In a recent move that caught the attention of investors, David Lucchese, the Executive Vice President of Sales and Marketing at Everi Holdings Inc. (NYSE:EVRI), sold a total of $58,766 worth of company stock. The transactions, which occurred on August 13th and 15th, involved the sale of common stock at a price of $12.99 per share.
On August 13th, Lucchese sold 4,124 shares, followed by an additional 400 shares on August 15th. These sales were part of a series of transactions that also included the acquisition of shares through the exercise of options at a price of $3.29 per share. The total amount acquired through these option exercises amounted to $14,883.
The options exercised by Lucchese were originally granted on March 8, 2017, and vested over a period of four years. The latest Form 4 filing with the Securities and Exchange Commission details these transactions, providing transparency into the trading activities of the company's executives.
Investors often monitor insider transactions as they can provide insights into executives' perspectives on the company's current valuation and future prospects. Lucchese's recent stock sales may thus be of interest to those following Everi Holdings Inc., a company known for its involvement in the amusement and recreation services industry.
Everi Holdings Inc. remains a key player in its sector, and its stock performance continues to be a point of analysis for investors and market watchers alike. The detailed transactions can be reviewed in the company's latest SEC filings.
In other recent news, Everi Holdings has been the subject of several recent analyst ratings changes and merger announcements. Stifel downgraded the company's stock from Buy to Hold, following the announcement of Apollo Global Management (NYSE:APO)'s acquisition of Everi at $14.25 per share. This move was echoed by Raymond James, which also downgraded Everi's stock from a 'Strong Buy' to a 'Market Perform' status. Truist Securities, on the other hand, maintained its Hold rating but reduced the price target to $10 from the previous $11.
These changes come amidst Everi's announcement of plans to merge with International Game Technology (NYSE:IGT)'s Global Gaming and Play Digital businesses. This merger, expected to be finalized between late 2024 and early 2025, aims to enhance product offerings and expand market presence. Despite the potential for earnings risks due to M&A-related disruptions and slower-than-expected product rollouts, Everi's Fintech cash access services have shown growth.
Everi's first-quarter results revealed a dip in its Games segment, with adjusted EBITDA falling to $80.3 million from $92.5 million in the prior year's quarter. However, the company anticipates revenue growth and a return to growth in Fintech revenues in the second half of 2024. These recent developments highlight the evolving landscape for Everi Holdings as it navigates through significant acquisitions and mergers.
InvestingPro Insights
In light of the recent insider transactions at Everi Holdings Inc. (NYSE:EVRI), investors are keenly observing the company's financial health and stock performance metrics. The InvestingPro Data reveals a solid gross profit margin of 80.39% for the last twelve months as of Q2 2024, which underscores the company's ability to maintain profitability in its operations. Additionally, Everi's market capitalization stands at approximately $1.1 billion, with a Price/Earnings (P/E) ratio of 26, which adjusts to 21.11 when looking at the last twelve months, indicating how the market values its earnings.
Two notable InvestingPro Tips for Everi Holdings Inc. are the stock's high price volatility and the strong returns it has generated over the last three months, with a 73.19% price total return. These tips suggest that while the stock may present opportunities for significant gains, investors should be aware of the potential risks associated with such fluctuations. For those interested in a deeper analysis, there are additional tips available on InvestingPro, including insights on the company's valuation multiples and profitability forecasts for the year.
It is also worth noting that analysts predict the company will be profitable this year, as reflected in the positive earnings per share figures, with basic EPS from continuing operations at $0.50. Despite recent revenue declines, Everi's strong profit margins and positive returns may indicate resilience and potential for future growth. Investors can find further details and a total of 9 additional InvestingPro Tips for Everi Holdings Inc. at InvestingPro.
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