Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Bally’s Corporation shares valued at $10,736,805 were sold by Standard General L.P. on Dec 07. At $22.60 per share, Standard General L.P. sold 475,000 shares. The insider’s holdings dropped to 10,589,849 shares worth approximately $211.16 million following the completion of this transaction.
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Also, CRISAFULLI MARC A sold 20,363 shares, netting a total of over 447,986 in proceeds. Following the sale of shares at $22.00 each, the insider now holds 40,896 shares.
As published in a research note from Stifel on November 02, 2022, Bally’s Corporation [BALY] has been rated down from a Buy to a Hold and the price target has been revised to $25 from $28. This represents a 20.24% premium over Wednesday’s closing price. Analysts at Deutsche Bank started covering the stock with ‘”a Hold”‘ outlook in a report released in early October. As of June 29, 2022, Barclays has initiated its “an Equal weight” rating for BALY. Earlier on June 28, 2022, JMP Securities initiated its rating. Their recommendation was “a Mkt perform” for BALY stock.
Analyzing BALY Stock Performance
On Wednesday, Bally’s Corporation [NYSE: BALY] rose 0.40% to $19.94. The stock’s lowest price that day was $19.385, but it reached a high of $20.245 in the same session. During the last five days, there has been a surge of approximately 0.20%. Over the course of the year, Bally’s Corporation shares have jumped approximately 2.89%. Shares of the company reached a 52-week high of $21.45 on 01/12/23 and a 52-week low of $18.10 on 01/03/23. A 50-day SMA is recorded $20.14, while a 200-day SMA reached $22.24. Nevertheless, trading volume fell to 0.59 million shares from 0.37 million shares the previous day.
Support And Resistance Levels for Bally’s Corporation (BALY)
According to the 24-hour chart, there is a support level at 19.47, which, if violated, would cause prices to drop to 19.00. In the upper region, resistance lies at 20.33. The next price resistance is at 20.72. RSI (Relative Strength Index) is 48.29 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.12, which suggests the price will decrease in the coming days. Percent R is at 54.00%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Bally’s Corporation subject to short interest?
Stocks of Bally’s Corporation saw a sharp rise in short interest on Jan 30, 2023 jumping by 0.28 million shares to 2.04 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 1.76 million shares. A jump of 13.73% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 7.83 of the overall float, the days-to-cover ratio (short ratio) jumped to 7.83.
Which companies own the most shares of Bally’s Corporation (BALY)?
According to Standard General LP filings, the company currently owns 10,589,849 shares, which is about 22.41% of the total BALY shares outstanding. The investor’s shares have plunged by -475,000 from its previous 13-F filing of 11064849.0 shares. With the completion of the sale transaction, HG Vora Capital Management LLC’s stake is now worth $64,577,500. BlackRock Fund Advisors reduced a -7.01% interest valued at $41.59 million while Contrarius Investment Management sold a -516,480 stake. A total of -5,358 shares of Bally’s Corporation were sold by The Vanguard Group, Inc. during the quarter, and 66,840 were bought by Vaughan Nelson Investment Managem. In its current portfolio, TFG Asset Management UK LLP holds 936,884 shares valued at $18.62 million.
In terms of Bally’s Corporation share price expectations, FactSet research, analysts set an average price target of $25.00 in the next 12 months, up nearly 18.33% from the previous closing price of $19.86. Analysts anticipate Bally’s Corporation stock to reach $33.00 by 2023, with the lowest price target being $20.00. In spite of this, 9 analysts ranked Bally’s Corporation stock as an Overweight at the end of 2023.