Bally's (NYSE:BALY) Shares Up 5.7% - Should You Buy?

Key Points

• Bally's shares rose 5.7% on Monday, closing at $11.40, despite lower trading volume compared to its average session.
• Several brokerages have downgraded their price targets for Bally's, with an average consensus target price of $11.00 and a rating of "Hold" from five analysts.
• Institutional investors and hedge funds own approximately 70.41% of Bally's shares, indicating strong institutional interest in the company.

Bally's Corporation (NYSE:BALY - Get Free Report) shares shot up 5.7% on Monday . The company traded as high as $11.74 and last traded at $11.40. 95,715 shares were traded during trading, a decline of 42% from the average session volume of 165,325 shares. The stock had previously closed at $10.79.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on BALY. Truist Financial dropped their price objective on shares of Bally's from $15.00 to $11.00 and set a "hold" rating for the company 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 note on Sunday, September 7th. Barclays dropped 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 note on Wednesday, August 13th. Stifel Nicolaus dropped 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 note on Tuesday, August 12th. Finally, Macquarie lowered their target price on shares of Bally's from $14.00 to $12.00 and set a "neutral" rating for the company in a research note on Tuesday, August 12th. Five investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $11.00.

Bally's Price Performance

The stock has a market capitalization of $559.97 million, a PE ratio of -0.97 and a beta of 1.86. The company's 50 day simple moving average is $9.88 and its 200 day simple moving average is $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.

Hedge Funds Weigh In On Bally's

A number of hedge funds have recently made changes to their positions in BALY. JPMorgan Chase & Co. acquired a new position in shares of Bally's in the 2nd quarter valued at $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Bally's in the 2nd quarter valued at $38,000. BNP Paribas Financial Markets acquired 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 2,087.9% in the 2nd quarter. Bank of America Corp DE now owns 7,942 shares of the company's stock valued at $76,000 after purchasing an additional 7,579 shares during the last quarter. Finally, New York State Common Retirement Fund acquired a new position in shares of Bally's in the 2nd quarter valued at $97,000. Institutional investors and hedge funds 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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