Golden Entertainment (NASDAQ:GDEN) Trading Down 7.5% After Insider Selling

Shares of Golden Entertainment, Inc. (NASDAQ:GDEN) fell 7.5% during trading on Monday after an insider sold shares in the company. The stock traded as low as $29.03 and last traded at $29.03. 74,543 shares were traded during mid-day trading, a decline of 65% from the average session volume of 214,071 shares. The stock had previously closed at $31.37.

Specifically, Director Mark A. Lipparelli sold 773 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $33.32, for a total value of $25,756.36. Following the completion of the sale, the director now owns 82,740 shares of the company’s stock, valued at $2,756,896.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Wall Street Analyst Weigh In

A number of brokerages have commented on GDEN. JMP Securities reduced their price objective on Golden Entertainment from $39.00 to $36.00 and set a “market outperform” rating for the company in a research note on Friday, August 9th. Truist Financial dropped their target price on Golden Entertainment from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Friday, August 9th. StockNews.com lowered Golden Entertainment from a “buy” rating to a “hold” rating in a report on Wednesday, July 24th. Macquarie dropped their target price on Golden Entertainment from $44.00 to $41.00 and set an “outperform” rating on the stock in a report on Friday, August 9th. Finally, B. Riley dropped their target price on Golden Entertainment from $44.00 to $40.00 and set a “buy” rating on the stock in a report on Monday. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $38.20.

Golden Entertainment Stock Performance

The stock has a market capitalization of $840.39 million, a P/E ratio of 3.13 and a beta of 2.23. The company has a 50 day simple moving average of $31.05 and a 200-day simple moving average of $31.68. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.77 and a quick ratio of 0.73.

Golden Entertainment (NASDAQ:GDEN) last issued its earnings results on Thursday, August 8th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.06). The firm had revenue of $167.33 million during the quarter, compared to the consensus estimate of $176.34 million. Golden Entertainment had a net margin of 33.07% and a negative return on equity of 0.33%. On average, equities analysts forecast that Golden Entertainment, Inc. will post 0.25 EPS for the current year.

Golden Entertainment Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 2nd. Stockholders of record on Tuesday, September 17th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.44%. The ex-dividend date of this dividend is Tuesday, September 17th. Golden Entertainment’s dividend payout ratio (DPR) is presently 10.79%.

Hedge Funds Weigh In On Golden Entertainment

Several hedge funds have recently made changes to their positions in GDEN. Innealta Capital LLC purchased a new position in shares of Golden Entertainment in the second quarter valued at $34,000. nVerses Capital LLC purchased a new position in shares of Golden Entertainment in the second quarter valued at $37,000. Quarry LP purchased a new position in shares of Golden Entertainment in the second quarter valued at $52,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Golden Entertainment in the second quarter valued at $54,000. Finally, Ashton Thomas Private Wealth LLC purchased a new position in shares of Golden Entertainment in the second quarter valued at $89,000. 70.73% of the stock is currently owned by hedge funds and other institutional investors.

Golden Entertainment Company Profile

Golden Entertainment, Inc owns and operates a diversified entertainment platform in the United States. The company operates through four segments; Nevada Casino Resorts, Nevada Locals Casinos, Nevada Taverns, and Distributed Gaming. It also operates casino, casino resorts, and taverns; and slot machines in third party non-casino locations.