Contrarius Investment Management has recently announced that it has increased stake in Bally’s Corporation (NYSE:BALY) by 1,556.85%. After grabbing 2.27 million shares, the institutional investor is now in possession of 2.14 million shares of the Consumer Cyclical Company. The new investment brought the stake of investor firm to 4.81% having worth around $44.04 million. Moreover, Vaughan Nelson Investment Managem increased its share by 28355.0 to have a control over 1.2 million shares.
Bally’s Corporation (BALY) concluded trading on 01/18/23 at a closing price of $19.68, with 0.2 million shares of worth about $3.86 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -9.02% during that period and on Wednesday the price saw a loss of about -3.58%. Currently the company’s common shares owned by public are about 57.02M shares, out of which, 38.45M shares are available for trading.
A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 9 analysts are covering the BALY stock and their offered price forecasts bring an average price target of $25.63. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $33.00 and could fall to a lowest price of $22.00. The stock’s current price level is 23.19% above of average price target set by the analysts, while a rise to estimated low would result in gain of 10.55% for the stock. However, touching the estimated high of $33.00 would mean a gain of 40.36% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 16 times over the past 12 months. They bought 51,939 shares in 9 of the transactions. In 7 selling transactions, insiders dumped 869,298 shares.
Vanguard Total Stock Market Index, iShares Russell 2000 ETF, and iShares Russell 2000 Value ETF are the top 3 mutual funds which are holding stakes in Bally’s Corporation Vanguard Total Stock Market Index is currently holding 0.84 million shares of worth totaling $16.37 million. The company recently came buying 0.0 shares which brought its stake up to 1.79% of the company’s outstanding shares. iShares Russell 2000 ETF sold 8418.0 shares, after which its hold over company’s outstanding shares shrunk to 1.70%, leaving 0.81 million shares with the mutual fund that have a worth of about $15.6 million. iShares Russell 2000 Value ETF, after selling 0.37 million shares, have now control over 0.79% of the stake in the company. It holds 2409.0 shares of worth $7.24 million.
Bally’s Corporation (NYSE: BALY) started trading at $20.62, above $0.21 from concluding price of the previous day. However, the stock later moved at a day high price of 21.18, or with a loss of -3.58%. Stock saw a price change of -3.29% in past 5 days and over the past one month there was a price change of -8.97%. Year-to-date (YTD), BALY shares are showing a performance of 1.55% which decreased to -41.53% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $17.54 but also hit the highest price of $37.21 during that period. The average intraday trading volume for Bally’s Corporation shares is 253.68K. The stock is currently trading -0.67% below its 20-day simple moving average (SMA20), while that difference is down -10.36% for SMA50 and it goes to -15.98% lower than SMA200.
Contrarius Investment Management acquired 2.27 million shares of Bally’s Corporation having value of about $44.04 million. Data submitted at the U.S SEC by Contrarius Investment Management revealed that the firm now holds 2.14 million shares in the company valued at close to $42025104.96, or have control over 1,556.85% stake in the company. Bally’s Corporation (NYSE: BALY) currently have 57.02M outstanding shares and institutions hold larger chunk of about 72.50% of that. Holding of mutual funds in the company is about 37.79% while other institutional holders and individual stake holders have control over 56.98% and 14.16% of the stake respectively.
The stock has a current market capitalization of $954.68M and its 3Y-monthly beta is at 1.97. It has posted earnings per share of -$0.84 in the same period. It has Quick Ratio of 0.60 while making debt-to-equity ratio of 3.14. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for BALY, volatility over the week remained 4.05% while standing at 5.05% over the month.
Analysts are in expectations that Bally’s Corporation (BALY) stock would likely to be making an EPS of $0.29 in the current quarter, while forecast for next quarter EPS is $0.08 and it is $0.1 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.08 which is $0.46 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$0.3 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -381.10% while it is estimated to decrease by -103.80% in next year.
Analysts at 9 brokerage firms have issued recommendations for the Bally’s Corporation (BALY)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.70. Out of those 9 Wall Street analysts, 3 recommended a “Buy” rating, while 6 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Stifel on November 02, 2022 offering a Hold rating for the stock and assigned a target price range of between $28 and $25 to it. Coverage by Deutsche Bank stated Bally’s Corporation (BALY) stock as a Hold in their note to investors on October 06, 2022, suggesting a price target of $23 for the stock. Stock get a Sector weight rating from KeyBanc Capital Markets on March 03, 2022.