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

Bally’s Co. (NYSE:BALY) shares hit a new 52-week high during trading on Monday . The company traded as high as $18.12 and last traded at $18.12, with a volume of 960 shares. The stock had previously closed at $17.78.

Analysts Set New Price Targets

BALY has been the subject of a number of recent research reports. Truist Financial reissued a “hold” rating and set a $18.25 price objective (up from $16.00) on shares of Bally’s in a report on Friday, July 26th. Jefferies Financial Group boosted their price objective on Bally’s from $13.00 to $17.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. TD Cowen reissued a “hold” rating and set a $18.25 price objective (up from $15.00) on shares of Bally’s in a report on Friday, July 26th. Stifel Nicolaus boosted their price objective on Bally’s from $14.00 to $18.25 and gave the stock a “hold” rating in a report on Thursday, August 1st. Finally, Wells Fargo & Company raised Bally’s from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $11.00 to $18.25 in a report on Monday, July 29th. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, Bally’s has an average rating of “Hold” and an average target price of $17.14.

Bally’s Trading Up 1.9 %

The company has a debt-to-equity ratio of 15.62, a current ratio of 0.56 and a quick ratio of 0.58. The firm has a fifty day moving average price of $17.44 and a 200-day moving average price of $15.24. The company has a market capitalization of $736.94 million, a P/E ratio of -1.18 and a beta of 2.07.

Hedge Funds Weigh In On Bally’s

Several institutional investors have recently bought and sold shares of the company. Vestcor Inc purchased a new position in Bally’s in the third quarter valued at approximately $1,725,000. Barclays PLC lifted its stake in Bally’s by 63.7% in the third quarter. Barclays PLC now owns 37,419 shares of the company’s stock valued at $645,000 after purchasing an additional 14,567 shares during the last quarter. Anson Funds Management LP purchased a new position in Bally’s in the third quarter valued at approximately $1,394,000. XTX Topco Ltd purchased a new position in Bally’s in the third quarter valued at approximately $381,000. Finally, Point72 DIFC Ltd purchased a new position in Bally’s in the third quarter valued at approximately $48,000. Hedge funds and other institutional investors own 70.41% of the company’s stock.

About Bally’s

Bally's Corporation operates as a casino-entertainment company. It owns and manages casinos across 10 states, a golf course in New York, a horse racetrack in Colorado, and has access to OSB licenses in 18 states. It also owns Bally's Interactive International, an online gaming operator; Bally Bet, a sports betting platform; and Bally Casino, an iCasino platform.