Flutter Entertainment (NYSE:FLUT) Trading Up 6.1% – Here’s What Happened

Flutter Entertainment PLC (NYSE:FLUT) shares traded up 6.1% during trading on Tuesday . The stock traded as high as $98.99 and last traded at $100.0340. 658,509 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 3,441,726 shares. The stock had previously closed at $94.27.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. UBS Group reduced their target price on Flutter Entertainment from $160.00 to $140.00 and set a “buy” rating on the stock in a report on Thursday, August 6th. BNP Paribas Exane initiated coverage on Flutter Entertainment in a research note on Thursday, May 14th. They issued an “underperform” rating and a $80.00 target price for the company. Oppenheimer dropped their price target on Flutter Entertainment from $210.00 to $160.00 and set an “outperform” rating on the stock in a research report on Monday, April 13th. Moffett Nathanson cut Flutter Entertainment from a “buy” rating to a “neutral” rating and set a $127.00 price target on the stock. in a research note on Friday, April 24th. Finally, Wells Fargo & Company decreased their price objective 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. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $161.09.

Flutter Entertainment Stock Performance

The firm has a market capitalization of $17.27 billion, a P/E ratio of -23.07, a price-to-earnings-growth ratio of 1.77 and a beta of 1.28. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 1.32. The business’s 50 day simple moving average is $104.33 and its two-hundred day simple moving average is $112.36.

Flutter Entertainment (NYSE:FLUT) last issued its earnings results on Wednesday, August 5th. 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 positive return on equity of 7.27% and a negative net margin of 4.39%.The firm had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the prior year, the company posted $2.95 EPS. The company’s quarterly revenue was up 3.3% on a year-over-year basis. Sell-side analysts anticipate that Flutter Entertainment PLC will post 4.72 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Don H. Liu sold 1,259 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $93.37, for a total value of $117,552.83. Following the transaction, the insider directly owned 21,006 shares of the company’s stock, valued at approximately $1,961,330.22. This represents a 5.65% decrease in their position. The transaction was disclosed in a legal 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, Director Carolan Lennon sold 439 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $94.63, for a total value of $41,542.57. Following the completion of the transaction, the director directly owned 1,688 shares in the company, valued at $159,735.44. This trade represents a 20.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 2,781 shares of company stock valued at $261,580. 0.13% of the stock is owned by company insiders.

Institutional Investors Weigh In On Flutter Entertainment

Institutional investors have recently modified their holdings of the business. Norges Bank purchased a new position in Flutter Entertainment in the 4th quarter worth about $694,009,000. Peregrine Capital Management LLC boosted its holdings in shares of Flutter Entertainment by 34.2% during the 4th quarter. Peregrine Capital Management LLC now owns 150,979 shares of the company’s stock valued at $32,467,000 after acquiring an additional 38,469 shares during the last quarter. Capricorn Fund Managers Ltd bought a new stake in shares of Flutter Entertainment in the first quarter worth approximately $3,670,000. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its stake in shares of Flutter Entertainment by 53.3% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 64,054 shares of the company’s stock worth $6,530,000 after acquiring an additional 22,270 shares during the period. Finally, TimesSquare Capital Management LLC raised its holdings in shares of Flutter Entertainment by 5.3% during the fourth quarter. TimesSquare Capital Management LLC now owns 399,081 shares of the company’s stock valued at $85,818,000 after purchasing an additional 20,203 shares during the last quarter.

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.