Insider Selling: Flutter Entertainment (NYSE:FLUT) Director Sells 177 Shares of Stock

Key Points

• Insider sale: Flutter Entertainment director Stefan Andreas Bomhard sold 177 shares at $94.63 each, totaling about $16,750. The sale reduced his direct holdings to 1,000 shares and was made to cover tax withholding tied to vesting equity awards.
• Stock and earnings update: FLUT shares rose 1.7% to $97.21, even after trading well below their 52-week high. The company recently beat earnings expectations, reporting $1.22 EPS on $4.30 billion in revenue.
• Broader market backdrop: Flutter has also authorized a $250 million share repurchase program, while analysts remain mixed but overall rate the stock as a Moderate Buy with an average target price of $189.26.

Flutter Entertainment PLC (NYSE:FLUT - Get Free Report) Director Stefan Andreas Bomhard sold 177 shares of the business's stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $94.63, for a total value of $16,749.51. Following the completion of the sale, the director directly owned 1,000 shares of the company's stock, valued at approximately $94,630. The trade was a 15.04% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Stefan Andreas Bomhard also recently made the following trade(s):

• On Friday, May 8th, Stefan Andreas Bomhard purchased 500 shares of Flutter Entertainment stock. The stock was purchased at an average cost of $102.00 per share, with a total value of $51,000.00.

Flutter Entertainment Stock Up 1.7%

Shares of NYSE FLUT traded up $1.63 during trading hours on Friday, hitting $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 market capitalization of $16.91 billion, a P/E ratio of -45.30, a P/E/G ratio of 1.27 and a beta of 1.58. The firm's 50-day moving average price is $103.06 and its two-hundred day moving average price is $151.21. Flutter Entertainment PLC has a 52 week low of $91.52 and a 52 week high of $313.68. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.90 and a current ratio of 0.90.

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

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FLUT. Cibc World Markets Corp acquired a new position in shares of Flutter Entertainment in the fourth quarter valued at $1,678,841,000. Hsbc Holdings PLC raised its stake in shares of 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 in the last quarter. Capital International Investors raised its stake in shares of Flutter Entertainment by 146.8% in the fourth quarter. Capital International Investors now owns 8,039,066 shares of the company's stock valued at $1,728,772,000 after purchasing an additional 4,782,302 shares in the last quarter. Norges Bank bought a new stake in Flutter Entertainment in the fourth quarter valued at $694,009,000. Finally, Amundi grew its position in Flutter Entertainment by 463.7% in the first quarter. Amundi now owns 2,059,906 shares of the company's stock valued at $210,007,000 after acquiring an additional 1,694,474 shares during the period.

Analyst Upgrades and Downgrades

FLUT has been the subject of a number of recent analyst reports. Stifel Nicolaus decreased their target price on Flutter Entertainment from $216.00 to $189.00 and set a "buy" rating for the company in a research report on Thursday, April 9th. Citigroup cut Flutter Entertainment from a "buy" rating to a "sell" rating in a research report on Thursday, April 16th. Benchmark decreased their target price on Flutter Entertainment from $175.00 to $132.00 and set a "buy" rating for the company in a research report on Thursday, May 7th. Truist Financial decreased their target price on Flutter Entertainment from $140.00 to $130.00 and set a "buy" rating for the company in a research report on Thursday, May 7th. Finally, BTIG Research decreased their target price on Flutter Entertainment from $137.00 to $126.00 and set a "buy" rating for the company in a research report on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, seven have assigned a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $189.26.

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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