Accel Entertainment, Inc. (NYSE:) Secretary Derek Harmer disclosed a significant stock sale in a recent SEC filing. On December 16, Harmer sold 10,000 shares of Accel Entertainment Class A-1 common stock at an average price of $11.70 per share, for a total of $117,000. The stock, currently trading at $11.35, has upside potential according to InvestPro 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 free vesting of restricted stock units (RSUs). However, he also disposed of 1,135 shares on those dates to cover his tax obligations, with trading prices ranging from $11.41 to $11.77 per share, for a total of approximately $13,145.
As a result of these transactions, Harmer owns 199,413 shares of Accel Entertainment.
Separately, Accel Entertainment, a distributed gaming operator, has made significant progress 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 approximately $25 million in revenue and $6 million in adjusted EBITDA by 2025. With this acquisition, Accel Entertainment adds 13 truck stops with 450 gaming terminals and 60 locations with three machines each, totaling 180 terminals in its portfolio.
Additionally, Accel Entertainment reported steady growth in its third quarter 2024 results, with revenue of $302 million and adjusted EBITDA of $46 million, representing year-over-year growth. 5.1% and 3.9%, respectively. This performance reflects the company’s strategic focus in Illinois, its largest market, and its expansion into new markets such as Nebraska.
In addition to these developments, Accel Entertainment is also moving forward with the acquisition of Fairmont Park, which includes a sports betting license and casino projects. 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 demonstrate Accel Entertainment’s commitment to growth and shareholder returns.
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