Bally’s Co. (NYSE:BALY) Sees Large Decline in Short Interest

Bally’s Co. (NYSE:BALY) saw 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 company’s stock are sold short. Based on an average daily trading volume, of 535,200 shares, the days-to-cover ratio is presently 2.7 days.

Bally’s Trading Down 0.3 %

Bally’s stock opened at $17.27 on Thursday. 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 12 month low of $7.28 and a 12 month high of $17.73. The stock’s 50 day moving average is $16.43 and its 200-day moving average is $13.99.

Bally’s (NYSE:BALY) last issued its quarterly earnings data 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 period in the prior year, the firm posted ($0.25) EPS. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. As a group, sell-side analysts expect that Bally’s will post -5.2 EPS for the current fiscal year.

Institutional Trading of Bally’s

Several hedge funds and other institutional investors have recently bought and sold shares of BALY. Quest Partners LLC acquired a new stake in shares of Bally’s during the 2nd quarter worth $131,000. Garde Capital Inc. grew 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 worth $209,000 after buying an additional 5,000 shares in the last quarter. Pekin Hardy Strauss Inc. bought a new position in Bally’s in the 2nd quarter valued at about $217,000. Price T Rowe Associates Inc. MD raised its position in shares of Bally’s by 7.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 20,132 shares of the company’s stock valued at $281,000 after buying an additional 1,394 shares in the last quarter. Finally, PEAK6 Investments LLC lifted its holdings in shares of Bally’s by 20.2% during the 1st quarter. PEAK6 Investments LLC now owns 26,478 shares of the company’s stock worth $369,000 after acquiring an additional 4,446 shares during the period. Institutional investors and hedge funds own 70.41% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Stifel Nicolaus upped their price target on shares of Bally’s from $14.00 to $18.25 and gave the stock a “hold” rating in a research report on Thursday, August 1st. TD Cowen reiterated a “hold” rating and issued a $18.25 target price (up from $15.00) on shares of Bally’s in a research note on Friday, July 26th. Barclays lifted their price target on Bally’s from $10.00 to $18.00 and gave the stock an “equal weight” rating in a report on Thursday, August 1st. Wells Fargo & Company upgraded Bally’s from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $11.00 to $18.25 in a research note on Monday, July 29th. Finally, Jefferies Financial Group lifted their target price on Bally’s from $13.00 to $17.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average 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.