Should You be Confident in the Growth Prospectus of Everi Holdings (EVRI)?

Meridian Funds, managed by ArrowMark Partners, released its “Meridian Small Cap Growth Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. During the final months of the year, optimism prevailed due to news of reducing inflation and the potential for lower interest rates in 2024. The fund returned 13.64% (net) in the fourth quarter compared to the Russell 2000 Growth Index’s12.75% return. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Meridian Small Cap Growth Fund featured stocks like Everi Holdings Inc. (NYSE:EVRI) in the fourth quarter 2023 investor letter. Headquartered in Las Vegas, Nevada, Everi Holdings Inc. (NYSE:EVRI) provides technology solutions to the casino, interactive, and gaming industry. On March 27, 2024, Everi Holdings Inc. (NYSE:EVRI) stock closed at $9.55 per share. One-month return of Everi Holdings Inc. (NYSE:EVRI) was -15.34%, and its shares lost 43.52% of their value over the last 52 weeks. Everi Holdings Inc. (NYSE:EVRI) has a market capitalization of $800.086 million.

Meridian Small Cap Growth Fund stated the following regarding Everi Holdings Inc. (NYSE:EVRI) in its fourth quarter 2023 investor letter:

"Everi Holdings Inc. (NYSE:EVRI) is a gaming technology company with two primary segments: manufacturing of hardware, content, and games, and a financial technology business, which provides cash access, loyalty programs, and compliance services. The stock declined during the quarter as incremental market share gains stalled in anticipation of a new product cycle. We maintain a positive view of the company for the stability of its overall installed base and believe that the new product cycle, which includes seven new cabinets and 86 new game themes, can rejuvenate growth. In addition, the financial technology segment, in our view, is an underappreciated asset and continues to grow and generate significant cash flow. The company’s currently high free cash flow yield and management’s stock buyback program support our long-term confidence in the company, and we took advantage of price weakness during the quarter to add to our position."

Everi Holdings Inc. (NYSE:EVRI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Everi Holdings Inc. (NYSE:EVRI) was held by 31 hedge fund portfolios, compared to 26 in the previous quarter, according to our database.

We discussed Everi Holdings Inc. (NYSE:EVRI) in another article and shared ClearBridge Small Cap Value Strategy's views on the company. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.