Bally's (NYSE:BALY) Shares Up 12.2% - Still a Buy?

Key Points

• Bally's Corporation stock rose by 12.2% to $10.37, although the trading volume decreased by 35% compared to its average.
• Analysts have mixed views on Bally's, with several lowering their price targets while maintaining a consensus rating of "Hold" with an average target price of $11.00.
• Institutional investors hold 70.41% of Bally's stock, with notable acquisitions including Man Group plc's $5.2 million investment and Geode Capital Management's 113.1% increase in holdings.

Bally's Corporation (NYSE:BALY - Get Free Report)'s stock price was up 12.2% during trading on Monday . The company traded as high as $10.29 and last traded at $10.37. Approximately 39,921 shares were traded during mid-day trading, a decline of 35% from the average daily volume of 61,366 shares. The stock had previously closed at $9.24.

Analyst Ratings Changes

A number of brokerages have recently issued reports on BALY. Macquarie cut their price objective on shares of Bally's from $14.00 to $12.00 and set a "neutral" rating on the stock in a research report on Tuesday, August 12th. 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. Wall Street Zen raised shares of Bally's from a "sell" rating to a "hold" rating in a research report on Sunday. Barclays lowered their price target on Bally's from $13.00 to $11.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 13th. Finally, Stifel Nicolaus reduced their target price on Bally's from $12.00 to $10.00 and set a "hold" rating for the company in a report on Tuesday, August 12th. Five analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $11.00.

Bally's Trading Up 4.9%

The firm has a fifty day simple moving average of $9.92 and a two-hundred day simple moving average of $11.90. 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 firm has a market cap of $475.97 million, a PE ratio of -0.83 and a beta of 1.86.

Hedge Funds Weigh In On Bally's

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Man Group plc acquired a new position in Bally's in the 4th quarter valued at about $5,187,000. Janney Montgomery Scott LLC bought a new stake in Bally's in the second quarter valued at about $867,000. Geode Capital Management LLC lifted its holdings in shares of Bally's by 113.1% in the 2nd quarter. Geode Capital Management LLC now owns 164,555 shares of the company's stock worth $1,577,000 after purchasing an additional 87,346 shares during the last quarter. K2 Principal Fund L.P. bought a new stake in shares of Bally's in the 4th quarter worth $1,262,000. Finally, Regatta Capital Group LLC purchased a new position in shares of Bally's during the first quarter valued at $780,000. Hedge funds and other 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.

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