Insider Selling: Flutter Entertainment (NYSE:FLUT) COO Sells $72,514.26 in Stock

Key Points

• Flutter COO James Philip Bishop sold 741 shares for approximately $72,514 to cover tax withholding related to vested equity awards, reducing his direct ownership by 4.21% to 16,864 shares.
• Flutter’s shares recently traded near $101.93, well below their 52-week high of $297.23. The company’s latest quarterly revenue rose 3.3% year over year to $4.33 billion, but earnings of $0.49 per share missed analyst expectations.
• Analysts maintain a broadly positive outlook, with a consensus “Moderate Buy” rating and a $156.88 price target, although several firms recently lowered their individual targets.

Flutter Entertainment PLC (NYSE:FLUT - Get Free Report) COO James Philip Bishop sold 741 shares of the stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $97.86, for a total value of $72,514.26. Following the sale, the chief operating officer directly owned 16,864 shares in the company, valued at $1,650,311.04. This trade represents a 4.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Flutter Entertainment Stock Performance

Shares of NYSE FLUT traded down $0.05 during trading on Thursday, reaching $101.93. 673,628 shares of the company traded hands, compared to its average volume of 3,350,201. The firm has a 50 day simple moving average of $102.61 and a 200-day simple moving average of $104.92. Flutter Entertainment PLC has a 52-week low of $89.71 and a 52-week high of $297.23. The stock has a market capitalization of $17.69 billion, a PE ratio of -23.68, a P/E/G ratio of 2.46 and a beta of 1.26. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 1.32.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.05). Flutter Entertainment had a negative net margin of 4.39% and a positive return on equity of 7.27%. The company had revenue of $4.33 billion for the quarter, compared to analysts' expectations of $4.24 billion. During the same period in the previous year, the firm earned $2.95 earnings per share. The firm's revenue for the quarter was up 3.3% on a year-over-year basis. Equities research analysts anticipate that Flutter Entertainment PLC will post 3.48 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have weighed in on FLUT. Wells Fargo & Company decreased their price target on shares of Flutter Entertainment from $137.00 to $112.00 and set an "equal weight" rating on the stock in a research report on Thursday, August 6th. Freedom Capital raised shares of Flutter Entertainment to a "hold" rating in a research report on Monday, June 22nd. BTIG Research reduced their price objective on Flutter Entertainment from $120.00 to $113.00 and set a "buy" rating for the company in a research note on Wednesday, August 5th. Citigroup reaffirmed an "outperform" rating on shares of Flutter Entertainment in a report on Wednesday, July 8th. Finally, Needham & Company LLC lowered their target price on Flutter Entertainment from $135.00 to $110.00 and set a "buy" rating on the stock in a research report on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $156.88.

Institutional Trading of Flutter Entertainment

Institutional investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Flutter Entertainment by 5.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,311 shares of the company's stock valued at $290,000 after buying an additional 69 shares during the last quarter. Sivia Capital Partners LLC bought a new position in shares of Flutter Entertainment during the second quarter worth $405,000. Creative Planning bought a new position in shares of Flutter Entertainment during the second quarter worth $296,000. Northwestern Mutual Wealth Management Co. grew its stake in Flutter Entertainment by 246.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 187 shares of the company's stock valued at $53,000 after acquiring an additional 133 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in Flutter Entertainment by 74.6% during the second quarter. EverSource Wealth Advisors LLC now owns 248 shares of the company's stock valued at $71,000 after acquiring an additional 106 shares in the last quarter.

About Flutter Entertainment

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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