Everi Holdings EVP sells shares worth $982,500 By Investing.com

Everi Holdings Inc. (NYSE:) executive Darren Simmons, serving as the EVP, FinTech Business Leader, has recently sold shares in the company. On September 10, Simmons sold 75,000 shares of common stock at a weighted average price ranging from $13.09 to $13.12, with the total sale amounting to $982,500.

The sale was executed as part of a series of transactions involving stock options that were set to expire within the next eight months. These options were originally granted on April 22, 2015, and were due to expire on April 22, 2025. The transactions reflect Simmons’ decision to exercise his options and subsequently sell the equivalent number of shares.

Following the sale, Simmons still holds a substantial number of shares in Everi Holdings Inc., with 190,425 shares remaining in his possession. The company, known for its involvement in the miscellaneous amusement and recreation services industry, has its headquarters in Las Vegas, Nevada.

Investors and followers of Everi Holdings Inc. may be interested in these transactions as they provide insights into executive movements within the company. It’s worth noting that the transactions were reported in compliance with SEC regulations, ensuring transparency for shareholders and the investing public.

In other recent news, Everi Holdings has been a focus in the gaming industry due to several key developments. Everi’s anticipated merger with International Game Technology (NYSE:)’s Global Gaming and Play Digital businesses is expected to enhance product offerings and expand market presence. B.Riley has adjusted its EBITDA estimates for Everi, citing potential customer delays due to the impending merger. The firm forecasts EBITDA of $325.4 million and $346.9 million for 2024 and 2025 respectively, a decrease from previous projections, but predicts positive growth by the fourth quarter of 2024, partly driven by Everi’s entry into the Video Lottery Terminal market.

The company’s stock rating has seen adjustments from various firms following the announcement of its acquisition by Apollo Global Management (NYSE:). Stifel downgraded Everi from Buy to Hold, while Raymond James moved from a ‘Strong Buy’ to a ‘Market Perform’ status. Despite these downgrades, Truist Securities maintained a Hold rating, albeit with a reduced price target.

Everi’s first-quarter results showed growth in its Fintech cash access services despite a decrease in its Games segment. The company reported an adjusted EBITDA of $80.3 million, down 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 developments highlight the evolving landscape for Everi Holdings in the gaming industry.

InvestingPro Insights

Amidst executive Darren Simmons’ recent share sale, Everi Holdings Inc. (NYSE:EVRI) has demonstrated a strong financial performance in certain areas. According to InvestingPro data, the company’s gross profit margin for the last twelve months as of Q2 2024 stands at an impressive 80.39%, reflecting its ability to maintain profitability. This aligns with one of the InvestingPro Tips highlighting the company’s impressive gross profit margins.

InvestingPro data also reveals that Everi Holdings has experienced a robust three-month price total return of 56.63%, signaling a significant investor confidence and a positive market response. This supports another InvestingPro Tip pointing out the stock’s strong return over the last three months.

However, the company’s stock price movements have been quite volatile, as indicated by an InvestingPro Tip, and the current P/E ratio of 26.31 suggests a premium valuation compared to industry peers. The stock’s Price / Book multiple is also on the higher side at 4.55, as per the last twelve months as of Q2 2024. These metrics suggest that while the company is currently profitable, with a positive outlook for the year, investors may need to consider the stock’s valuation and volatility when making investment decisions.

For readers looking to delve deeper into Everi Holdings Inc., there are additional InvestingPro Tips available that provide further insights into the company’s financial health and stock performance. To explore these tips and gain a comprehensive understanding of EVRI’s investment potential, visit https://www.investing.com/pro/EVRI.

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