Bally’s (NYSE:BALY) Announces Earnings Results, Beats Estimates By $0.23 EPS

Bally’s (NYSE:BALY) posted its quarterly earnings results on Wednesday. The company reported ($1.24) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.47) by $0.23, Briefing.com reports. The company had revenue of $621.66 million for the quarter, compared to analyst estimates of $641.17 million. Bally’s had a negative net margin of 22.52% and a negative return on equity of 45.96%. The business’s quarterly revenue was up 2.5% on a year-over-year basis. During the same period last year, the business posted ($0.25) EPS. Bally’s updated its FY 2024 guidance to EPS.

Bally’s Stock Performance

BALY stock remained flat at $17.14 during trading on Friday. 598,512 shares of the company traded hands, compared to its average volume of 905,440. Bally’s has a 12-month low of $7.28 and a 12-month high of $17.44. The stock has a market cap of $694.00 million, a PE ratio of -1.66 and a beta of 2.10. The stock has a 50 day moving average of $12.92 and a 200 day moving average of $12.56. The company has a debt-to-equity ratio of 8.14, a quick ratio of 0.59 and a current ratio of 0.61.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on BALY shares. Jefferies Financial Group raised their price target on shares of Bally’s from $13.00 to $17.00 and gave the stock a “buy” rating in a research report on Friday. JMP Securities restated a “market perform” rating on shares of Bally’s in a research report on Monday, July 15th. Barclays raised their price target on shares of Bally’s from $10.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Thursday. Truist Financial reaffirmed a “hold” rating and set a $18.25 price objective (up from $16.00) on shares of Bally’s in a report on Friday, July 26th. Finally, TD Cowen reaffirmed a “hold” rating and set a $18.25 price objective (up from $15.00) on shares of Bally’s in a report on Friday, July 26th. 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 a consensus rating of “Hold” and an average target price of $17.14.

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.