Bally’s Co. (NYSE:BALY) Short Interest Down 7.0% in August

Bally’s Co. (NYSE:BALY) saw a large decline in short interest during the month of August. As of August 31st, there was short interest totalling 1,470,000 shares, a decline 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 sold short.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Truist Financial reissued a “hold” rating and issued a $18.25 target price (up previously from $16.00) on shares of Bally’s in a report on Friday, July 26th. TD Cowen reiterated a “hold” rating and issued a $18.25 price target (up from $15.00) on shares of Bally’s in a research note on Friday, July 26th. Jefferies Financial Group increased their price objective on shares of Bally’s from $13.00 to $17.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. JMP Securities reaffirmed a “market perform” rating on shares of Bally’s in a research report on Monday, July 15th. Finally, Wells Fargo & Company raised Bally’s from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $11.00 to $18.25 in a report on Monday, July 29th. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, Bally’s presently has a consensus rating of “Hold” and an average target price of $17.14.

Bally’s Stock Performance

NYSE BALY opened at $17.33 on Wednesday. The company has a quick ratio of 0.58, a current ratio of 0.60 and a debt-to-equity ratio of 9.28. Bally’s has a twelve month low of $7.28 and a twelve month high of $17.73. The business has a 50-day moving average price of $16.32 and a 200-day moving average price of $13.97. The firm has a market cap of $704.12 million, a price-to-earnings ratio of -1.67 and a beta of 2.09.

Bally’s (NYSE:BALY) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($1.24) earnings per share for the quarter, topping the consensus estimate of ($1.47) by $0.23. The business had revenue of $621.66 million during the quarter, compared to the consensus estimate of $641.17 million. Bally’s had a negative return on equity of 51.13% and a negative net margin of 22.52%. The firm’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.25) EPS. As a group, equities research analysts predict that Bally’s will post -5.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Bally’s

Several institutional investors have recently bought and sold shares of BALY. Napatree Capital LLC purchased a new position in Bally’s during the 4th quarter valued at approximately $2,684,000. Gabelli Funds LLC grew its holdings in shares of Bally’s by 32.9% in the first quarter. Gabelli Funds LLC now owns 169,624 shares of the company’s stock valued at $2,365,000 after purchasing an additional 42,000 shares in the last quarter. TFG Asset Management GP Ltd increased its position in Bally’s by 36.4% in the fourth quarter. TFG Asset Management GP Ltd now owns 1,500,000 shares of the company’s stock worth $20,910,000 after purchasing an additional 400,000 shares during the last quarter. Vanguard Group Inc. raised its stake in Bally’s by 2.7% during the first quarter. Vanguard Group Inc. now owns 1,715,327 shares of the company’s stock valued at $23,912,000 after purchasing an additional 44,460 shares in the last quarter. Finally, Garde Capital Inc. raised its stake in Bally’s by 50.0% during the fourth quarter. Garde Capital Inc. now owns 15,000 shares of the company’s stock valued at $209,000 after purchasing an additional 5,000 shares in the last quarter. 70.41% of the stock is owned by hedge funds and other institutional investors.

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.