Bank of New York Mellon Corp Boosts Holdings in Bally’s Co. (NYSE:BALY)

Bank of New York Mellon Corp grew its stake in Bally’s Co. (NYSE:BALY) by 1.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 101,707 shares of the company’s stock after purchasing an additional 1,064 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.25% of Bally’s worth $1,217,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. 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 worth $209,000 after acquiring an additional 5,000 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Bally’s by 7.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 20,132 shares of the company’s stock worth $281,000 after purchasing an additional 1,394 shares during the period. PEAK6 Investments LLC raised its stake in Bally’s by 20.2% during the first quarter. PEAK6 Investments LLC now owns 26,478 shares of the company’s stock worth $369,000 after purchasing an additional 4,446 shares during the period. Spirepoint Private Client LLC purchased a new stake in shares of Bally’s in the 1st quarter valued at approximately $697,000. Finally, Trexquant Investment LP grew its stake 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 buying an additional 27,736 shares during the period. Hedge funds and other institutional investors own 70.41% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on BALY. Truist Financial reiterated a “hold” rating and set a $18.25 price target (up from $16.00) on shares of Bally’s in a research report on Friday, July 26th. TD Cowen reissued a “hold” rating and issued a $18.25 target price (up previously from $15.00) on shares of Bally’s in a research report on Friday, July 26th. Jefferies Financial Group upped their price target on Bally’s from $13.00 to $17.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Barclays lifted their price objective on Bally’s from $10.00 to $18.00 and gave the company an “equal weight” rating in a research note on Thursday, August 1st. Finally, Stifel Nicolaus increased their target price 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 equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Bally’s currently has a consensus rating of “Hold” and a consensus price target of $17.14.

Bally’s Stock Down 0.5 %

Bally’s stock opened at $17.22 on Friday. The stock has a 50-day simple moving average of $16.60 and a 200-day simple moving average of $14.06. The company has a market capitalization of $699.65 million, a P/E ratio of -1.66 and a beta of 2.09. The company has a debt-to-equity ratio of 9.28, a quick ratio of 0.58 and a current ratio of 0.60. Bally’s Co. has a fifty-two week low of $7.28 and a fifty-two week high of $17.73.

Bally’s (NYSE:BALY) last issued its quarterly earnings results on Wednesday, July 31st. The company reported ($1.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.47) by $0.23. The firm had revenue of $621.66 million during the quarter, compared to analysts’ expectations of $641.17 million. Bally’s had a negative net margin of 22.52% and a negative return on equity of 51.13%. Bally’s’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.25) EPS. Equities research analysts expect that Bally’s Co. will post -5.2 earnings per share for the current year.

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.