Everi Holdings Inc., a technology solutions provider to the casino, interactive, and gaming industry, has recently seen an increase in shares owned by Clearbridge Investments LLC. The investment firm increased their holdings in Everi Holdings’ stock by 25.6% during Q4 of the fiscal year, according to a disclosure with the Securities & Exchange Commission. Clearbridge Investments now owns approximately 1.09% of Everi’s outstanding shares which are valued at $13.9 million as of May 26, 2023.
Everi Holdings operates through two primary segments: Games and Financial Technology Solutions (FinTech). The Games segment is focused on leased gaming equipment, sales of gaming equipment, ancillary products and services in addition to interactive solutions and gaming systems. The FinTech arm provides financial software services for various industries including casinos.
In further news surrounding Everi, it was disclosed that company executives have sold off significant amounts of company stock over the past few months. Executive Vice President David Lucchese sold 38,398 shares at an average price of $18.61 per share for a total transaction value of $714,586.78 on March 3rd alone. Following these sales Mr Lucchese presently holds 167,287 shares worth an estimated $3,113,211.07.
Additionally during the same period director Geoffrey P Judge sold six thousand shares for a total value of $111k while corporate insiders have executed sales totaling some 49k shares over the preceding quarter for just south of $1million equivalent summing up all these transactions.
For investors seeking growth opportunities within tech companies providing cutting-edge solutions to established markets such as the casino and financial sector respectively one should keep an eye on this rapidly maturing segment where margins are generally perceived to be higher due to relative barriers to entry based on licensing requirements inherent in specific jurisdictions in mature economies such as Japan or Western Europe.
Overall Everi Holdings, Inc. is a rapidly growing firm within the technology solutions space with significant potential for future growth within its chosen market segments as they continue to expand their footprint globally over time. While insiders may appear to be moving on from this company securing positions elsewhere, Everi and its unique offering compelling technology in stimulating environments are definitely worth watching closely during 2023 and beyond but one should always ask oneself question of valuations and level of any future promised growth versus near-term regulatory etc hurdles related uncertainty?
Institutional Investors and Hedge Funds Show Strong Support for Everi Holdings, Inc.
Institutional investors and hedge funds have made some key changes to their positions in Everi Holdings, Inc., a technology solutions provider for the casino, interactive, and gaming industry. BlackRock Inc. has recently increased its shares by 3.9% and now owns 6,105,613 shares valued at $99,034,000 after purchasing an additional 231,099 shares during the last quarter. Similarly, Thrivent Financial for Lutherans has increased its stake by 4.6%, owning 5,723,011 shares of the credit services provider’s stock worth $82,125,000 after purchasing an additional 250,666 shares during the last quarter.
Invesco Ltd. has also shown a strong interest in Everi with an increase of its holdings by 12.4% in the first quarter alone. It now owns 2,000,823 shares valued at $42,018,000 after buying an additional 220,937 shares during the last quarter. State Street Corp increased its number of holdings in Everi by 1.3% while Vaughan Nelson Investment Management L.P., via a significant rise of 2.2% in Q4 has further underlined their belief in Everi.
With such support from institutional investors and hedge funds it is clear that Everi is seen as an attractive investment option for those looking for value accounting to up to a total of nearly $300 million EUR between the larger investors only.
Everi operates through two main segments: Games and Financial Technology Solutions. The former concentrates on leased gaming equipment sales; gaming systems & interactive solutions along with relevant ancillary products and services with customers across North America; this being one namely the United States where casinos generate over $74 billion/USD of revenue on annual basis.
Despite having only just recently reported quarterly earnings results on May 10th which saw EPS of $0.39 beat analysts’ estimates by $0.14, resulting revenue for the quarter was at $200.47 million compared to a previously agreed upon consensus estimate of $189.43 million.
Everi Holdings, Inc., is traded on the NYSE under the ticker symbol EVRI where it opened on Friday May 26th at $14.38 with a market capitalization of $1.28 billion and boasts an impressive 55% return on equity and a net margin of 14%.
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