Simcoe Capital Management LLC Invests $73.86 Million in Everi Holdings Inc. (NYSE:EVRI)

Simcoe Capital Management LLC purchased a new position in shares of Everi Holdings Inc. (NYSE:EVRI) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 4,306,880 shares of the credit services provider’s stock, valued at approximately $73,863,000. Everi comprises approximately 9.7% of Simcoe Capital Management LLC’s portfolio, making the stock its 4th largest holding. Simcoe Capital Management LLC owned about 4.84% of Everi at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Captrust Financial Advisors increased its holdings in Everi by 0.8% during the 2nd quarter. Captrust Financial Advisors now owns 66,624 shares of the credit services provider’s stock worth $1,087,000 after purchasing an additional 530 shares during the period. Barclays PLC lifted its stake in Everi by 1.7% in the fourth quarter. Barclays PLC now owns 37,565 shares of the credit services provider’s stock worth $538,000 after acquiring an additional 628 shares during the period. Federated Hermes Inc. grew its holdings in Everi by 42.9% during the 3rd quarter. Federated Hermes Inc. now owns 2,350 shares of the credit services provider’s stock worth $38,000 after acquiring an additional 706 shares in the last quarter. Thompson Siegel & Walmsley LLC increased its position in Everi by 9.4% during the 4th quarter. Thompson Siegel & Walmsley LLC now owns 10,158 shares of the credit services provider’s stock valued at $146,000 after purchasing an additional 877 shares during the period. Finally, Prelude Capital Management LLC lifted its position in shares of Everi by 9.0% in the 2nd quarter. Prelude Capital Management LLC now owns 11,169 shares of the credit services provider’s stock worth $182,000 after purchasing an additional 924 shares during the period. 87.83% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Everi

In related news, CEO Randy L. Taylor bought 5,000 shares of the stock in a transaction dated Tuesday, August 29th. The shares were purchased at an average price of $14.27 per share, for a total transaction of $71,350.00. Following the completion of the purchase, the chief executive officer now directly owns 522,622 shares of the company’s stock, valued at $7,457,815.94. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 5.70% of the stock is currently owned by insiders.

Everi Stock Performance

EVRI stock traded up $0.30 during midday trading on Tuesday, reaching $14.54. The stock had a trading volume of 297,599 shares, compared to its average volume of 770,777. The firm has a fifty day simple moving average of $14.28 and a two-hundred day simple moving average of $15.29. Everi Holdings Inc. has a 52-week low of $12.58 and a 52-week high of $19.85. The company has a debt-to-equity ratio of 4.01, a quick ratio of 0.97 and a current ratio of 1.13. The stock has a market cap of $1.28 billion, a PE ratio of 12.18 and a beta of 2.28.

Everi (NYSE:EVRI) last announced its quarterly earnings data on Tuesday, August 8th. The credit services provider reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.17. The firm had revenue of $208.72 million during the quarter, compared to analysts’ expectations of $207.65 million. Everi had a return on equity of 56.42% and a net margin of 13.67%. As a group, equities research analysts anticipate that Everi Holdings Inc. will post 1.15 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on EVRI. B. Riley cut their price objective on shares of Everi from $27.00 to $24.00 and set a “buy” rating on the stock in a report on Thursday, August 10th. Raymond James cut their target price on Everi from $25.00 to $20.00 and set a “strong-buy” rating on the stock in a research note on Thursday, August 10th. StockNews.com initiated coverage on shares of Everi in a research report on Thursday, August 17th. They set a “buy” rating for the company. Finally, Truist Financial lowered their target price on shares of Everi from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, August 10th. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Everi has an average rating of “Buy” and a consensus target price of $22.60.

Everi Company Profile

Everi Holdings Inc develops and supplies entertaining game content, gaming machines, and gaming systems and services for land-based and iGaming operators in the United States, Canada, Australia, the United Kingdom, Europe, the Caribbean, Central America, and Asia. It operates in two segments, Games and Financial Technology Solutions.