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Boyd Stock Fails to Keep This Top Insider in the Game

Story Highlights

With the stock down almost 7% so far this year, a reduction of stake by top insiders indicates further pain for BYD stock.

In a recent filing with the Securities Exchange Commission (SEC), William R. Boyd, a top shareholder of Boyd Gaming Corporation (NYSE: BYD), revealed that he has reduced his holdings in the company.

Shares of the Paradise, NV-based gaming and hospitality company rose marginally to close at $60.43 on Tuesday.

Details of the Sale

On June 6, Boyd, who is the Vice-President and Director of Boyd Gaming, sold 70,000 shares of the company at an average price of $59.25 for about $4.15 million. He now owns 1,986,522 shares of the company worth $117.70 million.

Three weeks ago, he sold shares of the company worth about $1.10 million.

Other Transactions

On May 25, Marianne Johnson, the Co-Executive Chair and Director of the company, sold 64,690 shares at an average price of $54.95 for a total value of roughly $3.55 million. On May 26, she sold 35,075 shares at an average price of $58.79. Post these transactions, Johnson now holds 42,548 shares of the company.

Insider Activity on TipRanks

TipRanks’ Insider Trading Activity tool shows that confidence in BYD is currently Very Negative based on informative transactions by five insiders over the past three months. Corporate Insiders have bought shares worth $10.9 million over this period.

Stock Rating

Overall, the Street is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on five Buys and two Holds. BYD’s average price target of $92 implies that the stock has upside potential of 52.2% from current levels. Shares have declined 5.6% over the past year.

Conclusion

Key insiders reducing their stakes in the company projects that they are apprehensive about the future prospects of Boyd Gaming.

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