EVRI, also known as Global Cash Access Holdings Inc (NYSE:EVRI), has reached a new 52-week high, with its stock price soaring to $13.49, marking an impressive 86.31% gain over the past six months. According to InvestingPro analysis, the company currently appears slightly overvalued relative to its Fair Value. This milestone reflects a significant uptrend in the company's market performance, underpinned by a robust 1-year change of 23.81%. Investors have shown increased confidence in EVRI's business model and growth prospects, propelling the stock to this new high. The company maintains impressive gross profit margins of 80.04%, though it trades at a relatively high P/E ratio of 87.4x. The company's strategic initiatives and operational advancements over the past year have played a crucial role in this achievement, marking a period of strong returns for shareholders. For deeper insights into EVRI's valuation and 12 additional ProTips, visit InvestingPro, where you'll find comprehensive research reports and detailed financial analysis.
In other recent news, Everi Holdings Inc. has announced a major regulatory milestone, successfully clearing a significant hurdle in its proposed transaction with International Game Technology PLC (NYSE:IGT) and entities managed by affiliates of Apollo Global Management (NYSE:APO), Inc. The Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) waiting period expired, bringing the deal one step closer to completion. The transaction involves the simultaneous acquisition of Everi and IGT’s Gaming & Digital business by a newly formed holding company owned by funds managed by affiliates of Apollo Global Management.
B.Riley has maintained a Neutral rating on Everi Holdings, adjusting its EBITDA estimates for 2024 and 2025 to $325.4 million and $346.9 million, respectively. This revision reflects a cautious stance due to potential delays in product transitions within Everi's games business, particularly in anticipation of Everi's upcoming merger with International Game Technology's games division. Everi's stock rating was downgraded by Stifel from Buy to Hold following the announcement of its acquisition by Apollo Global Management.
Raymond (NS:RYMD) James adjusted Everi's stock rating from a 'Strong Buy' to a 'Market Perform' status. Everi's first-quarter results revealed a decrease in its Games segment but growth in its Fintech cash access services, with adjusted EBITDA falling to $80.3 million. However, the company anticipates revenue growth and a return to growth in Fintech revenues in the second half of 2024. These are the recent developments for Everi Holdings.
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