Bally's (NYSE:BALY) Sees Large Volume Increase - Here's What Happened

Key Points

• Bally's Corporation (NYSE:BALY) experienced a significant increase in trading volume, with 227,639 shares traded, reflecting a 264% increase from the prior session.
• Wall Street analysts are generally maintaining a cautious stance on Bally's, with several firms lowering their price targets, and a consensus target price of $11.00 with an average rating of "Hold."
• Institutional investors hold a substantial share of the company's stock at 70.41%, with notable recent activity in buying and increasing stakes by various investment firms.

Shares of Bally's Corporation (NYSE:BALY - Get Free Report) saw unusually-high trading volume on Wednesday . Approximately 227,639 shares were traded during trading, an increase of 264% from the previous session's volume of 62,491 shares.The stock last traded at $10.22 and had previously closed at $10.00.

Analysts Set New Price Targets

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

Bally's Trading Down 1.0%

The company's 50-day moving average price is $9.76 and its 200-day moving average price is $11.55. The firm has a market cap of $514.29 million, a price-to-earnings ratio of -0.89 and a beta of 1.86. The company has a quick ratio of 0.47, a current ratio of 0.49 and a debt-to-equity ratio of 5.54.

Hedge Funds Weigh In On Bally's

Institutional investors and hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. acquired a new position in Bally's during the second quarter worth about $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Bally's during the second quarter worth about $38,000. BNP Paribas Financial Markets purchased a new position in Bally's during the fourth quarter worth about $58,000. Bank of America Corp DE raised its stake in Bally's by 2,087.9% during the second quarter. Bank of America Corp DE now owns 7,942 shares of the company's stock worth $76,000 after purchasing an additional 7,579 shares during the period. Finally, New York State Common Retirement Fund purchased a new position in Bally's during the second quarter worth about $97,000. 70.41% of the stock is currently owned by institutional investors and hedge funds.

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.