Insider Selling: Flutter Entertainment (NYSE:FLUT) CEO Sells 3,084 Shares of Stock

Key Points

• Flutter Entertainment CEO Jeremy Peter Jackson sold 3,084 shares on May 11 at an average price of $98.13, for proceeds of about $302,633. The sale was disclosed in an SEC filing and was tied to tax withholding obligations from vested equity awards.
• Jackson also recently bought 2,400 shares on May 8 and sold 4,326 shares on March 11, showing mixed insider trading activity over the past few months.
• Flutter reported solid quarterly results, with EPS of $1.22 beating estimates and revenue of $4.30 billion topping forecasts. The company also has a $250 million share buyback authorization, while analysts currently rate the stock a “Moderate Buy.”

Flutter Entertainment PLC (NYSE:FLUT - Get Free Report) CEO Jeremy Peter Jackson sold 3,084 shares of the company's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $98.13, for a total transaction of $302,632.92. Following the completion of the sale, the chief executive officer directly owned 74,326 shares of the company's stock, valued at $7,293,610.38. This represents a 3.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Jeremy Peter Jackson also recently made the following trade(s):

• On Friday, May 8th, Jeremy Peter Jackson acquired 2,400 shares of Flutter Entertainment stock. The stock was acquired at an average price of $101.94 per share, with a total value of $244,656.00.
• On Wednesday, March 11th, Jeremy Peter Jackson sold 4,326 shares of Flutter Entertainment stock. The shares were sold at an average price of $108.00, for a total transaction of $467,208.00.

Flutter Entertainment Trading Up 4.3%

Shares of FLUT stock traded up $4.03 on Tuesday, hitting $97.99. The stock had a trading volume of 937,060 shares, compared to its average volume of 3,738,396. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market capitalization of $17.05 billion, a P/E ratio of -45.83, a P/E/G ratio of 0.84 and a beta of 1.58. The company's 50 day moving average price is $106.57 and its 200-day moving average price is $163.84. Flutter Entertainment PLC has a 1 year low of $93.56 and a 1 year high of $313.68.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $1.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.09 by $0.13. The firm had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.24 billion. Flutter Entertainment had a positive return on equity of 11.60% and a negative net margin of 2.20%.The firm's quarterly revenue was up 17.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.59 earnings per share. Analysts anticipate that Flutter Entertainment PLC will post 5.14 earnings per share for the current year.

Flutter Entertainment announced that its Board of Directors has authorized a stock buyback program on Wednesday, March 11th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Flutter Entertainment

Several institutional investors and hedge funds have recently made changes to their positions in FLUT. Cibc World Markets Corp acquired a new position in Flutter Entertainment during the fourth quarter worth about $1,678,841,000. Hsbc Holdings PLC increased its stake in Flutter Entertainment by 33,988.7% in the first quarter. Hsbc Holdings PLC now owns 5,605,543 shares of the company's stock valued at $575,185,000 after purchasing an additional 5,589,099 shares during the last quarter. Capital International Investors lifted its position in Flutter Entertainment by 146.8% during the fourth quarter. Capital International Investors now owns 8,039,066 shares of the company's stock worth $1,728,772,000 after buying an additional 4,782,302 shares during the period. Norges Bank acquired a new stake in Flutter Entertainment in the 4th quarter worth about $694,009,000. Finally, Durable Capital Partners LP grew its holdings in Flutter Entertainment by 274.2% in the 3rd quarter. Durable Capital Partners LP now owns 1,243,988 shares of the company's stock valued at $315,973,000 after buying an additional 911,507 shares during the period.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Kepler Capital Markets downgraded shares of Flutter Entertainment from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 16th. Needham & Company LLC dropped their price target on shares of Flutter Entertainment from $150.00 to $135.00 and set a "buy" rating on the stock in a research note on Thursday, May 7th. Stifel Nicolaus reduced their price objective on shares of Flutter Entertainment from $216.00 to $189.00 and set a "buy" rating for the company in a research report on Thursday, April 9th. Citizens Jmp lowered their price objective on Flutter Entertainment from $188.00 to $165.00 and set a "market outperform" rating on the stock in a report on Thursday, May 7th. Finally, Susquehanna dropped their target price on Flutter Entertainment from $160.00 to $143.00 and set a "positive" rating on the stock in a research report on Tuesday, March 31st. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $194.23.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.