Insider Selling: Flutter Entertainment (NYSE:FLUT) Director Sells 135 Shares of Stock

Key Points

• Flutter Entertainment director Christine McCarthy sold 135 shares on May 28 at an average price of $94.63, totaling about $12,775. The filing says the sale was made to cover tax withholding tied to vesting equity awards.
• The stock rose 1.7% to $97.21 in Friday trading, but it remains far below its 52-week high of $313.68. Flutter also has a market cap of about $16.9 billion and a beta of 1.58.
• Recent fundamentals and sentiment were mixed but generally positive: the company beat quarterly EPS and revenue estimates, announced a $250 million share buyback, and holds a “Moderate Buy” analyst consensus despite several price-target cuts.

Flutter Entertainment PLC (NYSE:FLUT - Get Free Report) Director Christine Mccarthy sold 135 shares of the company's stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $94.63, for a total transaction of $12,775.05. Following the sale, the director owned 1,262 shares in the company, valued at $119,423.06. This represents a 9.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Flutter Entertainment Trading Up 1.7%

Flutter Entertainment stock traded up $1.63 during midday trading on Friday, reaching $97.21. The stock had a trading volume of 702,578 shares, compared to its average volume of 3,583,695. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.27. Flutter Entertainment PLC has a 52-week low of $91.52 and a 52-week high of $313.68. The firm has a market cap of $16.91 billion, a price-to-earnings ratio of -45.30, a price-to-earnings-growth ratio of 1.27 and a beta of 1.58. The company has a fifty day moving average of $103.06 and a 200 day moving average of $151.21.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $1.22 earnings per share for the quarter, topping analysts' consensus estimates of $1.09 by $0.13. Flutter Entertainment had a negative net margin of 2.20% and a positive return on equity of 11.60%. The company had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same period in the prior year, the company posted $1.59 EPS. The firm's revenue for the quarter was up 17.4% on a year-over-year basis. On average, analysts anticipate that Flutter Entertainment PLC will post 4.88 earnings per share for the current fiscal year.

Flutter Entertainment announced that its board has authorized a share buyback program on Wednesday, March 11th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Canaccord Genuity Group cut their price target on shares of Flutter Entertainment from $270.00 to $220.00 and set a "buy" rating on the stock in a report on Monday, March 2nd. Susquehanna decreased their price objective on shares of Flutter Entertainment from $160.00 to $143.00 and set a "positive" rating for the company in a report on Tuesday, March 31st. Benchmark reduced their target price on shares of Flutter Entertainment from $175.00 to $132.00 and set a "buy" rating on the stock in a research report on Thursday, May 7th. Citizens Jmp reduced their target price on shares of Flutter Entertainment from $188.00 to $165.00 and set a "market outperform" rating on the stock in a research report on Thursday, May 7th. Finally, Moffett Nathanson lowered shares of Flutter Entertainment from a "buy" rating to a "neutral" rating and set a $127.00 target price on the stock. in a research report on Friday, April 24th. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the company's stock. According to MarketBeat, Flutter Entertainment currently has an average rating of "Moderate Buy" and a consensus price target of $189.26.

Hedge Funds Weigh In On Flutter Entertainment

A number of institutional investors have recently modified their holdings of FLUT. Cibc World Markets Corp purchased a new position in shares of Flutter Entertainment during the fourth quarter worth approximately $1,678,841,000. Hsbc Holdings PLC increased its holdings in Flutter Entertainment by 33,988.7% during the first quarter. Hsbc Holdings PLC now owns 5,605,543 shares of the company's stock valued at $575,185,000 after buying an additional 5,589,099 shares during the period. Capital International Investors increased its holdings in Flutter Entertainment by 146.8% during the fourth quarter. Capital International Investors now owns 8,039,066 shares of the company's stock valued at $1,728,772,000 after buying an additional 4,782,302 shares during the period. Norges Bank purchased a new position in Flutter Entertainment during the fourth quarter valued at approximately $694,009,000. Finally, Amundi increased its holdings in Flutter Entertainment by 463.7% during the first quarter. Amundi now owns 2,059,906 shares of the company's stock valued at $210,007,000 after buying an additional 1,694,474 shares during the period.

Flutter Entertainment Company Profile

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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