David Lucchese, Executive Vice President of Sales and Marketing at Everi Holdings Inc. (NYSE:EVRI), recently sold a significant portion of the company's stock. According to a filing with the Securities and Exchange Commission, Lucchese sold a total of 45,476 shares on December 9. The timing is notable as the stock trades near its 52-week high, having surged 68% over the past six months. According to InvestingPro analysis, the stock is currently trading slightly above its Fair Value. The shares were sold at a weighted average price of approximately $13.48, amounting to a total transaction value of $613,016.
Following these transactions, Lucchese retains ownership of 542,928 shares in Everi Holdings. The shares sold were related to vested performance and restricted stock units originally granted in 2019 and 2020. This activity highlights a notable movement in insider transactions for the gaming technology provider.
In other recent news, Everi Holdings Inc. is undergoing significant changes. The company's Chief Financial Officer, Mark F. Labay, is set to become the Chief Integration Officer at Newco, a move associated with Everi's impending merger with International Game Technology PLC (NYSE:IGT) and Apollo Global Management-affiliated entities. The proposed transaction has cleared a crucial regulatory hurdle, advancing the deal further.
Everi's earnings and revenue have been in the spotlight. B.Riley has retained a Neutral rating on Everi, revising its EBITDA estimates for 2024 and 2025 to $325.4 million and $346.9 million, respectively. The company's Q1 results revealed a downturn in its Games segment, but growth in its Fintech cash access services, with adjusted EBITDA dropping to $80.3 million.
Several analysts have adjusted their ratings for Everi following the announcement of its acquisition. Stifel downgraded Everi's stock from Buy to Hold, while Raymond (NS:RYMD) James lowered Everi's stock rating from a 'Strong Buy' to a 'Market Perform' status. These are among the recent developments for Everi Holdings.
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