Alpine Associates Management Inc. Takes $26.67 Million Position in Bally's Co. (NYSE:BALY)

Alpine Associates Management Inc. acquired a new stake in Bally's Co. (NYSE:BALY - Free Report) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,545,783 shares of the company's stock, valued at approximately $26,665,000. Bally's comprises approximately 1.2% of Alpine Associates Management Inc.'s investment portfolio, making the stock its 22nd biggest position. Alpine Associates Management Inc. owned about 3.80% of Bally's as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BALY. SG Americas Securities LLC bought a new stake in Bally's during the 3rd quarter worth approximately $153,000. Quest Partners LLC acquired a new stake in shares of Bally's during the second quarter worth $131,000. Pekin Hardy Strauss Inc. bought a new stake in Bally's in the 2nd quarter valued at $217,000. Price T Rowe Associates Inc. MD boosted its stake in Bally's by 7.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 20,132 shares of the company's stock worth $281,000 after purchasing an additional 1,394 shares during the period. Finally, PEAK6 Investments LLC boosted its stake in Bally's by 20.2% in the 1st quarter. PEAK6 Investments LLC now owns 26,478 shares of the company's stock worth $369,000 after purchasing an additional 4,446 shares during the period. Institutional investors own 70.41% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. TD Cowen reaffirmed a "hold" rating and set a $18.25 price objective (up from $15.00) on shares of Bally's in a research report on Friday, July 26th. Truist Financial restated a "hold" rating and set a $18.25 price objective (up previously from $16.00) on shares of Bally's in a report on Friday, July 26th. Stifel Nicolaus increased their price target on Bally's from $14.00 to $18.25 and gave the stock a "hold" rating in a research report on Thursday, August 1st. Wells Fargo & Company raised shares of Bally's from an "underweight" rating to an "equal weight" rating and upped their price target for the stock from $11.00 to $18.25 in a report on Monday, July 29th. Finally, Barclays upped their price target on Bally's from $10.00 to $18.00 and gave the company an "equal weight" rating in a research report on Thursday, August 1st. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, Bally's currently has a consensus rating of "Hold" and a consensus price target of $17.14.

Bally's Stock Performance

Bally's stock traded down $0.03 during mid-day trading on Wednesday, reaching $17.83. The company's stock had a trading volume of 120,713 shares, compared to its average volume of 469,066. Bally's Co. has a 12-month low of $9.74 and a 12-month high of $18.00. The firm's fifty day moving average price is $17.46 and its two-hundred day moving average price is $15.31. 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 company has a market capitalization of $725.15 million, a P/E ratio of -1.19 and a beta of 2.07.

Bally's Profile

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.