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Why Is Bally's (BALY) Stock Soaring Today

StockStory - Mon Mar 11, 11:51AM CDT

BALY Cover Image

What Happened:

Shares of gaming, betting and entertainment company Bally's Corporation (NYSE:BALY) jumped 27.1% in the morning session after the company announced that hedge fund Standard General proposed acquiring all outstanding shares it doesn't already own for $15 each, representing a 41% premium to the closing price on March 8, 2024. Standard General is Bally's largest stockholder, with a 23% ownership. If it succeeds, Standard General plans to allow stockholders to roll over their shares into the equity of the post-closing company. The proposed transaction is subject to approval by Bally's Board of Directors.

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What is the market telling us:

Bally's's shares are very volatile and over the last year have had 38 moves greater than 5%. But moves this big are very rare even for Bally's and that is indicating to us that this news had a significant impact on the market's perception of the business.

Bally's is down 0.8% since the beginning of the year, and at $13.34 per share it is trading 31.7% below its 52-week high of $19.52 from March 2023. Investors who bought $1,000 worth of Bally's's shares at the IPO in March 2019 would now be looking at an investment worth $445.24.

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