Linster W. Fox, a director at Everi Holdings Inc. (NYSE:EVRI), a $1.16 billion market cap company with impressive gross profit margins of 80%, recently executed a significant stock transaction. On December 9, Fox sold 40,000 shares of Everi Holdings common stock, at a price range of $13.48 to $13.49 per share, amounting to a total of $539,200. This sale follows an earlier exercise of stock options, where Fox acquired 40,000 shares at a price of $1.57 per share, totaling $62,800. The transaction occurred as the stock trades near its 52-week high of $13.50, having gained over 68% in the past six months. Following these transactions, Fox no longer holds any shares directly under this specific transaction. For comprehensive insider trading analysis and additional insights, including 13 key ProTips about EVRI, visit InvestingPro.
In other recent news, Everi Holdings has announced significant executive transitions and key regulatory milestones in relation to its proposed merger with International Game Technology PLC (NYSE:IGT) and Apollo Global Management-affiliated entities. The company's Chief Financial Officer, Mark F. Labay, is set to become the Chief Integration Officer at Newco following the proposed transaction. The merger, which is expected to close by the end of the third quarter of 2025, will see Everi and IGT's Gaming & Digital business acquired by a new holding company owned by Apollo-affiliated funds.
The company's earnings and revenue have been a focus for analysts. B.Riley has maintained a Neutral rating on Everi, adjusting its EBITDA estimates for 2024 and 2025 to $325.4 million and $346.9 million, respectively. This adjustment is due to potential delays in product transitions within Everi's games business. Everi's stock rating was also downgraded by Stifel from Buy to Hold following the announcement of its acquisition by Apollo Global Management (NYSE:APO). Concurrently, Raymond (NS:RYMD) James adjusted Everi's stock rating from a 'Strong Buy' to a 'Market Perform' status.
In another significant development, Everi has successfully cleared a crucial regulatory hurdle under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, bringing the proposed transaction closer to completion. However, the completion of this strategic move is still subject to certain conditions, including obtaining necessary gaming and regulatory approvals. These are the recent developments in Everi Holdings' ongoing business activities.
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