Short Interest in Flutter Entertainment PLC (NYSE:FLUT) Declines By 27.4%

Flutter Entertainment PLC (NYSE:FLUT) was the recipient of a large decline in short interest in the month of February. As of February 27th, there was short interest totaling 9,052,256 shares, a decline of 27.4% from the February 12th total of 12,469,256 shares. Currently, 5.2% of the shares of the company are sold short. Based on an average daily volume of 6,395,129 shares, the short-interest ratio is currently 1.4 days. Based on an average daily volume of 6,395,129 shares, the short-interest ratio is currently 1.4 days. Currently, 5.2% of the shares of the company are sold short.

Analysts Set New Price Targets

A number of research analysts have issued reports on FLUT shares. Wells Fargo & Company reiterated an “equal weight” rating and set a $228.00 price target (down from $248.00) on shares of Flutter Entertainment in a research report on Wednesday, January 14th. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $170.00 price objective on shares of Flutter Entertainment in a report on Friday, February 6th. HSBC upgraded shares of Flutter Entertainment from a “hold” rating to a “buy” rating and decreased their target price for the company from $265.00 to $228.00 in a research report on Monday, November 24th. Benchmark lowered their target price on shares of Flutter Entertainment from $285.00 to $175.00 and set a “buy” rating on the stock in a research note on Friday, February 27th. Finally, Craig Hallum lowered shares of Flutter Entertainment from a “buy” rating to a “hold” rating and set a $200.00 price target for the company. in a research note on Wednesday, January 21st. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $234.65.

Insider Buying and Selling at Flutter Entertainment

In other news, CEO Jeremy Peter Jackson sold 4,326 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $108.00, for a total transaction of $467,208.00. Following the completion of the transaction, the chief executive officer directly owned 36,788 shares in the company, valued at approximately $3,973,104. The trade was a 10.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Robert Coldrake sold 4,613 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $106.45, for a total value of $491,053.85. Following the completion of the transaction, the chief financial officer directly owned 10,006 shares of the company’s stock, valued at $1,065,138.70. This trade represents a 31.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 17,834 shares of company stock valued at $1,900,331 in the last ninety days. Company insiders own 0.09% of the company’s stock.

Hedge Funds Weigh In On Flutter Entertainment

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Flutter Entertainment by 402.4% during the second quarter. Vanguard Group Inc. now owns 17,257,475 shares of the company’s stock valued at $4,931,496,000 after purchasing an additional 13,822,673 shares during the last quarter. Parvus Asset Management Jersey Ltd acquired a new stake in Flutter Entertainment during the 2nd quarter worth about $2,231,266,000. Cibc World Markets Corp purchased a new stake in Flutter Entertainment during the fourth quarter valued at about $1,678,841,000. Capital International Investors lifted its stake in Flutter Entertainment by 146.8% during the fourth quarter. Capital International Investors now owns 8,039,066 shares of the company’s stock valued at $1,728,772,000 after buying an additional 4,782,302 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Flutter Entertainment in the second quarter worth about $930,349,000.

Flutter Entertainment Price Performance

FLUT stock traded up $0.62 during trading hours on Monday, hitting $108.99. 1,666,251 shares of the stock traded hands, compared to its average volume of 4,287,938. The stock has a 50-day simple moving average of $152.49 and a 200 day simple moving average of $209.71. The company has a market cap of $19.11 billion, a P/E ratio of -60.49, a P/E/G ratio of 0.74 and a beta of 2.32. Flutter Entertainment has a one year low of $99.96 and a one year high of $313.68. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.31.

Flutter Entertainment (NYSE:FLUT) last issued its quarterly earnings results on Thursday, February 26th. The company reported $1.74 EPS for the quarter, missing the consensus estimate of $2.11 by ($0.37). Flutter Entertainment had a positive return on equity of 12.12% and a negative net margin of 1.89%.The business had revenue of $4.74 billion during the quarter, compared to the consensus estimate of $4.87 billion. During the same quarter last year, the firm posted $2.94 earnings per share. Flutter Entertainment’s revenue was up 24.9% compared to the same quarter last year. Equities analysts forecast that Flutter Entertainment will post 4.17 earnings per share for the current year.

Flutter Entertainment declared that its board has initiated a stock buyback plan on Wednesday, March 11th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 1.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Flutter Entertainment Company Profile

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.