Director of Golden Entertainment sells more than $346k in company stock Via Investing.com
Golden Entertainment, Inc. (NASDAQ:) director Mark A. Lipparelli recently sold a total of 10,773 shares of the company’s common stock, a transaction worth $346,856. The sale took place on two consecutive days, the first on September 19, 2024, involving 773 shares at an average price of $33.32, and the second on September 20, 2024, of 10,000 shares at an average price of $32.11.
Shares traded at prices ranging from $32.00 to $33.37, as reported in SEC filings. These footnotes also indicate that the prices given are approximate estimates, and that actual sales have occurred in most transactions within the specified price ranges.
After this transaction, Lipparelli’s direct ownership in Golden Entertainment stands at 72,740 shares. Recent insider sales may be of interest to current and potential investors as they monitor stock performance and assess the company’s financial health and internal confidence.
Golden Entertainment, based in Las Vegas, Nevada, operates in the field of entertainment and entertainment, providing a wide range of services and entertainment options. The company has a history of name changes, previously known as Lakes Entertainment Inc and Lakes Gaming Inc.
In other recent news, Golden Entertainment reported mixed results for its Q2 2024 earnings. The company posted revenue of $167 million and EBITDA of $41 million, with a slight dip in net asset income and consolidated EBITDA. However, STRAT, a key location, generated record hotel revenue for the quarter. Challenges have been noted in the company’s operations in Laughlin and Nevada Locals Casino, while optimism surrounds its tavern business and upcoming events.
The company has successfully repaid more than $750 million in debt since the start of 2021, and its net profit is currently less than 2x. Golden Entertainment is also planning a share buyback and expects profits from the F1 event among other strategic plans. Despite declining revenue and EBITDA at Laughlin and Nevada Locals Casinos, the company’s bar business saw a 3% increase in revenue due to the acquisition of six new taverns.
Recent developments include efforts to improve weekday occupancy, which remains approximately 18% below 2019 levels, and the expectation of increased visitors to STRAT in the fall with Atomic Golf. Interest in the Belle property has been welcomed, as it continues to explore non-gaming opportunities. Despite losing its previous occupancy rates and facing challenges with lower segment customer engagement, the company continues to focus on strategic initiatives aimed at improving direct bookings and weekday stays.
InvestingPro Insights
Golden Entertainment, Inc. (NASDAQ:GDEN) recently saw some notable insider activity, which may provide some valuable strategies for investors. To better understand the company’s financial context relative to this transaction, InvestingPro data provides an overview of Golden Entertainment’s current market position. The company has a market capitalization of $891.06 million, a low P/E ratio of 3.33, and a price-to-book ratio of 1.65 from the trailing twelve months leading to Q2 2024. These metrics may suggest that the stock is trading. at a rate that would be attractive to inform investors.
However, it is important to consider that analysts expect a decrease in sales in the current year, with revenue growth reported at -26.14% over the past twelve months from Q2 2024. This corresponds to a significant drop in quarterly revenue of -41.63% Q2 2024. Despite these challenges, Golden Entertainment was able to maintain a gross profit margin of 47.72%, which shows the company’s ability to maintain a large portion of sales as gross profit.
InvestingPro Tips highlights that Golden Entertainment’s share price movements have been highly volatile, which may be a point of concern for risk-averse investors. In addition, the company’s short-term liabilities exceed its liquid assets, which may indicate potential liquidity risk. Nevertheless, it is worth noting that analysts predict that the company will be profitable this year, and it has been profitable for the past twelve months. For those who take a deeper look at the company’s performance and future outlook, InvestingPro offers additional tips, with 9 tips currently available on the platform at .
As investors consider the implications of a company’s internal operations and financial data, this information can help make informed investment decisions. Golden Entertainment’s next earnings report is expected on October 31, 2024, which will be an important date for investors to watch.
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