Stephen S. Thompson, who serves as Chief Administrative Officer at Boyd Gaming Corporation (NASDAQ: BYD), completed an insider sale of company stock on February 27, 2026. According to the filing, Thompson sold 19,530 shares of common stock, with the trades executed at prices ranging from $83.28 to $83.99, producing total proceeds of $1,632,512.
After recording the sale, Thompson's direct ownership in Boyd Gaming stands at 22,009 shares. In addition to those directly held shares, Thompson is reported to have an indirect interest in 47,125 shares maintained in trust.
The insider disposition occurs against a backdrop of notable recent developments at Boyd Gaming. The company reported fourth-quarter 2025 results that beat analyst expectations, posting earnings per share of $2.21 versus the $1.94 forecast and generating $1.1 billion in revenue for the quarter. In parallel, Boyd Gaming announced the sale of its Sam’s Town Shreveport property to Bally’s Corporation; the terms of that disposal were not disclosed.
Market valuation metrics cited alongside the insider activity show Boyd Gaming trading at a price-to-earnings ratio of 3.66. InvestingPro analysis included in the public record characterizes BYD as undervalued relative to its Fair Value and lists the company on InvestingPro’s Most Undervalued list, where users can consult a Pro Research Report for more detailed analysis.
On the analyst front, Stifel adjusted its view following the quarter, raising its price target on Boyd Gaming shares from $90 to $95 while maintaining a Hold rating.
Separately, company disclosures indicate that Stephen Thompson has announced his intention to retire by March 31, 2026, citing personal reasons. The retirement timeline and the insider stock sale together represent noteworthy governance and ownership developments for Boyd Gaming as the company closes out its financial reporting for 2025.
Context and implications
This filing documents a sizable insider sale in dollar terms and provides a snapshot of the executive's remaining holdings. The combination of an executive transition, an asset sale, and reported outperformance against quarterly expectations are discrete facts disclosed by the company and reflected in market commentary from third-party research services.
Readers seeking deeper valuation context are directed to the InvestingPro materials referenced in the public filings for the company, which have been noted as labeling the stock undervalued versus its assessed Fair Value.