Short-term stake in Bally’s Co. (NYSE: BALY) increases 36.6%

Bally’s Co. (NYSE: BALY – Get a rating) benefited from a sharp increase in short-term interest during the month of February. As of February 15, there was short interest totaling 2,540,000 shares, an increase of 36.6% from the total of 1,860,000 shares as of January 31. Based on an average daily volume of 672,200 shares, the short interest ratio is currently 3.8 days. Currently, 6.0% of the company’s shares are sold short.

Several brokerages recently commented on BALY. Stifel Nicolaus cut his price target on Bally’s from $70.00 to $58.00 and set a “buy” rating for the company in a Wednesday, February 23 report. Cowen reduced his target price on Bally’s from $75.00 to $58.00 in a Friday, February 25 research report. Jefferies Financial Group downgraded Bally’s from a “buy” rating to a “hold” rating and reduced its target price for the company from $54.00 to $38.00 in a Monday, Feb. 28 research report. KeyCorp cut its price target on Bally’s from $70.00 to $65.00 and set an “overweight” rating on the stock in a Tuesday, Nov. 9 research report. Ultimately, Zacks Investment Research downgraded Bally’s from a “hold” rating to a “strong sell” rating in a Monday, January 17 research report. One analyst rated the stock with a sell rating, three issued a hold rating and four assigned the company a buy rating. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $54.63.

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BALY lost $0.50 in Friday’s midday session, hitting $34.20. 474,753 shares of the company were traded, against an average volume of 461,630. The company’s 50-day simple moving average is $35.35 and its 200-day simple moving average is $41.92. The company has a market capitalization of $1.86 billion, a price-earnings ratio of -31.96 and a beta of 2.21. The company has a current ratio of 0.99, a quick ratio of 8.24 and a debt ratio of 2.12. Bally’s has a 1 year minimum of $26.11 and a 1 year maximum of $75.92.

Bally’s (NYSE:BALY- Get a rating) last announced its quarterly results on Thursday, February 24. The company reported ($1.87) earnings per share for the quarter, missing the consensus estimate of $0.46 per ($2.33). The company posted revenue of $547.60 million for the quarter, versus analyst estimates of $587.33 million. Bally’s had a positive return on equity of 3.37% and a negative net margin of 5.43%. Bally’s revenue for the quarter increased 363.7% year over year. In the same period a year earlier, the company posted earnings of $0.39 per share. On average, equity analysts expect Bally’s to post -0.29 EPS for the current year.

A number of institutional investors and hedge funds have recently changed their positions in the company. The Public Employees Retirement System of Ohio increased its position in Bally’s stock by 52.9% during the fourth quarter. Public Employees Retirement System of Ohio now owns 962 shares of the company valued at $37,000 after acquiring 333 additional shares during the period. FORA Capital LLC acquired a new equity stake in Bally’s during Q2 valued at approximately $50,000. Dark Forest Capital Management LP acquired a new stake in Bally’s stock during Q3 valued at approximately $51,000. UBS Group AG increased its position in Bally’s shares by 1,300.0% during the third quarter. UBS Group AG now owns 1,050 shares of the company valued at $53,000 after acquiring an additional 975 shares during the period. Finally, Advisor Group Holdings Inc. increased its position in Bally’s shares by 29.6% during the 4th quarter. Advisor Group Holdings Inc. now owns 1,538 shares of the company valued at $60,000 after acquiring 351 additional shares during the period. 83.64% of the shares are currently held by institutional investors.

About Bally’s (Get a rating)

Bally’s Corp. operates in hotel-casinos and racetracks. Its properties include Twin River Casino Hotel, Hard Rock Hotel and Casino Biloxi, Tiverton Casino Hotel, Dover Downs, Arapahoe Park, Mardi Gras Casino, Golden Gates Casino, Golden Gulch Casino, Casino KC, Casino Vicksburg, Bally’s Atlantic City and Eldorado Resort. Shreveport Casino.

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