Flutter Entertainment PLC (NYSE:FLUT) Insider Sells $536,242.56 in Stock

Key Points

• James Philip Bishop, an insider at Flutter Entertainment PLC, sold 1,904 shares at an average price of $281.64, reducing his total holdings by 28.78%.
• Flutter's stock recently saw a price increase of 2.0%, reaching $294.16, with a market cap of $51.80 billion and a price-to-earnings ratio of 42.60.
• The company has initiated a $245 million stock buyback program, signaling confidence in its valuation and financial health.

Flutter Entertainment PLC (NYSE:FLUT - Get Free Report) insider James Philip Bishop sold 1,904 shares of Flutter Entertainment stock in a transaction on Monday, August 11th. The shares were sold at an average price of $281.64, for a total transaction of $536,242.56. Following the completion of the sale, the insider directly owned 4,712 shares of the company's stock, valued at approximately $1,327,087.68. The trade was a 28.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Flutter Entertainment Stock Performance

Flutter Entertainment stock traded up $4.40 during midday trading on Friday, reaching $293.17. The stock had a trading volume of 1,375,347 shares, compared to its average volume of 2,296,502. Flutter Entertainment PLC has a 12 month low of $196.88 and a 12 month high of $313.68. The firm's 50-day moving average price is $287.56 and its 200 day moving average price is $261.12. The firm has a market capitalization of $51.63 billion, a PE ratio of 144.42, a P/E/G ratio of 1.20 and a beta of 2.31. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.95.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $2.95 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.08 by $0.87. Flutter Entertainment had a return on equity of 12.15% and a net margin of 2.96%. The business had revenue of $4.19 billion for the quarter, compared to analysts' expectations of $3.06 billion. Flutter Entertainment's quarterly revenue was up 16.0% compared to the same quarter last year. As a group, research analysts predict that Flutter Entertainment PLC will post 4.17 earnings per share for the current fiscal year.

Flutter Entertainment declared that its board has authorized a share buyback plan on Friday, August 8th that authorizes the company to buyback $245.00 million in shares. This buyback authorization authorizes the company to buy up to 0.5% of its shares through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Benchmark reissued a "buy" rating and issued a $365.00 price target (up previously from $300.00) on shares of Flutter Entertainment in a research report on Friday, August 8th. UBS Group reaffirmed a "buy" rating and set a $360.00 price objective (up from $340.00) on shares of Flutter Entertainment in a report on Friday, August 8th. Truist Financial lifted their price objective on shares of Flutter Entertainment from $280.00 to $340.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Macquarie lifted their price objective on shares of Flutter Entertainment from $320.00 to $340.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Finally, Canaccord Genuity Group lifted their price objective on shares of Flutter Entertainment from $330.00 to $340.00 and gave the stock a "buy" rating in a report on Friday, August 8th. Three research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $328.62.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in FLUT. Envestnet Asset Management Inc. grew its holdings in Flutter Entertainment by 181.2% during the 4th quarter. Envestnet Asset Management Inc. now owns 68,023 shares of the company's stock valued at $17,581,000 after buying an additional 43,829 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in Flutter Entertainment by 118.0% during the 4th quarter. Russell Investments Group Ltd. now owns 18,278 shares of the company's stock valued at $4,724,000 after buying an additional 9,895 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Flutter Entertainment during the 4th quarter valued at about $8,006,000. XTX Topco Ltd grew its holdings in Flutter Entertainment by 13.2% during the 4th quarter. XTX Topco Ltd now owns 1,787 shares of the company's stock valued at $462,000 after buying an additional 209 shares in the last quarter. Finally, Dodge & Cox grew its holdings in Flutter Entertainment by 0.7% during the 4th quarter. Dodge & Cox now owns 628,878 shares of the company's stock valued at $162,534,000 after buying an additional 4,400 shares in 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.