Bally's (NYSE:BALY) Raised to Hold at Wall Street Zen

Key Points

• Wall Street Zen has upgraded Bally's (NYSE:BALY) from a "sell" rating to a "hold" rating, reflecting a more cautious optimism about the stock's potential.
• Multiple brokerages have recently lowered their price targets for Bally's, with an average target price now set at $11.00.
• Institutional investors and hedge funds currently hold 70.41% of Bally's stock, indicating significant institutional interest in the company despite mixed investor sentiment.

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

Several other brokerages also recently issued reports on BALY. Macquarie lowered their price objective on shares of Bally's from $14.00 to $12.00 and set a "neutral" rating on the stock in a research note on Tuesday, August 12th. Truist Financial lowered their price objective on shares of Bally's from $15.00 to $11.00 and set a "hold" rating on the stock in a research note on Wednesday, July 16th. Barclays lowered their price objective on shares of Bally's from $13.00 to $11.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 13th. Finally, Stifel Nicolaus lowered their price objective on shares of Bally's from $12.00 to $10.00 and set a "hold" rating on the stock in a research note on Tuesday, August 12th. Five investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $11.00.

Bally's Stock Performance

Shares of Bally's stock traded down $0.14 during midday trading on Friday, hitting $9.25. The company had a trading volume of 35,241 shares, compared to its average volume of 47,217. The business's 50 day simple moving average is $9.90 and its two-hundred day simple moving average is $12.49. The stock has a market cap of $454.36 million, a PE ratio of -0.79 and a beta of 1.86. The company has a debt-to-equity ratio of 5.54, a current ratio of 0.49 and a quick ratio of 0.47. Bally's has a 1-year low of $8.45 and a 1-year high of $23.20.

Institutional Investors Weigh In On Bally's

A number of institutional investors have recently bought and sold shares of BALY. Balyasny Asset Management L.P. boosted its stake 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 worth $18,916,000 after buying an additional 496,933 shares in the last quarter. Nexpoint Asset Management L.P. boosted its stake in shares of Bally's by 88.3% in the 4th quarter. Nexpoint Asset Management L.P. now owns 808,337 shares of the company's stock valued at $14,461,000 after purchasing an additional 378,950 shares in the last quarter. Man Group plc acquired a new stake in shares of Bally's in the 4th quarter valued at $5,187,000. Eisler Capital Management Ltd. acquired a new stake in shares of Bally's in the 4th quarter valued at $4,699,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of Bally's in the 4th quarter valued at $2,005,000. 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.