Bally’s (NYSE:BALY) Sees Unusually-High Trading Volume – Still a Buy?

Bally’s Co. (NYSE:BALY) saw strong trading volume on Wednesday . 481,497 shares changed hands during trading, an increase of 82% from the previous session’s volume of 264,858 shares.The stock last traded at $17.98 and had previously closed at $17.93.

Bally’s Stock Up 0.4 %

The company has a market cap of $732.01 million, a P/E ratio of -1.20 and a beta of 2.04. The stock has a 50-day moving average of $17.76 and a two-hundred day moving average of $16.67. The company has a debt-to-equity ratio of 15.62, a quick ratio of 0.54 and a current ratio of 0.56.

Institutional Investors Weigh In On Bally’s

A number of institutional investors have recently made changes to their positions in BALY. Alpine Associates Management Inc. bought a new position in shares of Bally’s in the third quarter worth approximately $26,665,000. Alden Global Capital LLC increased its position in shares of Bally’s by 63.6% in the second quarter. Alden Global Capital LLC now owns 1,425,886 shares of the company’s stock valued at $17,068,000 after acquiring an additional 554,263 shares during the period. Citigroup Inc. raised its stake in shares of Bally’s by 8.8% during the third quarter. Citigroup Inc. now owns 442,400 shares of the company’s stock valued at $7,631,000 after acquiring an additional 35,901 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Bally’s in the third quarter worth about $7,326,000. Finally, King Street Capital Management L.P. bought a new stake in shares of Bally’s in the third quarter worth about $6,784,000. Hedge funds and other institutional investors own 70.41% of the company’s stock.

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.