In a recent stock transaction, David W. Ruttenberg, a director at Accel Entertainment, Inc. (NYSE:ACEL), a $936 million market cap company with a solid financial health rating according to InvestingPro, sold a total of 25,000 shares of the company's Class A-1 common stock. The shares were sold on December 16, 2024, at a weighted average price, with transactions occurring between $11.395 and $11.69 per share. The total value of the sales amounted to $287,458. The stock, which typically exhibits low price volatility, currently trades at a P/E ratio of 22.3x.
The shares were sold under a Rule 10b5-1 trading plan, which was adopted by Ruttenberg on December 15, 2023. This plan allows insiders to set up a predetermined schedule for selling stocks, mitigating concerns of insider trading. The transactions involved shares held by the Crilly Court Trust and Grant Place Fund LLC, entities associated with Ruttenberg. Following these transactions, Ruttenberg holds 360,635 shares indirectly through the Crilly Court Trust and 500,526 shares through Grant Place Fund LLC. For deeper insights into ACEL's valuation and 7 additional key investment tips, visit InvestingPro.
In other recent news, Accel Entertainment has made significant strides in its growth trajectory. The gaming operator has completed the acquisition of a majority stake in two Louisiana-based gaming entities, Toucan Gaming, LLC and LSM Gaming, LLC, in a $40 million transaction. This acquisition is expected to generate about $25 million in revenue and $6 million in Adjusted EBITDA for the year 2025.
Accel Entertainment also reported a steady increase in its third-quarter results for 2024, with a revenue of $302 million and an adjusted EBITDA of $46 million, marking a year-over-year growth of 5.1% and 3.9% respectively. This growth has been attributed to strategic moves in Illinois and expansion into new markets, including Nebraska and the upcoming acquisition of Fairmont Park.
Furthermore, Accel Entertainment is actively repurchasing shares under a $200 million program and focusing on organic growth in Illinois, Nebraska, and Georgia. The company is also exploring M&A opportunities in the $15 billion local gaming market. These recent developments highlight Accel Entertainment's commitment to growth and shareholder returns.
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