Bally’s (NYSE:BALY) Shares Up 6.8% – Time to Buy?

Bally’s Co. (NYSE:BALY) shot up 6.8% on Monday . The company traded as high as $18.24 and last traded at $18.02. 2,969 shares changed hands during trading, a decline of 99% from the average session volume of 370,586 shares. The stock had previously closed at $16.87.

Analyst Ratings Changes

Several research analysts have recently commented on BALY shares. Barclays reduced their price target on Bally’s from $18.00 to $14.00 and set an “equal weight” rating for the company in a research report on Monday, March 10th. Stifel Nicolaus reduced their price target on Bally’s from $17.00 to $14.00 and set a “hold” rating for the company in a research report on Thursday, March 6th. Six analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $17.13.

Bally’s Stock Down 5.3 %

The company has a 50-day moving average of $16.99 and a 200-day moving average of $17.37. The company has a market capitalization of $829.09 million, a price-to-earnings ratio of -1.14 and a beta of 2.14. 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 Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Alpine Associates Management Inc. acquired a new position in Bally’s during the 3rd quarter valued at about $26,665,000. Balyasny Asset Management L.P. increased its position in Bally’s by 88.7% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,057,332 shares of the company’s stock valued at $18,916,000 after buying an additional 496,933 shares in the last quarter. Nexpoint Asset Management L.P. increased its position in Bally’s by 88.3% during the 4th quarter. Nexpoint Asset Management L.P. now owns 808,337 shares of the company’s stock valued at $14,461,000 after buying an additional 378,950 shares in the last quarter. Citigroup Inc. grew its stake in Bally’s by 8.8% during the 3rd quarter. Citigroup Inc. now owns 442,400 shares of the company’s stock valued at $7,631,000 after purchasing an additional 35,901 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Bally’s during the 3rd quarter valued at about $7,326,000. 70.41% of the stock is owned by institutional investors and hedge funds.

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.