Bally's (NYSE:BALY) Sees Large Volume Increase - Still a Buy?

Key Points

• Bally's Corporation experienced a 181% increase in trading volume, with approximately 208,659 shares traded on a recent Wednesday, despite a slight decline in stock price.
• Several analysts have lowered their price targets for Bally's stock, with the consensus target now at $11.00 and an average rating of "Hold".
• Institutional investors own 70.41% of Bally's stock, indicating strong support from hedge funds and other large entities amid mixed investor sentiment.

Shares of Bally's Corporation (NYSE:BALY - Get Free Report) saw unusually-high trading volume on Wednesday . Approximately 208,659 shares traded hands during mid-day trading, an increase of 181% from the previous session's volume of 74,280 shares.The stock last traded at $11.07 and had previously closed at $11.10.

Analysts Set New Price Targets

BALY has been the subject of a number of recent analyst reports. Barclays dropped their price objective on Bally's from $13.00 to $11.00 and set an "equal weight" rating for the company in a report on Wednesday, August 13th. Truist Financial lowered their price target on Bally's from $15.00 to $11.00 and set a "hold" rating for the company in a report on Wednesday, July 16th. Stifel Nicolaus lowered their price target on Bally's from $12.00 to $10.00 and set a "hold" rating for the company in a report on Tuesday, August 12th. Macquarie lowered their price target on Bally's from $14.00 to $12.00 and set a "neutral" rating for the company in a report on Tuesday, August 12th. Finally, Wall Street Zen upgraded Bally's from a "sell" rating to a "hold" rating in a report on Sunday, September 7th. Five analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $11.00.

Bally's Stock Performance

The stock has a 50 day simple moving average of $9.91 and a 200 day simple moving average of $11.29. The company has a current ratio of 0.49, a quick ratio of 0.47 and a debt-to-equity ratio of 5.54. The stock has a market cap of $564.82 million, a P/E ratio of -0.99 and a beta of 1.86.

Hedge Funds Weigh In On Bally's

Several hedge funds and other institutional investors have recently modified their holdings of BALY. BNP Paribas Financial Markets bought a new position in shares of Bally's in the 4th quarter valued at $58,000. Bank of America Corp DE boosted its holdings in shares of Bally's by 17.2% during the 4th quarter. Bank of America Corp DE now owns 30,932 shares of the company's stock valued at $553,000 after acquiring an additional 4,533 shares in the last quarter. Two Sigma Advisers LP acquired a new stake in shares of Bally's during the 4th quarter valued at $250,000. Regatta Capital Group LLC acquired a new stake in shares of Bally's during the 1st quarter valued at $780,000. Finally, Spirepoint Private Client LLC acquired a new stake in shares of Bally's during the 1st quarter valued at $246,000. Institutional investors own 70.41% of the company's stock.

Bally's Company Profile

Bally's Corp. is a global casino-entertainment company with a portfolio of casinos and resorts and online gaming businesses. It operates through the following segments: Casinos & Resorts, International Interactive, and North America Interactive. The Casinos & Resorts segment consists of the company's casino and resort properties, a horse racetrack, and a golf course.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.