Flutter Entertainment (NYSE:FLUT) Sees Unusually-High Trading Volume – What’s Next?

Flutter Entertainment PLC (NYSE:FLUT) saw an uptick in trading volume on Monday . 2,181,553 shares were traded during mid-day trading, a decline of 35% from the previous session’s volume of 3,346,714 shares.The stock last traded at $101.9760 and had previously closed at $101.78.

Wall Street Analyst Weigh In

Several research firms have recently commented on FLUT. BNP Paribas Exane assumed coverage on Flutter Entertainment in a research report on Thursday, May 14th. They set an “underperform” rating and a $80.00 price target for the company. Wedbush cut their price objective on Flutter Entertainment from $138.00 to $126.00 and set an “outperform” rating on the stock in a report on Thursday, August 6th. Benchmark decreased their target price on Flutter Entertainment from $132.00 to $113.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. Wells Fargo & Company lowered their target price on Flutter Entertainment from $137.00 to $112.00 and set an “equal weight” rating for the company in a report on Thursday, August 6th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Flutter Entertainment in a research report on Monday, August 24th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $159.12.

Flutter Entertainment Trading Up 0.3%

The company’s 50 day simple moving average is $102.50 and its 200 day simple moving average is $105.89. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a market cap of $17.71 billion, a price-to-earnings ratio of -23.73, a P/E/G ratio of 2.58 and a beta of 1.28.

Flutter Entertainment (NYSE:FLUT) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.05). Flutter Entertainment had a negative net margin of 4.39% and a positive return on equity of 7.27%. The company had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same quarter in the previous year, the business posted $2.95 earnings per share. The firm’s revenue was up 3.3% on a year-over-year basis. As a group, research analysts expect that Flutter Entertainment PLC will post 3.48 earnings per share for the current fiscal year.

Insider Transactions at Flutter Entertainment

In other news, CEO Jeremy Peter Jackson sold 2,112 shares of Flutter Entertainment stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $93.32, for a total value of $197,091.84. Following the completion of the transaction, the chief executive officer owned 72,214 shares in the company, valued at approximately $6,739,010.48. This trade represents a 2.84% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.13% of the stock is owned by corporate insiders.

Institutional Trading of Flutter Entertainment

Hedge funds have recently added to or reduced their stakes in the company. Parvus Asset Management Jersey Ltd acquired a new position in Flutter Entertainment during the 2nd quarter worth approximately $1,552,097,267. Cibc World Markets Corp acquired a new stake in shares of Flutter Entertainment in the 4th quarter valued at $1,678,841,000. Hsbc Holdings PLC raised its holdings in shares of Flutter Entertainment by 33,988.7% in the 1st quarter. Hsbc Holdings PLC now owns 5,605,543 shares of the company’s stock valued at $575,185,000 after purchasing an additional 5,589,099 shares in the last quarter. Capital International Investors lifted its position in shares of Flutter Entertainment by 146.8% during the 4th quarter. Capital International Investors now owns 8,039,066 shares of the company’s stock worth $1,728,772,000 after purchasing an additional 4,782,302 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Flutter Entertainment during the 4th quarter worth $694,009,000.

About Flutter Entertainment

Flutter Entertainment plc is a global sports betting and gaming company that operates a portfolio of consumer-facing brands and digital platforms. The company’s primary activities include online sports betting, casino gaming, poker, and daily fantasy sports, delivered through web and mobile applications as well as retail betting locations in select markets. Flutter focuses on product development, customer acquisition and engagement, and compliance with local gambling regulations across the jurisdictions where it operates.

Flutter’s brand portfolio includes well-known names in different regional markets, such as FanDuel in the United States, PokerStars, Betfair, Paddy Power and Sky Betting & Gaming in Europe and elsewhere.