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 equities researchers at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued to investors on Sunday.

Other research analysts have also issued research reports about the company. Truist Financial reduced their price target on Bally's from $15.00 to $11.00 and set a "hold" rating on the stock in a report on Wednesday, July 16th. Barclays reduced their price target on Bally's from $13.00 to $11.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 13th. 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 report on Tuesday, August 12th. Finally, Macquarie reduced their price target on Bally's from $14.00 to $12.00 and set a "neutral" rating on the stock in a report on Tuesday, August 12th. Five research analysts have rated the stock with a Hold rating, According to MarketBeat.com, Bally's has a consensus rating of "Hold" and an average target price of $11.00.

Bally's Price Performance

BALY traded up $0.0150 on Friday, hitting $9.3150. 7,467 shares of the company's stock were exchanged, compared to its average volume of 63,144. Bally's has a fifty-two week low of $8.45 and a fifty-two week high of $23.20. The company has a current ratio of 0.49, a quick ratio of 0.47 and a debt-to-equity ratio of 5.54. The firm has a 50-day moving average price of $9.90 and a 200-day moving average price of $12.57. The stock has a market cap of $457.58 million, a price-to-earnings ratio of -0.80 and a beta of 1.86.

Institutional Trading of Bally's

Several institutional investors and hedge funds have recently bought and sold shares of BALY. JPMorgan Chase & Co. purchased a new stake in Bally's in the 2nd quarter valued at about $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Bally's in the 2nd quarter valued at about $38,000. BNP Paribas Financial Markets acquired a new position in Bally's in the 4th quarter valued at about $58,000. Bank of America Corp DE grew its position in Bally's by 2,087.9% in the 2nd quarter. Bank of America Corp DE now owns 7,942 shares of the company's stock valued at $76,000 after acquiring an additional 7,579 shares in the last quarter. Finally, New York State Common Retirement Fund acquired a new position in Bally's in the 2nd quarter valued at about $97,000. 70.41% of the stock is currently owned by hedge funds and other 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.