Bally’s (NYSE:BALY) Posts Quarterly Earnings Results, Beats Expectations By $0.73 EPS

Bally’s (NYSE:BALYGet Rating) posted its quarterly earnings results on Thursday. The company reported $0.98 EPS for the quarter, topping the consensus estimate of $0.25 by $0.73, Briefing.com reports. The business had revenue of $552.50 million during the quarter, compared to analysts’ expectations of $596.74 million. Bally’s had a negative net margin of 3.50% and a positive return on equity of 0.79%. The firm’s quarterly revenue was up 106.4% compared to the same quarter last year. During the same period last year, the company posted $0.48 earnings per share. Bally’s updated its FY 2022 guidance to EPS.

Bally’s Trading Up 7.4 %

Shares of BALY traded up $1.59 during mid-day trading on Friday, reaching $22.94. 1,063,014 shares of the company were exchanged, compared to its average volume of 743,771. Bally’s has a 52 week low of $17.54 and a 52 week high of $55.03. The company has a debt-to-equity ratio of 2.22, a quick ratio of 0.94 and a current ratio of 0.97. The stock has a market capitalization of $1.21 billion, a PE ratio of -19.78 and a beta of 2.01. The business has a 50 day simple moving average of $22.12 and a two-hundred day simple moving average of $27.84.

Institutional Investors Weigh In On Bally’s

A number of hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. increased its holdings in shares of Bally’s by 83.0% during the first quarter. JPMorgan Chase & Co. now owns 51,191 shares of the company’s stock valued at $1,574,000 after acquiring an additional 23,219 shares in the last quarter. Raymond James & Associates boosted its position in shares of Bally’s by 218.9% during the first quarter. Raymond James & Associates now owns 45,092 shares of the company’s stock valued at $1,386,000 after buying an additional 30,951 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Bally’s by 1.4% in the first quarter. Bank of New York Mellon Corp now owns 125,819 shares of the company’s stock worth $3,868,000 after purchasing an additional 1,738 shares during the last quarter. Bank of Montreal Can boosted its position in Bally’s by 267.1% in the first quarter. Bank of Montreal Can now owns 28,733 shares of the company’s stock worth $863,000 after purchasing an additional 20,905 shares during the last quarter. Finally, MetLife Investment Management LLC boosted its position in Bally’s by 58.5% in the first quarter. MetLife Investment Management LLC now owns 18,611 shares of the company’s stock worth $572,000 after purchasing an additional 6,869 shares during the last quarter. 72.98% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on BALY. JMP Securities began coverage on shares of Bally’s in a research report on Tuesday, June 28th. They set a “market perform” rating on the stock. Barclays initiated coverage on shares of Bally’s in a research note on Tuesday, June 28th. They set an “equal weight” rating and a $21.00 price target on the stock. Stifel Nicolaus reduced their target price on shares of Bally’s from $49.00 to $29.00 and set a “buy” rating on the stock in a research note on Friday, July 1st. Finally, Truist Financial reduced their target price on shares of Bally’s from $38.00 to $31.00 and set a “buy” rating on the stock in a research note on Wednesday, July 20th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Bally’s currently has an average rating of “Hold” and an average price target of $43.50.

Bally’s Company Profile

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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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Earnings History for Bally's (NYSE:BALY)

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