Bally’s (NYSE:BALY) Posts Quarterly Earnings Results, Beats Expectations By $0.23 EPS

Bally’s (NYSE:BALY) posted its quarterly earnings data on Wednesday. The company reported ($1.24) earnings per share for the quarter, beating the consensus estimate of ($1.47) by $0.23, Briefing.com reports. The firm had revenue of $621.66 million for 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 45.96%. The business’s quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter last year, the company posted ($0.25) EPS. Bally’s updated its FY 2024 guidance to EPS.

Bally’s Stock Performance

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

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Truist Financial restated a “hold” rating and issued a $18.25 price objective (up previously from $16.00) on shares of Bally’s in a research report on Friday, July 26th. JMP Securities restated a “market perform” rating on shares of Bally’s in a research report on Monday, July 15th. Wells Fargo & Company upgraded shares of Bally’s from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $11.00 to $18.25 in a research report on Monday, July 29th. Barclays boosted 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 report on Thursday. Finally, Jefferies Financial Group boosted their price objective on shares of Bally’s from $13.00 to $17.00 and gave the company a “buy” rating in a research report on Friday. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price 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.