Everi (EVRI) Faced Headwinds from Weaker Than Expected Product Cycle

ClearBridge Investments, an investment management company, released its “ClearBridge Small Cap Value Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed the benchmark Russell 2000 Value Index in the fourth quarter. The strategy generated gains across eight of the 11 sectors in which it was invested during the quarter, on an absolute basis. Overall sector allocation and stock selection effects detracted from the performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.

ClearBridge Small Cap Value Strategy 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 13, 2024, Everi Holdings Inc. (NYSE:EVRI) stock closed at $9.04 per share. One-month return of Everi Holdings Inc. (NYSE:EVRI) was -18.26%, and its shares lost 46.76% of their value over the last 52 weeks. Everi Holdings Inc. (NYSE:EVRI) has a market capitalization of $757.359 million.

ClearBridge Small Cap Value Strategy stated the following regarding Everi Holdings Inc. (NYSE:EVRI) in its fourth quarter 2023 investor letter:

“Everi Holdings Inc. (NYSE:EVRI), which provides casino games, cash access and customer relationship technologies to the gaming industry, also faced headwinds from a weaker than anticipated product cycle leading to lower third-quarter revenues. However, we believe these product cycle challenges are not atypical for the company periodically and are confident that management can successfully navigate the near-term environment to generate attractive long-term returns.”

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 the list of best gambling stocks to buy. 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.