In a recent transaction, Randy L. Taylor, President and CEO of Everi Holdings Inc. (NYSE:), sold shares of the company’s stock, totaling over $219,000. The sales occurred on May 14, 2024, with the share prices ranging from $7.61 to $7.73.
The transactions involved the disposal of 6,680 shares at $7.62 each, 13,192 shares at $7.61 each, and 8,841 shares at $7.73 each. Following these sales, Taylor’s direct ownership in the company now stands at 585,281 shares of common stock.
Prior to the sales, Taylor acquired shares through the settlement of restricted stock units (RSUs), a form of stock-based compensation. The acquired shares were part of an award intended to vest over time, as per the company’s incentive plans. The RSUs were settled on May 10, 2024, aligning with the company’s quarterly open trading window.
The filings indicate that the sales were conducted to cover tax withholding obligations related to the settlement of the RSUs, following Everi Holdings Inc.’s policy of a “sell to cover” transaction. This policy is commonly used by companies to facilitate the payment of taxes due on the vesting of equity compensation.
Investors often monitor insider transactions such as these for insights into executives’ perspectives on their company’s stock. However, it is important to note that such transactions can be motivated by various personal financial considerations and do not necessarily reflect a change in company outlook.
Everi Holdings Inc., headquartered in Las Vegas, Nevada, operates within the miscellaneous amusement and recreation services industry and is known for providing entertainment and technology solutions for the casino gaming industry.
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InvestingPro Insights
Everi Holdings Inc. (NYSE:EVRI) has been navigating a challenging market environment, as reflected in the recent insider transactions by CEO Randy L. Taylor. Amidst this backdrop, InvestingPro data and tips shed light on the company’s current financial health and market sentiment.
InvestingPro data indicates that Everi Holdings has a market capitalization of approximately $639.82 million, with a price-to-earnings (P/E) ratio of 10.84, which adjusts to a lower 9.07 when looking at the last twelve months as of Q1 2024. This suggests a valuation that may be appealing to value-oriented investors. The company’s gross profit margin stands strong at 80.22%, highlighting its ability to retain a significant portion of revenue after accounting for the cost of goods sold over the same period.
However, the company’s stock has experienced significant volatility and has been trading near its 52-week low, with a price 47.26% of the high. The one-year price total return as of Y2024.D136 is -50.03%, indicating that the stock has faced considerable downward pressure.
Two InvestingPro Tips that are particularly relevant to Everi Holdings at this time are:
- Management has been aggressively buying back shares, which can be a sign of confidence in the company’s future prospects and potentially undervalued stock.
- The stock’s RSI suggests it is in oversold territory, which could interest investors looking for potential buying opportunities in stocks that may be due for a rebound.
For investors seeking more comprehensive analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/EVRI. With insights such as the recent earnings revisions by analysts and the company’s profitability predictions, these tips can provide a more nuanced understanding of Everi Holdings Inc.
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