Flutter Entertainment (NYSE:FLUT) Shares Up 4.7% - Here's Why

Key Points

• Flutter Entertainment shares rose 4.7% to about $79.38, although trading volume was significantly below average.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $144.70, despite several firms recently lowering their targets.
• The company’s latest quarter showed revenue growth of 3.3% to $4.33 billion, beating estimates, but earnings per share of $0.49 fell short of the $0.54 consensus forecast.

Flutter Entertainment PLC (NYSE:FLUT - Get Free Report) shares shot up 4.7% during trading on Thursday. The company traded as high as $79.23 and last traded at $79.3790. 271,184 shares traded hands during trading, a decline of 92% from the average daily volume of 3,294,191 shares. The stock had previously closed at $75.85.

Wall Street Analyst Weigh In

A number of research firms have issued reports on FLUT. Barclays cut their target price on shares of Flutter Entertainment from $151.00 to $133.00 and set an "overweight" rating for the company in a research report on Thursday, August 6th. Wells Fargo & Company dropped 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 note on Thursday, August 6th. Stifel Nicolaus dropped their price target on shares of Flutter Entertainment from $161.00 to $133.00 and set a "buy" rating on the stock in a research note on Thursday, August 6th. Sanford C. Bernstein reiterated a "market perform" rating on shares of Flutter Entertainment in a report on Thursday, September 3rd. Finally, JPMorgan Chase & Co. initiated coverage on Flutter Entertainment in a research report on Wednesday, August 12th. They set a "neutral" rating and a $114.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, Flutter Entertainment currently has an average rating of "Moderate Buy" and an average target price of $144.70.

Flutter Entertainment Stock Performance

The company has a market cap of $13.66 billion, a price-to-earnings ratio of -18.31, a P/E/G ratio of 2.45 and a beta of 1.39. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a fifty day simple moving average of $93.88 and a 200 day simple moving average of $100.42.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.49 earnings per share for the quarter, missing analysts' consensus estimates of $0.54 by ($0.05). Flutter Entertainment had a positive return on equity of 7.27% and a negative net margin of 4.39%.The firm had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same quarter in the previous year, the firm posted $2.95 earnings per share. Flutter Entertainment's quarterly revenue was up 3.3% compared to the same quarter last year. On average, sell-side analysts expect that Flutter Entertainment PLC will post 3.48 earnings per share for the current fiscal year.

Insider Activity at Flutter Entertainment

In other news, COO James Bishop sold 741 shares of the company's stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $97.86, for a total transaction of $72,514.26. Following the completion of the transaction, the chief operating officer owned 16,864 shares of the company's stock, valued at approximately $1,650,311.04. This represents a 4.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Robert Coldrake sold 710 shares of the stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $97.86, for a total transaction of $69,480.60. Following the completion of the sale, the chief financial officer owned 22,778 shares of the company's stock, valued at approximately $2,229,055.08. The trade was a 3.02% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 6,681 shares of company stock worth $644,214. Insiders own 0.13% of the company's stock.

Institutional Trading of Flutter Entertainment

A number of hedge funds have recently modified their holdings of FLUT. Evelyn Partners Investment Management Europe Ltd lifted its stake in Flutter Entertainment by 8.4% in the fourth quarter. Evelyn Partners Investment Management Europe Ltd now owns 1,083 shares of the company's stock valued at $233,000 after acquiring an additional 84 shares during the last quarter. LM Advisors LLC bought a new stake in shares of Flutter Entertainment in the 4th quarter valued at about $46,000. TD Waterhouse Canada Inc. lifted its stake in Flutter Entertainment by 65.8% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 630 shares of the company's stock valued at $67,000 after purchasing an additional 250 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Flutter Entertainment by 3.6% in the 1st quarter. The Manufacturers Life Insurance Company now owns 9,447 shares of the company's stock valued at $963,000 after purchasing an additional 328 shares during the last quarter. Finally, Allworth Financial LP grew its holdings in Flutter Entertainment by 167.8% during the second quarter. Allworth Financial LP now owns 557 shares of the company's stock worth $57,000 after purchasing an additional 349 shares during the period.

Flutter Entertainment Company Profile

Flutter Entertainment plc is a global sports betting and online gaming company headquartered in Dublin, Ireland. The company provides online and retail betting, casino, poker, bingo and lottery-related products through a portfolio of brands serving customers in multiple regulated markets.

Its principal brands include FanDuel in the United States, Paddy Power and Betfair in the United Kingdom and Ireland, Sky Bet in the United Kingdom, PokerStars internationally, Sisal in Italy and other markets, and tombola, an online bingo operator.

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.