Why Boyd Gaming Stock Plummeted Today
Boyd Gaming (NYSE: BYD) stock suffered big sell-offs Wednesday. The gambling specialist's share price ended the daily trading session down 11%, according to data from S&P Global Market Intelligence.
Boyd Gaming published third-quarter earnings results after the market closed on Tuesday, posting earnings for the period that fell short of the market's targets. While the company's revenue of $903.15 million beat the average Wall Street estimate by roughly $22.5 million, its non-GAAP (adjusted) earnings per share of $1.36 missed the average target by $0.11 per share.
Boyd Gaming's revenue grew roughly 3% year over year in the third quarter and topped Wall Street's expectations. On the other hand, the business saw costs rise at a greater-than-expected rate. Total operating expenses rose roughly 7.1% year over year to reach $685.29 million. With operating expenses rising significantly faster than revenue, it's not surprising that investors had a negative reaction to the company's recent earnings report.
Source Fool.com
BYD Co. Ltd Stock
With 16 Buy predictions and not the single Sell prediction the community is currently very high on BYD Co. Ltd.
With a target price of 34 € there is a positive potential of 21.82% for BYD Co. Ltd compared to the current price of 27.91 €.
