EVRI, also known as Global Cash Access Holdings Inc , has reached a new 52-week high, with its stock price soaring to $13.34. This milestone reflects a significant uptrend in the company's market performance, underpinned by a robust 1-year change of 18.72%. Investors have shown increased confidence in EVRI's business model and growth prospects, propelling the stock to this new high. The company's strategic initiatives and operational advancements over the past year have played a crucial role in driving the stock's value, rewarding shareholders with substantial gains.
In other recent news, Everi Holdings (NYSE:EVRI) has been in the spotlight due to several developments. The company has announced an upcoming merger with International Game Technology (NYSE:IGT)'s Global Gaming and Play Digital businesses, aiming to enhance product offerings and expand market presence. This merger has led B.Riley to revise its EBITDA projections for Everi, now set at $325.4 million for 2024 and $346.9 million for 2025, reflecting a cautious stance on the timeline for product transitions within the games business.
Additionally, Everi's stock rating has been adjusted by several firms. Stifel downgraded its rating from Buy to Hold, while Raymond James moved from a 'Strong Buy' to a 'Market Perform' status. Both adjustments follow the announcement of Everi's acquisition by Apollo Global Management (NYSE:APO) for $14.25 per share. Truist Securities also adjusted its outlook on Everi Holdings, reducing the price target to $10 from the previous $11, while maintaining a Hold rating on the stock.
In terms of financial performance, Everi's first-quarter results showed a decrease in its Games segment but growth in its Fintech cash access services. The company's adjusted EBITDA fell to $80.3 million from $92.5 million in the same quarter of the previous year. However, Everi anticipates revenue growth and a return to growth in Fintech revenues in the second half of 2024. These are among the recent developments for Everi Holdings.
InvestingPro Insights
EVRI's recent achievement of a new 52-week high is further supported by InvestingPro data, which reveals a strong 3-month price total return of 63.24% and a 6-month return of 50.68%. These figures underscore the stock's impressive momentum, aligning with the article's emphasis on EVRI's significant uptrend.
InvestingPro Tips highlight that EVRI is trading near its 52-week high, corroborating the article's main point. Additionally, the company boasts impressive gross profit margins, with InvestingPro data showing a gross profit margin of 80.39% for the last twelve months as of Q2 2024. This high profitability could be a key factor driving investor confidence and contributing to the stock's recent performance.
However, potential investors should note that according to another InvestingPro Tip, the stock's RSI suggests it may be in overbought territory. This information could be valuable for readers considering the timing of their investment decisions.
For a more comprehensive analysis, InvestingPro offers 7 additional tips on EVRI, providing deeper insights into the company's financial health and market position.
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