Everi Holdings Inc. (NYSE:EVRI), a company specializing in miscellaneous amusement and recreation services, has recently reported insider transactions involving its EVP and CFO, Mark F. Labay. According to the latest filings, Labay sold shares of the company's common stock, resulting in a total transaction value of over $137,000.
On August 9, 2024, Labay sold a total of 10,645 shares at a price of $12.95 per share. This sale was part of a "sell to cover" transaction to satisfy tax withholding obligations connected to the vesting of performance stock units and restricted stock units. The transactions were executed in alignment with the company's quarterly open trading window and were deferred from their original vesting date due to the possession of material non-public information.
The sale of shares is a routine practice for executives to manage their stock-based compensation and tax liabilities. It should be noted that following these transactions, Labay still owns a significant number of shares in Everi Holdings, indicating a continued vested interest in the company's performance.
Everi Holdings Inc. has not released any official statement regarding these transactions, and it remains business as usual for the company and its operations. Investors and stakeholders in Everi Holdings continue to monitor insider transactions as they provide insights into executive confidence and company health.
For those interested in the company's stock performance and insider transactions, Everi Holdings trades under the ticker symbol NYSE:EVRI.
In other recent news, Everi Holdings Inc. has seen significant developments. The company's stock experienced a downgrade from Stifel from Buy to Hold, following the announcement of Everi's acquisition by Apollo Global Management (NYSE:APO). Similarly, Raymond James adjusted its rating on Everi Holdings stock from 'Strong Buy' to 'Market Perform' in light of the acquisition. Truist Securities also revised its outlook on Everi Holdings, reducing the price target to $10 from the previous $11, while maintaining a Hold rating on the stock.
Everi Holdings has also announced plans to merge with International Game Technology (NYSE:IGT)'s Global Gaming and Play Digital businesses, a process expected to be finalized between late 2024 and early 2025. This move is aimed at expanding market presence and enhancing product offerings. However, the company's first-quarter results showed a decrease in its Games segment, while its Fintech cash access services experienced growth. Adjusted EBITDA fell to $80.3 million from $92.5 million in the prior year's quarter. The company anticipates a return to growth in Fintech revenues and overall revenue growth in the second half of 2024. These are the recent developments concerning Everi Holdings.
InvestingPro Insights
Everi Holdings Inc. (NYSE:EVRI), while navigating the landscape of insider transactions, also presents an intriguing financial profile according to recent InvestingPro data. The company's market capitalization stands at $1.11 billion, reflecting its position in the industry. Notably, Everi boasts an impressive gross profit margin of 80.39% over the last twelve months as of Q2 2024, highlighting its ability to maintain profitability amidst various market conditions.
Investors tracking the company's stock performance will be interested to know that Everi has experienced a strong return over the last three months, with a total price return of 67.96%. This surge is also reflected in the one-month price total return of 50.23%, suggesting a recent bullish trend in the stock's trajectory. However, it's important to note that the stock's price volatility is high, as indicated by an InvestingPro Tip, which could mean greater risk or potential reward for investors.
For those considering investment strategies, two InvestingPro Tips for Everi Holdings are particularly relevant: the stock is currently trading at a high Price / Book multiple of 4.5, and the Relative Strength Index (RSI) suggests that the stock is in overbought territory. These insights can be crucial for investors looking to time their entry or exit in the stock market.
InvestingPro offers additional insights for Everi Holdings, including a total of 9 other InvestingPro Tips available at https://www.investing.com/pro/EVRI. These tips could further guide investors in making informed decisions regarding their investment in Everi Holdings.
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