Bally's (NYSE:BALY) Reaches New 52-Week High - Still a Buy?

Bally's Co. (NYSE:BALY - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $18.12 and last traded at $18.12, with a volume of 960 shares trading hands. The stock had previously closed at $17.78.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Truist Financial reissued a "hold" rating and set a $18.25 target price (up previously from $16.00) on shares of Bally's in a report on Friday, July 26th. Jefferies Financial Group raised their target price on Bally's from $13.00 to $17.00 and gave the company a "buy" rating in a research note on Friday, August 2nd. TD Cowen reiterated a "hold" rating and issued a $18.25 price target (up from $15.00) on shares of Bally's in a research report on Friday, July 26th. Wells Fargo & Company upgraded shares of Bally's from an "underweight" rating to an "equal weight" rating and raised their price objective for the company from $11.00 to $18.25 in a research report on Monday, July 29th. Finally, Stifel Nicolaus boosted their target price on shares of Bally's from $14.00 to $18.25 and gave the stock a "hold" rating in a report on Thursday, August 1st. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $17.14.

Bally's Stock Performance

The firm's 50-day moving average price is $17.44 and its two-hundred day moving average price is $15.24. The company has a quick ratio of 0.58, a current ratio of 0.56 and a debt-to-equity ratio of 15.62. The firm has a market capitalization of $723.93 million, a PE ratio of -1.20 and a beta of 2.07.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of BALY. Vanguard Group Inc. grew its stake in Bally's by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 1,715,327 shares of the company's stock valued at $23,912,000 after acquiring an additional 44,460 shares in the last quarter. Alpine Associates Management Inc. purchased a new position in Bally's during the third quarter valued at approximately $26,665,000. Alden Global Capital LLC increased its stake in Bally's by 63.6% in the 2nd quarter. Alden Global Capital LLC now owns 1,425,886 shares of the company's stock valued at $17,068,000 after buying an additional 554,263 shares during the period. Citigroup Inc. increased its stake in Bally's by 8.8% in the 3rd quarter. Citigroup Inc. now owns 442,400 shares of the company's stock valued at $7,631,000 after buying an additional 35,901 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Bally's in the 3rd quarter worth approximately $7,326,000. 70.41% of the stock is owned by institutional investors and hedge funds.

Bally's Company 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.