Geoffrey P. Judge, a director at Everi Holdings Inc. (NYSE:EVRI), recently executed a series of stock transactions as reported in a recent SEC filing. On November 15, Judge sold 16,000 shares of Everi Holdings common stock, fetching a total of $213,920. The shares were sold at a weighted average price of $13.37, with individual transaction prices ranging from $13.36 to $13.42.
In addition to the sale, Judge also exercised stock options to acquire 16,000 shares at $7.74 per share, amounting to a total value of $123,840. These transactions were made under a pre-established 10b5-1 trading plan adopted on August 16, 2024, for options originally granted in April 2015. Following these transactions, Judge holds 91,572 shares of Everi Holdings common stock.
In other recent news, Everi Holdings has been a focal point of several key developments. The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) estimates for 2024 and 2025 have been revised by B.Riley, with projections now set at $325.4 million for 2024 and $346.9 million for 2025, a decrease from previous forecasts. This adjustment reflects a cautious outlook due to potential delays in product transitions within Everi's games business, particularly in light of the company's upcoming merger with International Game Technology's (NYSE:IGT) games division.
Everi's stock rating has also been downgraded by Stifel from Buy to Hold following the announcement of its acquisition by Apollo Global Management (NYSE:APO) for $14.25 per share. This acquisition is expected to provide a timely return for most shareholders. Concurrently, Everi has announced plans to merge with IGT's Global Gaming and Play Digital businesses, a move aimed at enhancing product offerings and expanding market presence.
Raymond (NS:RYMD) James has also adjusted Everi's stock rating, changing it from a 'Strong Buy' to a 'Market Perform' status. Despite a decrease in its Games segment and a fall in adjusted EBITDA to $80.3 million from $92.5 million in the same quarter of the previous year, the company anticipates revenue growth and a return to growth in Fintech revenues in the second half of 2024. These are the recent developments concerning Everi Holdings.
InvestingPro Insights
The recent transactions by Everi Holdings Inc. (NYSE:EVRI) director Geoffrey P. Judge align with several key insights from InvestingPro. The company's stock is currently trading near its 52-week high, with a substantial price uptick of 77.79% over the last six months. This positive momentum is reflected in Judge's decision to exercise options and sell shares, potentially capitalizing on the stock's strong performance.
InvestingPro data shows that Everi Holdings has a market capitalization of $1.15 billion and is trading at a P/E ratio of 50.11 (adjusted for the last twelve months as of Q3 2024). This relatively high earnings multiple suggests investors are pricing in future growth expectations, which may have influenced Judge's trading decisions.
Two relevant InvestingPro Tips for Everi Holdings are its impressive gross profit margins and the valuation implying a strong free cash flow yield. The company boasts a gross profit margin of 80.04% for the last twelve months, indicating efficient cost management and potentially strong pricing power in its market segment.
These insights provide context to Judge's transactions and the company's financial position. InvestingPro offers 10 additional tips for Everi Holdings, providing investors with a more comprehensive view of the company's prospects and potential risks.
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