Transaction overview
Josh Hirsberg, who serves as both Chief Financial Officer and Treasurer of Boyd Gaming Corp., sold 23,924 shares of the company’s common stock on February 26, 2026, generating proceeds of $2,054,114. The shares were sold at prices ranging between $85.17 and $86.19 per share.
Option exercise preceding the sale
The sale followed the exercise of 23,924 employee stock options at an exercise price of $17.75 per share. The aggregate exercise cost for those options was $424,651.
Post-transaction holdings
After completing the option exercise and the subsequent sale of the newly issued shares, Hirsberg directly holds 435,746 shares of Boyd Gaming common stock. In addition to his direct holdings, Hirsberg indirectly owns 20,500 shares through a spouse.
Valuation and market context
The transaction takes place while Boyd Gaming trades at a price-to-earnings ratio of 3.66. Analysis from InvestingPro, as cited in company reporting, indicates the stock appears undervalued at current levels. Over the trailing 12 months, Boyd Gaming has returned 9% to shareholders and reported gross profit margins of 59%.
Additional InvestingPro insights
InvestingPro provides further guidance specific to Boyd Gaming, noting 10 additional tips that include commentary on potential share buybacks and dividend growth.
Recent corporate results and developments
Boyd Gaming released fourth-quarter 2025 financial results showing earnings per share of $2.21, exceeding analyst expectations of $1.94. The company reported record quarterly revenues of $1.1 billion.
Separately, Boyd Gaming announced the sale of Sam’s Town Shreveport to Bally’s Corporation; the company did not disclose the financial terms of that transaction.
On the analyst front, Stifel increased its price target for Boyd Gaming to $95 from $90 while maintaining a Hold rating, citing the company’s strong operational performance despite existing challenges.
Leadership change
Boyd Gaming also disclosed that its chief administrative officer, Stephen Thompson, plans to retire effective March 31, 2026. Thompson has served in the role since December 2023. The company stated the retirement is for personal reasons and is not related to any disagreement with the company.
What this means
The insider transaction, the most recent quarterly results, the asset sale with undisclosed terms, analyst target changes, and a scheduled executive retirement together represent a cluster of developments that investors and market observers can monitor as they assess Boyd Gaming’s near-term trajectory. Each item is factual and reported by the company; interpretation of future impact is outside the scope of this factual account.