Bally's (NYSE:BALY) Trading Up 7.1% - Time to Buy?

Key Points

• Bally's Corporation's stock saw a significant increase of 7.1% during mid-day trading, rising to $11.17 from a previous close of $10.43.
• Analysts have mixed views on Bally's, with five holding a "Hold" rating and price targets adjusted downward, with the average consensus now at $11.00.
• Approximately 70.41% of Bally's stock is owned by institutional investors, indicating substantial interest from larger market players.

Bally's Corporation (NYSE:BALY - Get Free Report)'s stock price was up 7.1% during mid-day trading on Monday . The stock traded as high as $10.90 and last traded at $11.17. Approximately 19,011 shares traded hands during trading, a decline of 73% from the average daily volume of 71,404 shares. The stock had previously closed at $10.43.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on BALY shares. Wall Street Zen raised Bally's from a "sell" rating to a "hold" rating in a report on Sunday, September 7th. Macquarie dropped their price objective on Bally's from $14.00 to $12.00 and set a "neutral" rating for the company in a research note on Tuesday, August 12th. Stifel Nicolaus dropped their price objective on Bally's from $12.00 to $10.00 and set a "hold" rating for the company in a research note on Tuesday, August 12th. Barclays dropped their price objective on 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. Finally, Truist Financial dropped their price target on Bally's from $15.00 to $11.00 and set a "hold" rating for the company in a research note on Wednesday, July 16th. Five research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $11.00.

Bally's Price Performance

The stock has a 50 day moving average of $9.76 and a 200-day moving average of $11.54. The company has a market cap of $542.07 million, a PE ratio of -0.94 and a beta of 1.86. The company has a debt-to-equity ratio of 5.54, a quick ratio of 0.47 and a current ratio of 0.49.

Institutional Investors Weigh In On Bally's

Several institutional investors have recently bought and sold shares of BALY. Regatta Capital Group LLC purchased a new stake in Bally's in the first quarter valued at approximately $780,000. BNP Paribas Financial Markets acquired a new position in shares of Bally's during the fourth quarter worth $58,000. Deutsche Bank AG grew its stake in shares of Bally's by 49.1% during the fourth quarter. Deutsche Bank AG now owns 22,715 shares of the company's stock worth $406,000 after purchasing an additional 7,485 shares in the last quarter. Two Sigma Advisers LP acquired a new position in Bally's in the fourth quarter valued at $250,000. Finally, Bank of America Corp DE boosted its stake in shares of Bally's by 17.2% during the fourth quarter. Bank of America Corp DE now owns 30,932 shares of the company's stock worth $553,000 after buying an additional 4,533 shares during the period. 70.41% of the stock is currently owned by institutional investors and hedge funds.

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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