Olympiad Research LP Boosts Stake in Bally’s Co. (NYSE:BALY)

Olympiad Research LP lifted its holdings in Bally’s Co. (NYSE:BALY) by 545.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 116,347 shares of the company’s stock after buying an additional 98,335 shares during the period. Bally’s makes up 1.3% of Olympiad Research LP’s holdings, making the stock its 11th biggest position. Olympiad Research LP’s holdings in Bally’s were worth $2,007,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of BALY. Vanguard Group Inc. increased its position in Bally’s by 2.7% during the first quarter. Vanguard Group Inc. now owns 1,715,327 shares of the company’s stock worth $23,912,000 after purchasing an additional 44,460 shares during the last quarter. Alden Global Capital LLC increased its position in Bally’s by 63.6% during the second quarter. Alden Global Capital LLC now owns 1,425,886 shares of the company’s stock worth $17,068,000 after purchasing an additional 554,263 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Bally’s by 9.4% during the second quarter. Dimensional Fund Advisors LP now owns 333,680 shares of the company’s stock worth $3,994,000 after purchasing an additional 28,590 shares during the last quarter. Gamco Investors INC. ET AL increased its position in Bally’s by 16.0% during the first quarter. Gamco Investors INC. ET AL now owns 177,294 shares of the company’s stock worth $2,471,000 after purchasing an additional 24,466 shares during the last quarter. Finally, Gabelli Funds LLC increased its position in Bally’s by 0.8% during the second quarter. Gabelli Funds LLC now owns 171,000 shares of the company’s stock worth $2,047,000 after purchasing an additional 1,376 shares during the last quarter. 70.41% of the stock is owned by hedge funds and other institutional investors.

Bally’s Price Performance

Shares of BALY opened at $17.62 on Thursday. The company has a debt-to-equity ratio of 9.28, a current ratio of 0.60 and a quick ratio of 0.58. The stock has a market cap of $716.48 million, a PE ratio of -1.59 and a beta of 2.07. The firm has a 50-day simple moving average of $17.34 and a two-hundred day simple moving average of $15.01. Bally’s Co. has a 1-year low of $8.53 and a 1-year high of $18.00.

Bally’s (NYSE:BALY) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($1.99) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($1.74). The business had revenue of $629.97 million during the quarter, compared to analyst estimates of $650.63 million. Bally’s had a negative net margin of 22.52% and a negative return on equity of 51.13%. As a group, analysts forecast that Bally’s Co. will post -5.32 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on BALY shares. Stifel Nicolaus raised their price objective 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 restated a “hold” rating and set a $18.25 price objective (up from $15.00) on shares of Bally’s in a research report on Friday, July 26th. Jefferies Financial Group raised their price objective on shares of Bally’s from $13.00 to $17.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. JMP Securities reiterated a “market perform” rating on shares of Bally’s in a research report on Monday, July 15th. Finally, 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. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target 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.