Flutter Entertainment (NYSE:FLUT) Shares Up 6.1% – Here’s Why

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

Analysts Set New Price Targets

FLUT has been the topic of a number of analyst reports. Citigroup reaffirmed an “outperform” rating on shares of Flutter Entertainment in a report on Wednesday, July 8th. Wall Street Zen cut Flutter Entertainment from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Wedbush lowered their target price on shares of Flutter Entertainment from $138.00 to $126.00 and set an “outperform” rating on the stock in a research note on Thursday, August 6th. Freedom Capital raised shares of Flutter Entertainment to a “hold” rating in a research note on Monday, June 22nd. Finally, Moffett Nathanson lowered shares of Flutter Entertainment from a “buy” rating to a “neutral” rating and set a $127.00 price target on the stock. in a report on Friday, April 24th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $159.12.

Flutter Entertainment Trading Down 1.1%

The stock has a fifty day moving average of $104.21 and a two-hundred day moving average of $111.20. The company has a market capitalization of $16.99 billion, a PE ratio of -22.77, a PEG ratio of 1.85 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.

Flutter Entertainment (NYSE:FLUT) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.49 earnings per share for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.05). The business had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.24 billion. Flutter Entertainment had a positive return on equity of 7.27% and a negative net margin of 4.39%.The company’s revenue was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.95 earnings per share. As a group, sell-side analysts anticipate that Flutter Entertainment PLC will post 4.72 earnings per share for the current fiscal year.

Insider Buying and Selling at Flutter Entertainment

In related news, Director Carolan Lennon sold 439 shares of the stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $94.63, for a total transaction of $41,542.57. Following the completion of the sale, the director directly owned 1,688 shares in the company, valued at $159,735.44. This represents a 20.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 1,522 shares of company stock valued at $144,027. Insiders own 0.13% of the company’s stock.

Hedge Funds Weigh In On Flutter Entertainment

Hedge funds have recently modified their holdings of the company. MML Investors Services LLC lifted its holdings in Flutter Entertainment by 0.6% in the second quarter. MML Investors Services LLC now owns 7,081 shares of the company’s stock valued at $2,024,000 after acquiring an additional 45 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Flutter Entertainment by 5.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,311 shares of the company’s stock valued at $290,000 after purchasing an additional 69 shares during the period. Truist Financial Corp increased its position in shares of Flutter Entertainment by 2.8% during the 4th quarter. Truist Financial Corp now owns 2,602 shares of the company’s stock valued at $560,000 after purchasing an additional 72 shares during the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its position in shares of Flutter Entertainment by 83.3% during the 3rd quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 165 shares of the company’s stock valued at $42,000 after purchasing an additional 75 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Flutter Entertainment by 0.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 9,119 shares of the company’s stock worth $1,961,000 after purchasing an additional 80 shares during the period.

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.