Bally’s (NYSE:BALY) Reaches New 1-Year 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 trading hands. The stock had previously closed at $17.30.

Analysts Set New Price Targets

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

Bally’s Trading Up 6.6 %

The company has a current ratio of 0.56, a quick ratio of 0.54 and a debt-to-equity ratio of 15.62. The business has a 50 day moving average price of $17.02 and a 200-day moving average price of $17.35. The company has a market cap of $749.90 million, a P/E ratio of -1.22 and a beta of 2.05.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Longfellow Investment Management Co. LLC bought a new position in shares of Bally’s during the 3rd quarter worth approximately $38,000. Point72 DIFC Ltd acquired a new stake in Bally’s during the 3rd quarter valued at $48,000. BNP Paribas Financial Markets bought a new position in Bally’s during the fourth quarter worth $58,000. SG Americas Securities LLC increased its holdings in shares of Bally’s by 7.0% in the fourth quarter. SG Americas Securities LLC now owns 9,493 shares of the company’s stock valued at $170,000 after purchasing an additional 624 shares during the last quarter. Finally, Intech Investment Management LLC bought a new position in shares of Bally’s in the fourth quarter valued at about $196,000. 70.41% of the stock is currently 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.