Readystate Asset Management LP Lowers Position in Bally’s Co. (NYSE:BALY)

Readystate Asset Management LP decreased its holdings in shares of Bally’s Co. (NYSE:BALY) by 3.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 102,550 shares of the company’s stock after selling 3,867 shares during the period. Readystate Asset Management LP owned about 0.22% of Bally’s worth $1,430,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Point72 Middle East FZE acquired a new position in Bally’s in the 4th quarter valued at $28,000. UBS Group AG raised its stake in Bally’s by 179.6% in the 3rd quarter. UBS Group AG now owns 1,644 shares of the company’s stock valued at $33,000 after purchasing an additional 3,709 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in Bally’s by 100.5% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,843 shares of the company’s stock valued at $54,000 after purchasing an additional 1,926 shares during the last quarter. Comerica Bank acquired a new position in Bally’s in the 2nd quarter valued at $740,000. Finally, Point72 Hong Kong Ltd acquired a new position in Bally’s in the 2nd quarter valued at $141,000. Hedge funds and other institutional investors own 70.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on BALY shares. Macquarie downgraded Bally’s from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $15.00 to $12.00 in a research note on Wednesday, January 17th. Stifel Nicolaus cut their price objective on Bally’s from $13.00 to $11.00 and set a “hold” rating for the company in a research report on Thursday, February 22nd. Finally, Wells Fargo & Company reissued an “underweight” rating and set a $10.00 price objective on shares of Bally’s in a research report on Friday, January 5th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $14.86.

Bally’s Trading Up 3.9 %

Bally’s stock traded up $0.53 during midday trading on Thursday, reaching $14.00. 708,532 shares of the stock traded hands, compared to its average volume of 482,702. The company has a 50-day simple moving average of $12.37 and a two-hundred day simple moving average of $11.69. Bally’s Co. has a 12-month low of $7.28 and a 12-month high of $19.03. The firm has a market cap of $561.26 million, a PE ratio of -4.00 and a beta of 2.08. The company has a current ratio of 0.65, a quick ratio of 0.64 and a debt-to-equity ratio of 5.73.

Bally’s (NYSE:BALY) last announced its quarterly earnings data on Wednesday, February 21st. The company reported ($0.86) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.31). The company had revenue of $611.67 million during the quarter, compared to analysts’ expectations of $626.62 million. Bally’s had a negative net margin of 7.05% and a negative return on equity of 17.92%. Research analysts expect that Bally’s Co. will post -3.73 earnings per share for the current fiscal year.

About Bally’s

Bally's Corporation operates as a casino-entertainment company. It owns and manages casinos across 10 states, a golf course in New York, a horse racetrack in Colorado, and has access to OSB licenses in 18 states. It also owns Bally's Interactive International, an online gaming operator; Bally Bet, a sports betting platform; and Bally Casino, an iCasino platform.