Bally’s Co. (NYSE:BALY) Short Interest Update

Bally’s Co. (NYSE:BALY) was the target of a large decrease in short interest during the month of 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. Approximately 6.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 535,200 shares, the days-to-cover ratio is currently 2.7 days.

Bally’s Stock Performance

Shares of NYSE:BALY opened at $17.27 on Thursday. Bally’s has a 52 week low of $7.28 and a 52 week high of $17.73. The firm’s fifty day moving average is $16.43 and its 200-day moving average is $13.99. The company has a current ratio of 0.60, a quick ratio of 0.58 and a debt-to-equity ratio of 9.28.

Bally’s (NYSE:BALY) last released its quarterly earnings results on Wednesday, July 31st. The company reported ($1.24) EPS 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 firm had revenue of $621.66 million for the quarter, compared to analyst estimates of $641.17 million. During the same quarter in the previous year, the company posted ($0.25) EPS. The business’s revenue 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.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on BALY. Stifel Nicolaus lifted their target price on Bally’s from $14.00 to $18.25 and gave the company a “hold” rating in a research report on Thursday, August 1st. Truist Financial reaffirmed a “hold” rating and set a $18.25 price target (up from $16.00) on shares of Bally’s in a report on Friday, July 26th. Barclays increased their price objective on shares of Bally’s from $10.00 to $18.00 and gave the company an “equal weight” rating in a research note on Thursday, August 1st. JMP Securities reiterated a “market perform” rating on shares of Bally’s in a report on Monday, July 15th. Finally, Wells Fargo & Company raised Bally’s from an “underweight” rating to an “equal weight” rating and raised their price objective 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 given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $17.14.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Napatree Capital LLC acquired a new position in shares of Bally’s in the 4th quarter valued at about $2,684,000. Gabelli Funds LLC lifted its stake in 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 buying an additional 42,000 shares during the period. TFG Asset Management GP Ltd boosted its holdings in shares of Bally’s by 36.4% during the 4th quarter. TFG Asset Management GP Ltd now owns 1,500,000 shares of the company’s stock worth $20,910,000 after buying an additional 400,000 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Bally’s by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 1,715,327 shares of the company’s stock worth $23,912,000 after buying an additional 44,460 shares during the period. Finally, Garde Capital Inc. increased its stake in shares of Bally’s by 50.0% in the 4th quarter. Garde Capital Inc. now owns 15,000 shares of the company’s stock valued at $209,000 after acquiring an additional 5,000 shares in the last quarter. Institutional investors own 70.41% of the company’s stock.

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.