Bally's (NYSE:BALY) Trading Up 9% - Here's Why

Key Points

• Bally's Corporation (NYSE:BALY) experienced a 9% increase in stock price, reaching a last traded value of $13.95, despite a notable decline in trading volume.
• Analyst ratings for Bally's are mixed, with five analysts issuing a "Hold" rating and one "Sell" rating, reflecting a consensus target price of $11.50.
• Institutional investors now own 70.41% of Bally's stocks, with notable increases in holdings from firms such as Geode Capital Management, which raised its position by 113.1%.

Bally's Corporation (NYSE:BALY - Get Free Report) was up 9% on Tuesday . The company traded as high as $13.70 and last traded at $13.95. Approximately 12,757 shares were traded during trading, a decline of 84% from the average daily volume of 80,798 shares. The stock had previously closed at $12.80.

Analysts Set New Price Targets

A number of equities analysts have weighed in on BALY shares. Weiss Ratings reissued a "sell (e+)" rating on shares of Bally's in a research report on Wednesday, October 8th. Macquarie decreased their target price on 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 upped their target price on Bally's from $11.00 to $13.00 and gave the company a "hold" rating in a research report on Tuesday. Wall Street Zen raised Bally's from a "sell" rating to a "hold" rating in a research report on Sunday, September 7th. Finally, Stifel Nicolaus reduced their price target on Bally's from $12.00 to $10.00 and set a "hold" rating on the stock in a research report on Tuesday, August 12th. Five analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Reduce" and a consensus target price of $11.50.

Bally's Stock Up 21.7%

The stock has a market capitalization of $765.04 million, a P/E ratio of -1.34 and a beta of 1.96. 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 firm has a 50 day simple moving average of $10.88 and a two-hundred day simple moving average of $11.09.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Geode Capital Management LLC raised its position in Bally's by 113.1% during 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. Janney Montgomery Scott LLC acquired a new stake in shares of Bally's in the 2nd quarter valued at about $867,000. Crossingbridge Advisors LLC acquired a new position in Bally's during the 2nd quarter valued at about $240,000. Spirepoint Private Client LLC acquired a new position in Bally's during the 1st quarter valued at about $246,000. Finally, Wolverine Asset Management LLC lifted its position in shares of Bally's by 35.8% during the 2nd quarter. Wolverine Asset Management LLC now owns 16,468 shares of the company's stock worth $158,000 after buying an additional 4,345 shares in the last quarter. 70.41% of the stock is currently owned by institutional investors.

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.

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