Flutter Entertainment (NYSE:FLUT) Shares Up 4.9% - Here's Why

Key Points

• Flutter Entertainment shares jumped 4.9% to approximately $99.71 in Friday trading, although volume was 74% below the stock’s average daily level.
• Analysts maintain a generally positive view, with a MarketBeat consensus rating of “Moderate Buy” and an average price target of $159.12. However, several firms recently lowered their targets, including Benchmark, Needham and UBS.
• Flutter’s latest quarter produced $4.33 billion in revenue, beating estimates, but adjusted EPS of $0.49 missed expectations of $0.54. Revenue rose 3.3% year over year, while the company reported a negative net margin of 4.39%.

Flutter Entertainment PLC (NYSE:FLUT - Get Free Report)'s share price rose 4.9% during trading on Friday . The company traded as high as $99.83 and last traded at $99.71. Approximately 868,311 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 3,339,777 shares. The stock had previously closed at $95.01.

Analyst Ratings Changes

A number of analysts have weighed in on FLUT shares. Citigroup reissued an "outperform" rating on shares of Flutter Entertainment in a report on Wednesday, July 8th. Benchmark decreased their price target on shares of Flutter Entertainment from $132.00 to $113.00 and set a "buy" rating for the company in a report on Thursday, August 6th. Needham & Company LLC lowered their price objective on shares of Flutter Entertainment from $135.00 to $110.00 and set a "buy" rating for the company in a research report on Thursday, August 6th. UBS Group lowered their price objective on shares of Flutter Entertainment from $160.00 to $140.00 and set a "buy" rating for the company in a research report on Thursday, August 6th. Finally, BNP Paribas Exane began coverage on shares of Flutter Entertainment in a research note on Thursday, May 14th. They set an "underperform" rating and a $80.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $159.12.

Flutter Entertainment Price Performance

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 stock has a market capitalization of $17.35 billion, a price-to-earnings ratio of -23.25, a price-to-earnings-growth ratio of 2.49 and a beta of 1.28. The company has a 50-day simple moving average of $102.50 and a two-hundred day simple moving average of $106.26.

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

Insider Transactions at Flutter Entertainment

In other Flutter Entertainment news, CEO Jeremy Peter Jackson sold 2,112 shares of the business's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $93.32, for a total transaction of $197,091.84. Following the completion of the transaction, the chief executive officer directly owned 72,214 shares of the company's stock, valued at $6,739,010.48. The trade was a 2.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.13% of the stock is owned by insiders.

Hedge Funds Weigh In On Flutter Entertainment

Several hedge funds and other institutional investors have recently made changes to their positions in FLUT. AlphaGrep UK Ltd bought a new stake in Flutter Entertainment during the 2nd quarter valued at $203,000. TD Waterhouse Canada Inc. increased its holdings in shares of Flutter Entertainment by 65.8% during the second 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 period. CTC Alternative Strategies Ltd. bought a new stake in shares of Flutter Entertainment during the second quarter valued at about $235,000. Public Employees Retirement System of Ohio acquired a new stake in Flutter Entertainment in the second quarter worth about $9,881,000. Finally, Parvus Asset Management Jersey Ltd bought a new position in Flutter Entertainment in the 2nd quarter valued at about $1,552,097,267,000.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source