Quest Partners LLC Acquires New Holdings in Bally’s Co. (NYSE:BALY)

Quest Partners LLC bought a new position in shares of Bally’s Co. (NYSE:BALY) during the 2nd quarter, HoldingsChannel reports. The institutional investor bought 10,909 shares of the company’s stock, valued at approximately $131,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. TFG Asset Management GP Ltd raised its position in shares of Bally’s by 36.4% during the fourth quarter. TFG Asset Management GP Ltd now owns 1,500,000 shares of the company’s stock worth $20,910,000 after acquiring an additional 400,000 shares during the last quarter. Napatree Capital LLC bought a new position in Bally’s during the 4th quarter worth approximately $2,684,000. Whitebox Advisors LLC acquired a new position in shares of Bally’s in the 1st quarter worth approximately $1,152,000. CastleKnight Management LP increased its position in shares of Bally’s by 97.8% during the fourth quarter. CastleKnight Management LP now owns 138,964 shares of the company’s stock worth $1,937,000 after buying an additional 68,700 shares during the period. Finally, Spirepoint Private Client LLC acquired a new stake in shares of Bally’s during the first quarter worth $697,000. 70.41% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on BALY. Barclays upped their price target on shares of Bally’s from $10.00 to $18.00 and gave the company an “equal weight” rating in a research report on Thursday, August 1st. Stifel Nicolaus lifted their target price on Bally’s from $14.00 to $18.25 and gave the stock a “hold” rating in a report on Thursday, August 1st. JMP Securities restated a “market perform” rating on shares of Bally’s in a report on Monday, July 15th. TD Cowen reiterated a “hold” rating and issued a $18.25 price objective (up previously from $15.00) on shares of Bally’s in a research note on Friday, July 26th. Finally, Jefferies Financial Group increased their target price on shares of Bally’s from $13.00 to $17.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Seven equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Bally’s currently has a consensus rating of “Hold” and an average price target of $17.14.

Bally’s Stock Performance

Shares of BALY stock opened at $17.34 on Tuesday. The company has a current ratio of 0.60, a quick ratio of 0.58 and a debt-to-equity ratio of 9.28. The firm has a fifty day simple moving average of $16.21 and a two-hundred day simple moving average of $13.92. Bally’s Co. has a 12 month low of $7.28 and a 12 month high of $17.73. The firm has a market capitalization of $704.52 million, a PE ratio of -1.68 and a beta of 2.09.

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

Bally’s 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.