Bally's (NYSE:BALY) Rating Lowered to Sell at Wall Street Zen

Key Points

• Bally's stock was downgraded from a "hold" to a "sell" rating by Wall Street Zen, amidst growing caution from other analysts as well.
• Barclays and Truist Financial also lowered their price targets for Bally's, with Barclays reducing it from $14.00 to $13.00 and Truist from $15.00 to $11.00.
• Institutional investors hold 70.41% of Bally's shares, with recent activity including new stakes purchased by BNP Paribas and Two Sigma Advisers.

Bally's (NYSE:BALY - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Saturday.

BALY has been the topic of a number of other research reports. Barclays reduced their target price on Bally's from $14.00 to $13.00 and set an "equal weight" rating on the stock in a report on Tuesday, May 13th. Truist Financial cut their target price on Bally's from $15.00 to $11.00 and set a "hold" rating on the stock in a research note on Wednesday, July 16th. One research analyst has rated the stock with a sell rating and four have issued a hold rating to the company. Based on data from MarketBeat.com, Bally's has a consensus rating of "Hold" and an average target price of $11.33.

Bally's Trading Up 1.7%

Shares of NYSE BALY traded up $0.17 during midday trading on Friday, reaching $10.12. The company had a trading volume of 69,008 shares, compared to its average volume of 63,330. Bally's has a one year low of $8.45 and a one year high of $23.20. The company has a quick ratio of 0.72, a current ratio of 0.75 and a debt-to-equity ratio of 4.24. The firm's fifty day moving average price is $9.89 and its 200-day moving average price is $12.89. The stock has a market cap of $495.83 million, a PE ratio of -0.86 and a beta of 1.86.

Institutional Investors Weigh In On Bally's

A number of institutional investors and hedge funds have recently bought and sold shares of BALY. Balyasny Asset Management L.P. raised its holdings in Bally's by 88.7% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,057,332 shares of the company's stock valued at $18,916,000 after acquiring an additional 496,933 shares during the period. Nexpoint Asset Management L.P. raised its holdings in Bally's by 88.3% during the fourth quarter. Nexpoint Asset Management L.P. now owns 808,337 shares of the company's stock valued at $14,461,000 after acquiring an additional 378,950 shares during the period. Man Group plc bought a new stake in Bally's during the fourth quarter valued at about $5,187,000. Eisler Capital Management Ltd. bought a new stake in Bally's during the fourth quarter valued at about $4,699,000. Finally, Susquehanna Fundamental Investments LLC bought a new stake in Bally's during the fourth quarter valued at about $2,005,000. 70.41% of the stock is 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.