Daniel R. Lee, the President and CEO of Full House Resorts Inc . (NASDAQ:FLL), recently engaged in multiple transactions involving the company's stock, according to the latest SEC filings. The executive sold shares totaling over $48,000, with prices ranging from $5.0015 to $5.0418.
The sales were executed under a Rule 10b5-1 trading plan, which allows insiders to set up a predetermined plan to sell stocks at a specific time or price, offering protection against accusations of insider trading. This plan was adopted by Lee on June 11, 2024.
On September 26, Lee sold 652 shares at weighted average prices between $5.00 and $5.01, as detailed in the footnotes of the filing. The following day, he sold an additional 7,277 shares with prices ranging from $5.00 to $5.105. The final sale took place on September 30, where 1,675 shares were sold at weighted average prices between $5.00 and $5.03. The total value of the shares sold by Lee amounted to approximately $48,338.
In addition to the sales, the CEO also acquired shares through the exercise of employee stock options at a price of $1.25 per share. On September 26, 652 shares were acquired, followed by 7,277 shares on September 27, and 1,675 shares on September 30. The total value for these transactions was $12,005.
Investors often monitor insider transactions as they can provide insights into executives' confidence in the company's future performance. The sale of a significant amount of stock by a high-ranking executive like Lee may attract the attention of current and potential shareholders.
Full House Resorts Inc. operates in the hospitality and gaming industry, with properties across the United States. The company is incorporated in Delaware and has its executive offices in Las Vegas, Nevada.
In other recent news, Full House Resorts, Inc. is making significant strategic moves. The company has agreed to sell Stockman's Casino in Fallon, Nevada, to Clarity Game LLC for approximately $9.2 million. The sale, which is part of the company's shift in focus to larger properties, is expected to close by late September 2024.
In addition to this, Full House Resorts reported positive EBITDA and significant growth at its Chamonix property for the second quarter of 2024. The company also announced plans for the American Place project, with construction expected to begin in August 2025. This project, estimated to cost around $325 million, is set to be financed by issuing new bonds.
Despite a lawsuit from the Potawatomi tribe potentially impacting the timeline of the American Place project, Full House Resorts remains optimistic about the long-term success of its Chamonix casino. These recent developments highlight the company's commitment to growth and strategic financial planning.
InvestingPro Insights
To provide additional context to Daniel R. Lee's recent stock transactions, let's examine some key financial metrics and insights from InvestingPro for Full House Resorts Inc. (NASDAQ:FLL).
According to InvestingPro data, Full House Resorts has a market capitalization of $174.35 million USD, with its stock price closing at $5 as of the previous trading session. The company has shown significant revenue growth, with a 47.08% increase in the last twelve months as of Q2 2024, reaching $274.99 million USD. This aligns with an InvestingPro Tip indicating that analysts anticipate sales growth in the current year.
However, despite the revenue growth, Full House Resorts faces some financial challenges. An InvestingPro Tip highlights that the company operates with a significant debt burden, which could explain why Lee might be selling shares to diversify his personal portfolio. Additionally, the company is not profitable over the last twelve months, with a negative P/E ratio of -6.26, suggesting ongoing profitability concerns.
The stock's volatility, as noted in another InvestingPro Tip, is reflected in its price movements. While the 1-year price total return stands at 17.56%, the year-to-date return is -6.52%, indicating recent downward pressure on the stock price.
For investors seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for Full House Resorts, providing a deeper understanding of the company's financial health and market position.
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