Bally’s (NYSE:BALY) Reaches New 52-Week High – Here’s Why

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

Analysts Set New Price Targets

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

Bally’s Price Performance

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

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Alpine Associates Management Inc. purchased a new position in Bally’s in the 3rd quarter valued at $26,665,000. Balyasny Asset Management L.P. lifted its stake in shares of Bally’s by 88.7% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,057,332 shares of the company’s stock worth $18,916,000 after acquiring an additional 496,933 shares during the period. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Bally’s in the third quarter valued at about $7,326,000. King Street Capital Management L.P. acquired a new position in shares of Bally’s during the third quarter worth about $6,784,000. Finally, Nexpoint Asset Management L.P. raised its holdings in Bally’s by 88.3% during the fourth quarter. Nexpoint Asset Management L.P. now owns 808,337 shares of the company’s stock worth $14,461,000 after purchasing an additional 378,950 shares in the last quarter. Institutional investors and hedge funds own 70.41% of the company’s stock.

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.