Wolverine Asset Management LLC Sells 161,115 Shares of Bally's Corporation (NYSE:BALY)

Key Points

• Wolverine Asset Management LLC significantly reduced its stake in Bally's Corporation by 93.0%, now holding only 12,123 shares worth approximately $149,000.
• Several institutional investors, including Deutsche Bank AG and BNP Paribas Financial Markets, have recently adjusted their stakes in Bally's, with overall institutional ownership at 70.41%.
• Bally's stock has experienced a 4.3% increase in value recently, trading at $10.01, but has a wide price range with a fifty-two week low of $8.45 and a high of $23.20.

Wolverine Asset Management LLC reduced its position in Bally's Corporation (NYSE:BALY - Free Report) by 93.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 12,123 shares of the company's stock after selling 161,115 shares during the period. Wolverine Asset Management LLC's holdings in Bally's were worth $149,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. BNP Paribas Financial Markets bought a new position in shares of Bally's during the 4th quarter valued at $58,000. Spirepoint Private Client LLC bought a new position in shares of Bally's during the 1st quarter valued at $246,000. Two Sigma Advisers LP bought a new position in shares of Bally's during the 4th quarter valued at $250,000. Wells Fargo & Company MN lifted its holdings in shares of Bally's by 6.5% during the 4th quarter. Wells Fargo & Company MN now owns 14,055 shares of the company's stock valued at $251,000 after buying an additional 860 shares during the period. Finally, Deutsche Bank AG lifted its holdings in shares of Bally's by 49.1% during the 4th quarter. Deutsche Bank AG now owns 22,715 shares of the company's stock valued at $406,000 after buying an additional 7,485 shares during the period. 70.41% of the stock is currently owned by hedge funds and other institutional investors.

Bally's Price Performance

BALY stock traded down $0.04 during trading on Friday, reaching $9.37. The company's stock had a trading volume of 25,226 shares, compared to its average volume of 51,141. Bally's Corporation has a 1 year low of $8.45 and a 1 year high of $23.20. The company has a quick ratio of 0.72, a current ratio of 0.49 and a debt-to-equity ratio of 5.54. The company has a market capitalization of $460.25 million, a P/E ratio of -0.80 and a beta of 1.86. The company's fifty day moving average is $9.92 and its 200-day moving average is $12.73.

Analyst Ratings Changes

Several research firms have recently commented on BALY. Wall Street Zen lowered Bally's from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Stifel Nicolaus reduced 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. Macquarie reduced 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. Barclays reduced 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. Finally, Truist Financial reduced their price objective 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. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the company. According to MarketBeat, Bally's presently has a consensus rating of "Hold" and an average price target of $11.00.

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.