold” rating in a report on Thursday. Stifel Nicolaus dropped their target price on Bally’s from $70.00 to $58.00 and set a “buy” rating on the stock in a research report on Wednesday, February 23rd. Truist Financial reduced their price target on Bally’s from $53.00 to $38.00 and set a “buy” rating for the company in a report on Tuesday, April 19th. Cowen dropped their price objective on Bally’s from $75.00 to $58.00 in a report on Friday, February 25th. Finally, Jefferies Financial Group downgraded Bally’s from a “buy” rating to a “hold” rating and reduced their target price for the stock from $54.00 to $38.00 in a research note on Monday, February 28th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Bally’s presently has a consensus rating of “Buy” and an average price target of $49.63.

About Bally’s (Get Rating)

Bally's Corporation, a gaming, hospitality, and entertainment company, engages in casinos and resorts, and online gaming businesses in the United States. The company operates through three segments: Casinos & Resorts, North America Interactive, and International Interactive. It offers physical and interactive entertainment and gaming experiences, including traditional casino offerings, iCasino, online bingo games, sportsbook, daily fantasy sports, and free-to-play games.

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