Bally's (NYSE:BALY) Trading 12.2% Higher - Should You 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) shares were up 12.2% on Monday . The company traded as high as $10.29 and last traded at $10.37. Approximately 39,921 shares traded hands 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 Upgrades and Downgrades

Several equities analysts have weighed in on the company. Wall Street Zen raised Bally's from a "sell" rating to a "hold" rating in a research note on Sunday, September 7th. Barclays reduced their price target 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 reduced their target price 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 cut 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. Finally, Macquarie cut 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. Five equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $11.00.

Bally's Stock Down 0.9%

The firm has a fifty day moving average price of $9.83 and a 200 day moving average price of $11.76. The company has a quick ratio of 0.47, a current ratio of 0.49 and a debt-to-equity ratio of 5.54. The company has a market cap of $486.81 million, a P/E ratio of -0.85 and a beta of 1.86.

Hedge Funds Weigh In On Bally's

Several large investors have recently made changes to their positions in BALY. Bank of America Corp DE raised its holdings in Bally's by 2,087.9% during the 2nd 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 last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Bally's during the second quarter worth about $38,000. New York State Common Retirement Fund acquired a new stake in Bally's in the 2nd quarter valued at approximately $97,000. Crossingbridge Advisors LLC acquired a new stake in Bally's in the 2nd quarter valued at approximately $240,000. Finally, JPMorgan Chase & Co. bought a new position in Bally's in the second quarter valued at approximately $33,000. Institutional investors and hedge funds own 70.41% of the company's stock.

About Bally's

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.