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

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

Bally’s Stock Performance

Shares of NYSE:BALY opened at $17.33 on Wednesday. The company has a debt-to-equity ratio of 9.28, a quick ratio of 0.58 and a current ratio of 0.60. The firm has a market cap of $704.12 million, a PE ratio of -1.67 and a beta of 2.09. The firm’s 50 day simple moving average is $16.32 and its 200-day simple moving average is $13.97. Bally’s has a one year low of $7.28 and a one year high of $17.73.

Bally’s (NYSE:BALY) last released its quarterly earnings data 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 return on equity of 51.13% and a negative net margin of 22.52%. The company had revenue of $621.66 million for the quarter, compared to the consensus estimate of $641.17 million. During the same period last year, the business posted ($0.25) EPS. Bally’s’s quarterly revenue was up 2.5% on a year-over-year basis. As a group, equities analysts predict that Bally’s will post -5.2 EPS for the current year.

Institutional Trading of Bally’s

Hedge funds have recently added to or reduced their stakes in the business. Trexquant Investment LP raised its holdings in shares of Bally’s by 101.5% in the 4th quarter. Trexquant Investment LP now owns 55,056 shares of the company’s stock valued at $767,000 after purchasing an additional 27,736 shares in the last quarter. Gabelli Funds LLC increased its holdings in Bally’s by 24.4% during the fourth quarter. Gabelli Funds LLC now owns 127,624 shares of the company’s stock valued at $1,779,000 after buying an additional 25,000 shares during the period. CastleKnight Management LP raised its stake in Bally’s by 97.8% in 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 in the last quarter. TFG Asset Management GP Ltd raised its stake 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 buying an additional 400,000 shares in the last quarter. Finally, Garde Capital Inc. lifted its holdings in Bally’s by 50.0% during the fourth quarter. Garde Capital Inc. now owns 15,000 shares of the company’s stock worth $209,000 after buying an additional 5,000 shares during the period. 70.41% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BALY has been the subject of several recent analyst reports. Truist Financial reaffirmed a “hold” rating and set a $18.25 price objective (up from $16.00) on shares of Bally’s in a research note on Friday, July 26th. JMP Securities reiterated a “market perform” rating on shares of Bally’s in a report on Monday, July 15th. Jefferies Financial Group raised their price objective 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. Wells Fargo & Company raised Bally’s from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $11.00 to $18.25 in a research note on Monday, July 29th. Finally, Stifel Nicolaus raised their price target on Bally’s from $14.00 to $18.25 and gave the stock a “hold” rating in a research note on Thursday, August 1st. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $17.14.

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.