In a recent move, Everi Holdings Inc.'s (NYSE:EVRI) EVP, FinTech Business Leader Darren Simmons engaged in significant stock transactions, according to the latest SEC filings. Simmons executed a sale of 45,000 shares of common stock on May 1, 2024, at an average price of $8.07, totaling approximately $363,150. The sales were conducted in multiple transactions ranging from $8.00 to $8.23 per share.
On the same day, Simmons also acquired the same number of shares through the exercise of options, at a price of $6.59 per share, amounting to a total transaction value of $296,550. These transactions were carried out under a 10b5-1 trading plan, which was previously adopted on September 15, 2023. The options were originally granted on May 2, 2014, and were set to expire on May 2, 2024.
Additionally, Simmons received 39,250 restricted stock units (RSUs), which represent the right to receive shares of Everi Holdings Inc. common stock in the future. These RSUs are scheduled to vest in equal installments on each of the first three anniversaries following the grant date of May 1, 2024.
Investors often monitor insider transactions such as these for insights into executive confidence and company performance. The sale and subsequent option exercise by Simmons reflect typical executive compensation and investment actions, and the structured nature of these transactions under a prearranged trading plan provides a systematic approach to stock dealings by company insiders.
InvestingPro Insights
Everi Holdings Inc. (NYSE:EVRI) has recently witnessed significant insider stock transactions by EVP, FinTech Business Leader Darren Simmons. While insider activity can offer a glimpse into the company's health and executive sentiment, it's also valuable to consider broader financial metrics and market performance for a more comprehensive analysis. Here are some current insights from InvestingPro that may be of interest to investors:
The company's aggressive share buyback strategy, as highlighted by an InvestingPro Tip, suggests management's confidence in the intrinsic value of the stock. This aligns with Simmons' recent stock transactions and may indicate a broader consensus among Everi's leadership regarding the company's potential for growth.
Everi's impressive gross profit margins, standing at a robust 80.04% for the last twelve months as of Q4 2023, reflect efficient operations and a strong market position. This is particularly relevant as gross profit margin is a key indicator of financial health and profitability.
InvestingPro's data also reveals a compelling valuation for Everi Holdings, with an adjusted P/E ratio of 7.28, which is lower than the industry average, suggesting that the stock might be undervalued. Additionally, the company's stock price has been volatile, with a 14.91% drop over the last month and a 29.04% decline over the last six months, potentially offering an attractive entry point for investors.
For those seeking more in-depth analysis, there are 13 additional InvestingPro Tips available, which can be accessed for Everi Holdings at: https://www.investing.com/pro/EVRI. Investors can also take advantage of a special offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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