Everi Holdings Inc. (NYSE:EVRI) has reported that its EVP, FinTech Business Leader, Darren Simmons, has sold a total of $62,681 worth of company stock. The transactions occurred on two separate dates, with shares sold at prices ranging from $7.32 to $7.37.
According to the latest filings, Simmons disposed of 1,619 shares on May 20 at an average price of $7.32 per share. The following day, an additional 6,897 shares were sold at an average price of $7.37 each. These sales were part of a "sell to cover" transaction mandated by the company's policy to satisfy tax withholding obligations upon the settlement of restricted and performance stock units.
Simmons' sales follow the vesting of performance stock units related to the achievement of certain criteria and the third anniversary following the date of grant on May 19, 2021. Alongside these sales, Simmons also acquired 28,197 shares of common stock related to performance stock units and 6,566 shares from the settlement of restricted stock units, both at no cost, as indicated in the filings.
After the reported transactions, Simmons still holds a significant number of shares in the company, with ownership of 190,425 shares of common stock following the sales.
Investors often monitor insider transactions as they can provide insights into executives' perspectives on the company's performance and value. Everi Holdings Inc., based in Las Vegas, operates within the miscellaneous amusement and recreation services industry, offering a range of products and services from gaming solutions to financial technology.
InvestingPro Insights
Amid the insider trading activity by Everi Holdings Inc.'s (NYSE:EVRI) EVP, Darren Simmons, the company's financial health and market performance present an interesting landscape for investors. With a market capitalization of $623 million and a trailing twelve-month P/E ratio of 8.87, EVRI shows a valuation that could catch the eye of value investors. Notably, the company's impressive gross profit margin of over 80% for the last twelve months as of Q1 2024, as reported by InvestingPro, indicates a strong ability to control costs and generate revenue efficiently.
One of the InvestingPro Tips highlights that management has been aggressively buying back shares, which often signals confidence in the company's future prospects. Additionally, the stock's price movements have been quite volatile, with the price having fallen significantly over the last year, trading near its 52-week low. This could represent a potential opportunity for investors looking for undervalued stocks or those seeking to capitalize on market fluctuations.
For those interested in further insights and tips, InvestingPro offers a total of 15 additional tips for EVRI, which could help investors make more informed decisions. Subscribers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing even more value to those looking to deepen their investment analysis.
Finally, it's worth noting that analysts predict the company will be profitable this year, and it has been profitable over the last twelve months. This, coupled with the high shareholder yield and strong free cash flow yield implied by the valuation, according to InvestingPro, could suggest that Everi Holdings Inc. is an interesting stock to watch in the near term.
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