Flutter Entertainment (NYSE:FLUT) Sees Large Volume Increase – Time to Buy?

Flutter Entertainment plc (NYSE:FLUT) shares saw an uptick in trading volume on Thursday . 2,128,953 shares changed hands during trading, an increase of 43% from the previous session’s volume of 1,491,756 shares.The stock last traded at $237.84 and had previously closed at $236.26.

Analyst Upgrades and Downgrades

FLUT has been the subject of a number of analyst reports. JMP Securities boosted their price target on Flutter Entertainment from $299.00 to $311.00 and gave the company a “market outperform” rating in a report on Monday, January 6th. Peel Hunt upgraded Flutter Entertainment from a “hold” rating to an “add” rating in a research report on Monday, March 10th. Wells Fargo & Company increased their price objective on shares of Flutter Entertainment from $285.00 to $300.00 and gave the company an “overweight” rating in a report on Wednesday, March 5th. Citigroup reissued an “outperform” rating on shares of Flutter Entertainment in a research note on Wednesday, March 5th. Finally, Stifel Nicolaus began coverage on shares of Flutter Entertainment in a research note on Friday, January 17th. They issued a “buy” rating and a $320.00 price target on the stock. Nineteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $311.41.

Flutter Entertainment Price Performance

The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.66. The firm has a market cap of $40.53 billion and a PE ratio of 1,037.97. The company has a 50 day moving average price of $261.17 and a 200 day moving average price of $253.67.

Insiders Place Their Bets

In related news, Director Jeremy Peter Jackson sold 25,027 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $261.96, for a total value of $6,556,072.92. Following the sale, the director now directly owns 21,148 shares of the company’s stock, valued at approximately $5,539,930.08. This trade represents a 54.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Amy Howe sold 11,814 shares of the company’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $260.50, for a total value of $3,077,547.00. Following the sale, the chief executive officer now owns 62,941 shares of the company’s stock, valued at approximately $16,396,130.50. The trade was a 15.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Institutional Investors Weigh In On Flutter Entertainment

Several institutional investors and hedge funds have recently modified their holdings of the stock. Mackenzie Financial Corp purchased a new position in Flutter Entertainment in the 4th quarter worth approximately $2,250,000. Sylebra Capital LLC acquired a new stake in Flutter Entertainment during the 4th quarter valued at approximately $5,677,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Flutter Entertainment by 27.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 322,025 shares of the company’s stock worth $83,227,000 after buying an additional 68,675 shares in the last quarter. USS Investment Management Ltd acquired a new stake in Flutter Entertainment in the fourth quarter valued at $7,427,000. Finally, Voloridge Investment Management LLC boosted its stake in Flutter Entertainment by 95.9% during the 4th quarter. Voloridge Investment Management LLC now owns 92,441 shares of the company’s stock valued at $23,891,000 after acquiring an additional 45,248 shares during the last quarter.

Flutter Entertainment Company Profile

Flutter Entertainment plc operates as a sports betting and gaming company in the United Kingdom, Ireland, Australia, the United States, Italy, and internationally. The company operates through four segments: UK & Ireland, Australia, International, and US. It offers sports betting, iGaming, daily fantasy sports, online racing wagering, and TV broadcasting products; sportsbooks and exchange sports betting products, and gaming products; and online sports betting.