Flutter Entertainment (NYSE:FLUT) Shares Gap Down - Here's What Happened

Flutter Entertainment plc (NYSE:FLUT - Get Free Report)'s stock price gapped down prior to trading on Monday . The stock had previously closed at $252.70, but opened at $243.62. Flutter Entertainment shares last traded at $244.56, with a volume of 720,691 shares traded.

Analysts Set New Price Targets

A number of analysts have recently weighed in on FLUT shares. Needham & Company LLC reaffirmed a "buy" rating and issued a $310.00 price target on shares of Flutter Entertainment in a research note on Thursday, May 8th. Susquehanna reduced their price target on shares of Flutter Entertainment from $317.00 to $315.00 and set a "positive" rating for the company in a research note on Wednesday, March 5th. Barclays reduced their price target on shares of Flutter Entertainment from $300.00 to $293.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. JMP Securities dropped their target price on shares of Flutter Entertainment from $328.00 to $317.00 and set a "market outperform" rating on the stock in a report on Monday, April 14th. Finally, Truist Financial dropped their target price on shares of Flutter Entertainment from $330.00 to $280.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. One equities research analyst has rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Flutter Entertainment presently has a consensus rating of "Buy" and an average price target of $304.63.

Flutter Entertainment Trading Down 1.0%

The stock has a market cap of $43.13 billion and a price-to-earnings ratio of 84.47. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.89 and a current ratio of 0.89. The company's 50 day simple moving average is $235.62 and its two-hundred day simple moving average is $254.19.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $1.59 earnings per share for the quarter, missing the consensus estimate of $1.89 by ($0.30). The company had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.06 billion. Flutter Entertainment had a negative net margin of 6.86% and a negative return on equity of 4.52%. The firm's quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.10 EPS. Research analysts expect that Flutter Entertainment plc will post 4.17 EPS for the current fiscal year.

Insiders Place Their Bets

In other Flutter Entertainment news, CEO Amy Howe sold 2,315 shares of the business's stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $243.50, for a total value of $563,702.50. Following the completion of the sale, the chief executive officer now directly owns 73,947 shares of the company's stock, valued at $18,006,094.50. The trade was a 3.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO James Philip Bishop sold 3,000 shares of the company's stock in a transaction on Friday, May 9th. The stock was sold at an average price of $243.20, for a total transaction of $729,600.00. Following the sale, the chief operating officer now directly owns 4,712 shares of the company's stock, valued at approximately $1,145,958.40. This represents a 38.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,156 shares of company stock valued at $10,926,922 over the last ninety days.

Institutional Trading of Flutter Entertainment

Several large investors have recently modified their holdings of FLUT. Tokio Marine Asset Management Co. Ltd. boosted its holdings in shares of Flutter Entertainment by 6.6% during the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 5,912 shares of the company's stock worth $1,528,000 after buying an additional 364 shares during the period. abrdn plc boosted its holdings in shares of Flutter Entertainment by 6,491.2% during the 4th quarter. abrdn plc now owns 62,221 shares of the company's stock worth $16,056,000 after buying an additional 61,277 shares during the period. Calamos Advisors LLC bought a new stake in shares of Flutter Entertainment during the 4th quarter worth $2,390,000. Calamos Wealth Management LLC bought a new stake in shares of Flutter Entertainment during the 4th quarter worth $2,026,000. Finally, Yousif Capital Management LLC boosted its holdings in shares of Flutter Entertainment by 7.5% during the 4th quarter. Yousif Capital Management LLC now owns 3,530 shares of the company's stock worth $912,000 after buying an additional 245 shares during the period.

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.