Bally's (NYSE:BALY) Sees Unusually-High Trading Volume - What's Next?

Key Points

• Bally's Corporation experienced a significant increase in trading volume, with approximately 278,345 shares traded, marking a 232% rise from the previous session.
• Analysts have mixed opinions on Bally's stock, with price targets ranging from $10.00 to $13.00, and a consensus rating of "Reduce."
• Institutional investors hold 70.41% of Bally's stock, with Bank of America significantly increasing its stake by 2,087.9% in the second quarter.

Shares of Bally's Corporation (NYSE:BALY - Get Free Report) saw unusually-strong trading volume on Wednesday . Approximately 278,345 shares changed hands during trading, an increase of 232% from the previous session's volume of 83,852 shares.The stock last traded at $17.90 and had previously closed at $15.08.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Macquarie reduced their price objective on shares of Bally's from $14.00 to $12.00 and set a "neutral" rating for the company in a research report on Tuesday, August 12th. Truist Financial raised their price objective on shares of Bally's from $11.00 to $13.00 and gave the stock a "hold" rating in a research report on Tuesday. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Bally's in a research report on Wednesday, October 8th. Barclays reduced their price objective on shares of Bally's from $13.00 to $11.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 13th. Finally, Stifel Nicolaus reduced their price objective on shares of Bally's from $12.00 to $10.00 and set a "hold" rating for the company in a research report on Tuesday, August 12th. Five equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Bally's currently has a consensus rating of "Reduce" and a consensus target price of $11.50.

Bally's Stock Up 19.0%

The company has a market capitalization of $881.51 million, a P/E ratio of -1.51 and a beta of 1.96. The company has a debt-to-equity ratio of 5.54, a quick ratio of 0.47 and a current ratio of 0.49. The stock has a 50 day moving average price of $10.98 and a 200 day moving average price of $11.12.

Institutional Investors Weigh In On Bally's

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE increased its position in shares of 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 valued at $76,000 after buying an additional 7,579 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Bally's during the second quarter valued at about $38,000. New York State Common Retirement Fund bought a new stake in shares of Bally's during the second quarter valued at about $97,000. Crossingbridge Advisors LLC bought a new stake in shares of Bally's during the second quarter valued at about $240,000. Finally, JPMorgan Chase & Co. bought a new stake in shares of Bally's during the second quarter valued at about $33,000. 70.41% of the stock is currently owned by institutional investors.

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.

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