Standard General L.P. Sells 2,400,000 Shares of Bally’s Corporation $BALY

Standard General L.P. reduced its position in shares of Bally’s Corporation (NYSE:BALY) by 6.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,359,744 shares of the company’s stock after selling 2,400,000 shares during the period. Bally’s comprises about 89.0% of Standard General L.P.’s investment portfolio, making the stock its largest holding. Standard General L.P. owned 67.91% of Bally’s worth $370,293,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. JPMorgan Chase & Co. acquired a new stake in Bally’s in the 2nd quarter valued at approximately $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Bally’s during the 2nd quarter worth approximately $38,000. Bank of America Corp DE boosted its position in Bally’s by 2,087.9% during the 2nd quarter. Bank of America Corp DE now owns 7,942 shares of the company’s stock worth $76,000 after acquiring an additional 7,579 shares during the last quarter. New York State Common Retirement Fund bought a new position in shares of Bally’s during the 2nd quarter worth approximately $97,000. Finally, Rhumbline Advisers grew its stake in shares of Bally’s by 9.9% during the 3rd quarter. Rhumbline Advisers now owns 10,160 shares of the company’s stock worth $113,000 after acquiring an additional 916 shares in the last quarter. 70.41% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Barclays set a $11.00 price objective on shares of Bally’s and gave the stock an “underweight” rating in a research report on Wednesday, December 17th. Truist Financial lifted their price target on shares of Bally’s from $13.00 to $18.00 and gave the company a “hold” rating in a research note on Friday, November 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of Bally’s in a research report on Tuesday, January 27th. Finally, Macquarie Infrastructure increased their price objective on shares of Bally’s from $12.00 to $17.00 and gave the stock a “neutral” rating in a research note on Friday, November 14th. Four research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $16.50.

Bally’s Trading Down 3.6%

Shares of Bally’s stock opened at $12.56 on Friday. The stock has a market cap of $617.55 million, a P/E ratio of -2.57 and a beta of 1.45. The company has a quick ratio of 0.66, a current ratio of 0.68 and a debt-to-equity ratio of 7.13. Bally’s Corporation has a 12-month low of $8.45 and a 12-month high of $20.74. The business’s 50 day moving average is $14.92 and its 200-day moving average is $14.77.

Bally’s Profile

Bally’s Corporation is an integrated entertainment company engaged in the ownership, development and operation of land‐based casinos, sports betting venues and online gaming platforms. The company leverages the iconic Bally’s brand under a long‐term license to provide gaming and hospitality services across multiple channels, including retail casinos, mobile sports wagering and interactive casino games.

The company’s portfolio spans gaming properties in key U.S. jurisdictions such as Rhode Island, Colorado, New Jersey, Mississippi, Iowa, Indiana, Pennsylvania and Nevada.