Carolan Lennon Sells 439 Shares of Flutter Entertainment (NYSE:FLUT) Stock

Key Points

• Director Carolan Lennon sold 439 shares of Flutter Entertainment at $94.63 each, totaling about $41,543, and the filing says the sale was to cover tax withholding tied to vested equity awards.
• Flutter reported better-than-expected quarterly results on May 6, with EPS of $1.22 versus the $1.09 consensus and revenue of $4.30 billion versus $4.24 billion expected, while revenue rose 17.4% year over year.
• The company’s board also approved a $250 million share repurchase program, and analysts currently have a consensus rating of “Moderate Buy” with an average price target of $189.26.

Flutter Entertainment PLC (NYSE:FLUT - Get Free Report) Director Carolan Lennon sold 439 shares of the business'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 transaction of $41,542.57. Following the completion of the transaction, the director owned 1,688 shares of the company's stock, valued at $159,735.44. The trade was a 20.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Carolan Lennon also recently made the following trade(s):

• On Tuesday, May 12th, Carolan Lennon bought 520 shares of Flutter Entertainment stock. The stock was purchased at an average price of $92.30 per share, with a total value of $47,996.00.

Flutter Entertainment Price Performance

Shares of NYSE:FLUT traded up $1.63 during midday trading on Friday, hitting $97.21. The stock had a trading volume of 702,578 shares, compared to its average volume of 3,583,695. The company's 50-day moving average price is $103.06 and its 200-day moving average price is $151.21. The company has a market capitalization of $16.91 billion, a P/E ratio of -45.30, a price-to-earnings-growth ratio of 1.27 and a beta of 1.58. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.27. Flutter Entertainment PLC has a fifty-two week low of $91.52 and a fifty-two week high of $313.68.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.09 by $0.13. The company had revenue of $4.30 billion during the quarter, compared to analysts' expectations of $4.24 billion. Flutter Entertainment had a negative net margin of 2.20% and a positive return on equity of 11.60%. The business's revenue for the quarter was up 17.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.59 EPS. As a group, equities research analysts predict that Flutter Entertainment PLC will post 4.88 EPS for the current fiscal year.

Flutter Entertainment declared that its board has approved a share repurchase program on Wednesday, March 11th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 1.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's management believes its shares are undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in FLUT. Makena Capital Management LLC bought a new position in Flutter Entertainment during the third quarter valued at about $11,517,000. TimesSquare Capital Management LLC increased its position in Flutter Entertainment by 294.1% in the third quarter. TimesSquare Capital Management LLC now owns 378,878 shares of the company's stock worth $96,235,000 after buying an additional 282,736 shares during the last quarter. AGF Management Ltd. purchased a new stake in Flutter Entertainment in the third quarter worth $9,519,000. Mutual of America Capital Management LLC purchased a new stake in Flutter Entertainment in the third quarter worth $2,173,000. Finally, CenterBook Partners LP increased its position in Flutter Entertainment by 723.5% in the third quarter. CenterBook Partners LP now owns 13,967 shares of the company's stock worth $3,548,000 after buying an additional 12,271 shares during the last quarter.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. UBS Group dropped their target price on shares of Flutter Entertainment from $300.00 to $160.00 and set a "buy" rating for the company in a report on Wednesday, March 25th. Susquehanna lowered their target price on Flutter Entertainment from $160.00 to $143.00 and set a "positive" rating for the company in a report on Tuesday, March 31st. Citizens Jmp lowered their target price on Flutter Entertainment from $188.00 to $165.00 and set a "market outperform" rating for the company in a report on Thursday, May 7th. Needham & Company LLC lowered their target price on Flutter Entertainment from $150.00 to $135.00 and set a "buy" rating for the company in a report on Thursday, May 7th. Finally, Stifel Nicolaus dropped their price objective on shares of Flutter Entertainment from $216.00 to $189.00 and set a "buy" rating for the company in a report on Thursday, April 9th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $189.26.

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.

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