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

Shares of Flutter Entertainment plc (NYSE:FLUT - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $249.59, but opened at $260.53. Flutter Entertainment shares last traded at $259.27, with a volume of 699,988 shares traded.

Wall Street Analysts Forecast Growth

A number of analysts have commented on FLUT shares. Peel Hunt raised shares of Flutter Entertainment from a "hold" rating to an "add" rating in a research note on Monday, March 10th. Needham & Company LLC reissued a "buy" rating and issued a $310.00 price target on shares of Flutter Entertainment in a research report on Tuesday. BTIG Research reduced their price objective on Flutter Entertainment from $323.00 to $289.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Benchmark reiterated a "buy" rating and issued a $300.00 price objective on shares of Flutter Entertainment in a research report on Monday, April 21st. Finally, Truist Financial dropped their price target on shares of Flutter Entertainment from $330.00 to $280.00 and set a "buy" rating for the company in a research 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's stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $303.79.

Flutter Entertainment Price Performance

The company has a market capitalization of $47.06 billion and a P/E ratio of 92.13. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.66. The company's fifty day moving average price is $237.58 and its 200 day moving average price is $253.61.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.89 by ($0.30). The business had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.06 billion. Flutter Entertainment had a negative net margin of 6.86% and a negative return on equity of 4.52%. The company's revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.10 EPS. As a group, sell-side analysts forecast that Flutter Entertainment plc will post 4.17 EPS for the current year.

Insider Activity at Flutter Entertainment

In other Flutter Entertainment news, CEO Amy Howe sold 2,315 shares of the business's stock in a transaction on Friday, May 9th. The stock was sold at an average price of $243.50, for a total value of $563,702.50. Following the sale, the chief executive officer now directly owns 73,947 shares in the company, valued at $18,006,094.50. The trade was a 3.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO James Philip Bishop sold 3,000 shares of the business's stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $243.20, for a total transaction of $729,600.00. Following the transaction, 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 7,770 shares of company stock worth $1,894,934 in the last 90 days.

Institutional Investors Weigh In On Flutter Entertainment

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. PARUS FINANCE UK Ltd lifted its stake in Flutter Entertainment by 1.5% during the 1st quarter. PARUS FINANCE UK Ltd now owns 3,350 shares of the company's stock valued at $742,000 after acquiring an additional 50 shares during the period. Sequoia Financial Advisors LLC increased its stake in Flutter Entertainment by 3.0% in the 1st quarter. Sequoia Financial Advisors LLC now owns 1,836 shares of the company's stock worth $407,000 after acquiring an additional 53 shares during the last quarter. Harbor Investment Advisory LLC lifted its stake in shares of Flutter Entertainment by 43.8% in the 1st quarter. Harbor Investment Advisory LLC now owns 184 shares of the company's stock valued at $41,000 after purchasing an additional 56 shares during the last quarter. Parallel Advisors LLC lifted its position in Flutter Entertainment by 78.9% in the first quarter. Parallel Advisors LLC now owns 136 shares of the company's stock worth $30,000 after buying an additional 60 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. grew its stake in shares of Flutter Entertainment by 1.4% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 4,783 shares of the company's stock valued at $1,060,000 after buying an additional 67 shares during the last quarter.

About Flutter Entertainment

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.