Short Interest in Bally’s Co. (NYSE:BALY) Drops By 7.0%

Bally’s Co. (NYSE:BALY) was the target of a significant decrease in short interest in August. As of August 31st, there was short interest totalling 1,470,000 shares, a decrease of 7.0% from the August 15th total of 1,580,000 shares. Based on an average trading volume of 535,200 shares, the short-interest ratio is currently 2.7 days. Approximately 6.2% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Stifel Nicolaus increased their price target on Bally’s from $14.00 to $18.25 and gave the stock a “hold” rating in a report on Thursday, August 1st. Wells Fargo & Company raised Bally’s from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $11.00 to $18.25 in a research note on Monday, July 29th. Barclays increased their price objective on Bally’s from $10.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 1st. Truist Financial reissued a “hold” rating and issued a $18.25 price objective (up from $16.00) on shares of Bally’s in a research note on Friday, July 26th. Finally, JMP Securities reissued a “market perform” rating on shares of Bally’s in a research note on Monday, July 15th. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $17.14.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Algert Global LLC increased its holdings in shares of Bally’s by 34.8% in the second quarter. Algert Global LLC now owns 65,176 shares of the company’s stock worth $780,000 after buying an additional 16,826 shares during the period. Susquehanna Fundamental Investments LLC purchased a new position in shares of Bally’s in the second quarter worth about $843,000. Alden Global Capital LLC increased its holdings in shares of Bally’s by 63.6% in the second quarter. Alden Global Capital LLC now owns 1,425,886 shares of the company’s stock worth $17,068,000 after buying an additional 554,263 shares during the period. DRW Securities LLC purchased a new position in shares of Bally’s in the second quarter worth about $1,053,000. Finally, Gabelli Funds LLC increased its holdings in Bally’s by 0.8% during the 2nd quarter. Gabelli Funds LLC now owns 171,000 shares of the company’s stock valued at $2,047,000 after purchasing an additional 1,376 shares during the period. Hedge funds and other institutional investors own 70.41% of the company’s stock.

Bally’s Trading Up 0.2 %

NYSE BALY opened at $17.30 on Friday. The stock’s 50-day simple moving average is $16.43 and its two-hundred day simple moving average is $13.99. Bally’s has a twelve month low of $7.28 and a twelve month high of $17.73. The company has a quick ratio of 0.58, a current ratio of 0.60 and a debt-to-equity ratio of 9.28. The company has a market capitalization of $702.90 million, a price-to-earnings ratio of -1.67 and a beta of 2.09.

Bally’s (NYSE:BALY) last released its quarterly earnings results on Wednesday, July 31st. The company reported ($1.24) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.47) by $0.23. Bally’s had a negative return on equity of 51.13% and a negative net margin of 22.52%. The business had revenue of $621.66 million for the quarter, compared to the consensus estimate of $641.17 million. During the same quarter last year, the business posted ($0.25) earnings per share. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. Research analysts forecast that Bally’s will post -5.2 EPS for the current fiscal year.

Bally’s Company Profile

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.