Flutter Entertainment (NYSE:FLUT) Trading Down 5% – Here’s Why

Shares of Flutter Entertainment PLC (NYSE:FLUT) dropped 5% on Thursday . The stock traded as low as $92.97 and last traded at $92.6710. 1,833,781 shares were traded during mid-day trading, a decline of 44% from the average daily volume of 3,302,720 shares. The stock had previously closed at $97.56.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on FLUT shares. Wall Street Zen lowered shares of Flutter Entertainment from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Truist Financial reduced their price target on shares of Flutter Entertainment from $130.00 to $120.00 and set a “buy” rating for the company in a research note on Wednesday, August 5th. BTIG Research decreased their price objective on shares of Flutter Entertainment from $120.00 to $113.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Wells Fargo & Company decreased their price objective on shares of 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, Freedom Capital upgraded shares of Flutter Entertainment to a “hold” rating in a research note on Monday, June 22nd. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $156.88.

Flutter Entertainment Trading Down 3.3%

The business has a fifty day moving average of $100.78 and a 200-day moving average of $103.18. The stock has a market capitalization of $15.53 billion, a price-to-earnings ratio of -20.81, a price-to-earnings-growth ratio of 2.34 and a beta of 1.26. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.89 and a quick ratio of 0.89.

Flutter Entertainment (NYSE:FLUT) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.49 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.05). Flutter Entertainment had a positive return on equity of 7.27% and a negative net margin of 4.39%.The business had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter last year, the firm posted $2.95 earnings per share. Flutter Entertainment’s revenue was up 3.3% compared to the same quarter last year. On average, equities analysts anticipate that Flutter Entertainment PLC will post 3.48 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Flutter Entertainment news, insider Don H. Liu sold 565 shares of Flutter Entertainment stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $97.86, for a total value of $55,290.90. Following the transaction, the insider owned 20,441 shares in the company, valued at approximately $2,000,356.26. The trade was a 2.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO James Bishop sold 741 shares of the company’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $97.86, for a total value of $72,514.26. Following the completion of the transaction, the chief operating officer directly owned 16,864 shares in the company, valued at $1,650,311.04. This represents a 4.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 6,681 shares of company stock worth $644,214. Company insiders own 0.13% of the company’s stock.

Institutional Investors Weigh In On Flutter Entertainment

Several large investors have recently modified their holdings of FLUT. IFP Advisors Inc lifted its holdings in shares of Flutter Entertainment by 93.8% during the fourth quarter. IFP Advisors Inc now owns 186 shares of the company’s stock valued at $40,000 after purchasing an additional 90 shares during the last quarter. LM Advisors LLC acquired a new stake in Flutter Entertainment during the 4th quarter worth about $46,000. EverSource Wealth Advisors LLC lifted its stake in Flutter Entertainment by 78.5% during the fourth quarter. EverSource Wealth Advisors LLC now owns 357 shares of the company’s stock valued at $77,000 after buying an additional 157 shares in the last quarter. Parallel Advisors LLC boosted its holdings in shares of Flutter Entertainment by 489.7% in the first quarter. Parallel Advisors LLC now owns 460 shares of the company’s stock worth $47,000 after buying an additional 382 shares during the period. Finally, Covestor Ltd increased its position in shares of Flutter Entertainment by 558.7% in the fourth quarter. Covestor Ltd now owns 494 shares of the company’s stock worth $106,000 after acquiring an additional 419 shares in the last quarter.

About Flutter Entertainment

Flutter Entertainment plc is a global sports betting and online gaming company headquartered in Dublin, Ireland. The company provides customers with sports wagering, casino, poker, bingo and other gaming products through digital platforms, retail betting shops and other distribution channels.

Flutter’s portfolio includes brands such as FanDuel in the United States, Paddy Power and Betfair in the United Kingdom and Ireland, PokerStars internationally, Sky Betting & Gaming, Sisal and tombola.