Derek Harmer, the Secretary of Accel Entertainment, Inc. (NYSE:ACEL), disclosed a significant stock sale in a recent SEC filing. On December 16, Harmer sold 10,000 shares of Accel Entertainment's Class A-1 Common Stock at an average price of $11.70 per share, totaling $117,000. The stock, currently trading at $11.35, shows potential upside according to InvestingPro Fair Value estimates, with analyst targets ranging from $14 to $15 per share.
In addition to the sale, Harmer executed several transactions involving the acquisition and disposition of shares. On December 14 and 16, he acquired a total of 3,868 shares through the vesting of Restricted Stock Units (RSUs) at no cost. However, he also disposed of 1,135 shares on these dates to cover tax obligations, with transaction prices ranging from $11.41 to $11.77 per share, totaling approximately $13,145.
Following these transactions, Harmer holds 199,413 shares of Accel Entertainment.
In other recent news, Accel Entertainment, a distributed gaming operator, has made significant strides in its expansion strategy. The company recently completed the acquisition of a majority stake in two Louisiana-based gaming entities, Toucan Gaming and LSM Gaming, for $40 million. This strategic move is expected to generate around $25 million in revenue and $6 million in Adjusted EBITDA by 2025. With this acquisition, Accel Entertainment is adding 13 truck stop locations with 450 gaming terminals and 60 locations with three machines each, totaling 180 terminals, to its portfolio.
Furthermore, Accel Entertainment reported steady growth in its third-quarter results for 2024, with revenue of $302 million and an adjusted EBITDA of $46 million, marking year-over-year growth of 5.1% and 3.9%, respectively. This performance reflects the company's strategic moves in Illinois, its largest market, and expansion into new markets such as Nebraska.
In addition to these developments, Accel Entertainment is also advancing with the acquisition of Fairmont Park, which includes a sports betting license and plans for a casino. This aligns with the company's focus on organic growth in Illinois, Nebraska, and Georgia, as well as exploring M&A opportunities in the local gaming market. These recent developments signify Accel Entertainment's commitment to growth and shareholder returns.
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