September 2, 2023 – Bally’s Co. (NYSE:BALY) recently saw an increase in its holdings by Natixis Advisors L.P. during the first quarter of this year. According to the Securities and Exchange Commission (SEC) filing, Natixis Advisors L.P. increased its holdings in Bally’s Co. by 9.3%, which translates to an additional 17,532 shares, bringing their total ownership to 205,802 shares of the company’s stock. The value of these holdings is estimated at $4,017,000.
Bally’s Corporation operates as a gaming, hospitality, and entertainment company in the United States. Its business activities encompass casinos and resorts as well as online gaming operations. The company operates through three segments: Casinos & Resorts, North America Interactive, and International Interactive.
The company recently announced its earnings results for the quarter ending on Thursday, August 3rd. Bally’s reported an EPS (earnings per share) of ($0.25), falling short of the consensus estimate of ($0.16) by ($0.09). Moreover, it recorded a negative return on equity of 7.85% and a negative net margin of 14.16%. While the company generated $606.21 million in revenue during this period, it was slightly below analysts’ expectations set at $613.00 million.
Industry analysts predict that Bally’s Co.’s EPS for the current year will be around -1.18.
Bally’s Co.’s offerings include both physical and interactive entertainment experiences for its customers. These include traditional casino offerings such as table games and slot machines alongside iCasino options accessible through online platforms or mobile applications.
In addition to casino games, Bally’s also offers online bingo games, sportsbooks for placing bets on various sporting events, daily fantasy sports competitions where players can draft virtual teams and compete for prizes, and free-to-play games.
Bally’s Corporation continues to expand its presence in the industry, catering to the evolving demands of consumers seeking gaming and entertainment experiences. The recent increase in holdings by Natixis Advisors L.P. demonstrates confidence in the company’s potential for growth and profitability.
As of the most recent SEC filing, Natixis Advisors L.P. now owns 0.44% of Bally’s Co., indicating its substantial investment in the company’s success. It will be interesting to monitor Bally’s performance in the coming months and see how it responds to market dynamics and evolving consumer preferences within the gaming and entertainment sector.
Shift in Institutional Investor and Hedge Fund Positions: Analysis of Bally’s Co. Stock and Ratings
As of September 2, 2023, Bally’s Co. has seen a shift in its institutional investor and hedge fund positions. Point72 Middle East FZE entered the scene by acquiring a new position in Bally’s during the fourth quarter of last year, totaling $28,000. UBS Group AG also increased its stake in the company by 179.6% in the third quarter, now owning 1,644 shares valued at $33,000 after purchasing an additional 3,709 shares. Counterpoint Mutual Funds LLC joined the ranks as well, buying a new position in Bally’s during the first quarter for a total of $112,000.
Further activity came from Zurcher Kantonalbank Zurich Cantonalbank, which boosted its stake in Bally’s by 33.8% during the fourth quarter and currently possesses 6,062 shares valued at $117,000 after acquiring an additional 1,531 shares. Lastly, Point72 Hong Kong Ltd jumped on board with a new position valued at $141,000 during the second quarter. Overall, hedge funds and institutional investors now own 63.61% of Bally’s stock.
On Friday morning, Bally’s stock opened at $16.60 per share. The company displays a current ratio of 0.78 and a quick ratio of 0.76 while maintaining a debt-to-equity ratio of 3.19. In terms of moving averages, their 50-day stands at $15.39 and their 200-day at $16.70. With a market capitalization of $757.46 million and a P/E ratio standing at -2.72 along with a beta value of 1.93.
Over time analysts have weighed in on Bally’s stock performance and future prospects through research reports conducted by Jefferies Financial Group and Truist Financial to name a few. Jefferies Financial Group revised their target price from $22.00 to $18.00 and Truist Financial did the same but reduced it from $29.00 to $23.00, both indicating a lower projection for the stock’s value.
TD Cowen also reduced their price objective on Bally’s from $35.00 to $30.00, however, they maintained an “outperform” rating in their research report. Similarly, Barclays adjusted their price objective down from $21.00 to $20.00 and classified the stock as “equal weight”.
In summary, four equities research analysts have assigned a hold rating to Bally’s stock while two have given it a buy rating. According to the data provided by Bloomberg, there is a consensus among analysts that Bally’s Co.’s stock is rated as “Hold” with an average target price of $23.63.
To stay up-to-date with the latest information on BALY, you can read our latest stock report that covers its performance and prospects in more detail.
Please note that this article is strictly informational and should not be taken as financial advice or a recommendation to invest in Bally’s Co.