Flutter Entertainment (NYSE:FLUT) Shares Up 4.9% – Here’s Why

Flutter Entertainment PLC (NYSE:FLUT)’s share price rose 4.9% during mid-day trading on Friday . The stock traded as high as $99.83 and last traded at $99.71. 868,311 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 3,339,777 shares. The stock had previously closed at $95.01.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Citigroup reissued an “outperform” rating on shares of Flutter Entertainment in a report on Wednesday, July 8th. Freedom Capital raised Flutter Entertainment to a “hold” rating in a research note on Monday, June 22nd. Sanford C. Bernstein lowered their price target on Flutter Entertainment from $125.00 to $115.00 and set a “market perform” rating on the stock in a research report on Thursday, May 7th. Weiss Ratings reiterated a “sell (d)” rating on shares of Flutter Entertainment in a research report on Monday. Finally, BNP Paribas Exane started coverage on Flutter Entertainment in a research note on Thursday, May 14th. They issued an “underperform” rating and a $80.00 price objective on the stock. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $159.12.

Flutter Entertainment Price Performance

The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.89 and a current ratio of 0.89. The company’s 50 day moving average price is $102.50 and its 200-day moving average price is $106.26. The company has a market cap of $17.35 billion, a price-to-earnings ratio of -23.25, a PEG ratio of 2.49 and a beta of 1.28.

Flutter Entertainment (NYSE:FLUT) last released its 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). The business had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.24 billion. Flutter Entertainment had a negative net margin of 4.39% and a positive return on equity of 7.27%. The firm’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same period in the prior year, the company earned $2.95 earnings per share. On average, equities research analysts forecast that Flutter Entertainment PLC will post 3.48 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Jeremy Peter Jackson sold 2,112 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $93.32, for a total transaction of $197,091.84. Following the completion of the sale, the chief executive officer owned 72,214 shares in the company, valued at approximately $6,739,010.48. This represents a 2.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate 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. Norges Bank purchased a new position in Flutter Entertainment in the 4th quarter worth about $694,009,000. Capricorn Fund Managers Ltd acquired a new stake in Flutter Entertainment during the 1st quarter worth about $3,670,000. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its stake in Flutter Entertainment by 53.3% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 64,054 shares of the company’s stock valued at $6,530,000 after buying an additional 22,270 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Flutter Entertainment by 286.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 52,805 shares of the company’s stock valued at $5,383,000 after buying an additional 39,133 shares in the last quarter. Finally, TimesSquare Capital Management LLC boosted its holdings in shares of Flutter Entertainment by 5.3% in the fourth quarter. TimesSquare Capital Management LLC now owns 399,081 shares of the company’s stock worth $85,818,000 after buying an additional 20,203 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.