LAS VEGAS—Darren Simmons, the Executive Vice President and FinTech Business Leader at Everi Holdings Inc. (NYSE:EVRI), recently sold a significant portion of his holdings in the company. According to a Form 4 filing with the Securities and Exchange Commission, Simmons sold a total of 49,000 shares of Everi Holdings common stock on December 12, 2024. The timing is notable as the stock trades near its 52-week high of $13.50, having surged approximately 65% over the past six months. InvestingPro data shows the company maintains impressive gross profit margins of 80%. The shares were sold at a weighted average price of approximately $13.46, resulting in a total transaction value of about $673,000.
Following these transactions, Simmons retains ownership of 140,425 shares in the company. The sales involved shares acquired through vested Performance Stock Units originally granted in May 2020 and May 2021.
In other recent news, Everi Holdings announced significant executive transitions and progress in its pending merger with International Game Technology PLC (NYSE:IGT) and Apollo Global Management-affiliated entities. Everi's Chief Financial Officer, Mark F. Labay, is set to become Chief Integration Officer at Newco following the proposed transaction. The merger will result in a new holding company housing three business units: Gaming, Digital, and FinTech. Hector Fernandez is expected to lead as CEO of the new entity, with interim CEO duties falling to Nick Khin, President of Global Gaming at IGT, until the appointment.
Everi has also cleared a key regulatory milestone, the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) waiting period, moving the deal closer to completion. However, the completion of this strategic move is still subject to certain conditions, including obtaining necessary gaming and regulatory approvals.
In terms of earnings and revenue, Everi's first-quarter results revealed a decrease in its Games segment but growth in its Fintech cash access services, with adjusted EBITDA falling to $80.3 million. B.Riley maintained a Neutral rating on Everi, adjusting its EBITDA estimates for 2024 and 2025 due to potential delays in product transitions within Everi's games business.
Finally, Everi's stock rating underwent changes with Stifel downgrading it from Buy to Hold following the acquisition announcement, and Raymond (NS:RYMD) James adjusting the rating from a 'Strong Buy' to a 'Market Perform' status. These are the recent developments for Everi Holdings.
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