Bally’s (NYSE:BALY) Reaches New 12-Month High – Still a Buy?

Bally’s Co. (NYSE:BALY)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $18.83 and last traded at $18.44, with a volume of 121951 shares changing hands. The stock had previously closed at $17.30.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BALY. Barclays decreased their price target on Bally’s from $18.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Monday. Stifel Nicolaus decreased their target price on Bally’s from $17.00 to $14.00 and set a “hold” rating on the stock in a research report on Thursday, March 6th. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $17.13.

Bally’s Trading Down 0.2 %

The business has a 50 day moving average of $17.03 and a 200-day moving average of $17.36. The stock has a market cap of $740.55 million, a PE ratio of -1.21 and a beta of 2.05. The company has a current ratio of 0.56, a quick ratio of 0.54 and a debt-to-equity ratio of 15.62.

Institutional Trading of Bally’s

Institutional investors and hedge funds have recently made changes to their positions in the stock. Longfellow Investment Management Co. LLC acquired a new position in Bally’s in the 3rd quarter valued at about $38,000. Point72 DIFC Ltd acquired a new position in shares of Bally’s in the third quarter valued at approximately $48,000. BNP Paribas Financial Markets acquired a new position in shares of Bally’s in the fourth quarter valued at approximately $58,000. SG Americas Securities LLC lifted its stake in shares of Bally’s by 7.0% during the fourth quarter. SG Americas Securities LLC now owns 9,493 shares of the company’s stock valued at $170,000 after buying an additional 624 shares during the period. Finally, Intech Investment Management LLC acquired a new stake in Bally’s during the fourth quarter worth approximately $196,000. 70.41% of the stock is currently owned by hedge funds and other 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.