In a recent move, David Lucchese, the Executive Vice President of Sales and Marketing at Everi Holdings Inc. (NYSE:EVRI), has sold a portion of his company stock, generating over $23,000 in proceeds. The transactions, which took place on May 14, 2024, involved the sale of Everi Holdings common stock at prices ranging from $7.63 to $7.73 per share.
The recent filings with the Securities and Exchange Commission (SEC) show that Lucchese sold a total of 3,024 shares of Everi Holdings. Specifically, he sold 1,792 shares at $7.63 each and another 1,232 shares at $7.73 each, totaling approximately $23,196. This sale was part of a "sell to cover" transaction related to the settlement of restricted stock units (RSUs) and was conducted to satisfy the statutory tax obligations associated with the settlement.
In addition to the sales, the SEC filing also revealed that Lucchese acquired 7,200 and 5,000 shares of common stock on May 10, 2024, through the exercise of equivalent numbers of RSUs, with each unit representing a contingent right to receive one share of common stock. These transactions were non-monetary as they pertained to previously awarded RSUs that vested. Following these acquisitions, Lucchese's direct ownership in the company increased, reflecting a total of 343,870 shares of Everi Holdings common stock.
Everi Holdings Inc., with its trading symbol EVRI, is known for providing entertainment and technology solutions for the casino gaming industry. The executive's stock transactions come as part of standard practices for corporate insiders, often related to vesting schedules and tax obligations.
Investors and market watchers frequently monitor insider transactions as they can provide insights into executives' perspectives on the company's stock value. However, such transactions are regularly scheduled events and may not always signal a change in company outlook.
For those interested in Everi Holdings Inc.'s stock performance and insider trading activities, the SEC filings provide a detailed and transparent record of such transactions, ensuring that investors have access to the same information as market regulators.
InvestingPro Insights
Amidst the insider trading activities by Everi Holdings Inc.'s executive David Lucchese, investors might find it valuable to consider the broader financial context of the company. With a current market capitalization of $639.82 million, Everi Holdings Inc. (NYSE:EVRI) presents a notable case for analysis. The company's P/E ratio stands at a moderate 10.84, with an adjusted P/E ratio for the last twelve months as of Q1 2024 at an even lower 9.07, hinting at a potentially undervalued stock in comparison to earnings.
One of the InvestingPro Tips highlights that Everi's management has been aggressively buying back shares, which can be a sign of confidence in the company's value and future prospects. Additionally, the company boasts an impressive gross profit margin of 80.22% for the last twelve months as of Q1 2024, which is indicative of strong operational efficiency. This is particularly relevant to investors as gross profit margins can reflect a company's ability to manage its cost of goods sold and sustain profitability.
For those considering Everi's stock, it's worth noting that the company's share price has seen significant volatility recently, with a one-month total return decrease of -17.48% and a one-year total return of -50.03%. However, this could also represent a potential buying opportunity, as the stock is currently trading near its 52-week low, with the price at the previous close standing at $7.71.
For further insights and analysis, there are an additional 12 InvestingPro Tips available for Everi Holdings Inc. at https://www.investing.com/pro/EVRI. Investors can also benefit from an additional 10% off a yearly or biyearly Pro and Pro+ subscription with the coupon code PRONEWS24.
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