Robert Coldrake Sells 129 Shares of Flutter Entertainment (NYSE:FLUT) Stock

Key Points

• Flutter Entertainment CFO Robert Coldrake sold 129 shares on May 8 at an average price of $101.40, a $13,080.60 transaction. The sale was made to cover tax withholding tied to vesting equity awards, and he still owned 23,488 shares afterward.
• The company posted stronger-than-expected quarterly results on May 6, reporting $1.22 EPS versus $1.09 expected and revenue of $4.30 billion versus $4.24 billion expected. Revenue rose 17.4% year over year, helping lift the stock.
• Flutter also announced a $250 million share repurchase program in March, covering up to 1.3% of its stock. Analysts remain mixed, with the stock carrying an average “Moderate Buy” rating and a $194.23 target price, though several firms have recently cut targets.

Flutter Entertainment PLC (NYSE:FLUT - Get Free Report) CFO Robert Coldrake sold 129 shares of the business's stock in a transaction on Friday, May 8th. The shares were sold at an average price of $101.40, for a total transaction of $13,080.60. Following the sale, the chief financial officer directly owned 23,488 shares in the company, valued at approximately $2,381,683.20. This trade represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Robert Coldrake also recently made the following trade(s):

• On Wednesday, March 11th, Robert Coldrake sold 4,613 shares of Flutter Entertainment stock. The shares were sold at an average price of $106.45, for a total value of $491,053.85.

Flutter Entertainment Stock Up 4.3%

NYSE:FLUT traded up $4.03 during trading hours on Tuesday, hitting $97.99. 937,060 shares of the company's stock traded hands, compared to its average volume of 3,738,396. The stock's fifty day moving average price is $106.57 and its two-hundred day moving average price is $163.84. The firm has a market cap 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 has a debt-to-equity ratio of 1.27, a quick ratio of 0.90 and a current ratio of 0.90. Flutter Entertainment PLC has a twelve month low of $93.56 and a twelve month high of $313.68.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.13. The company had revenue of $4.30 billion for 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 business's revenue for the quarter was up 17.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.59 EPS. On average, research analysts expect that Flutter Entertainment PLC will post 5.14 earnings per share for the current fiscal year.

Flutter Entertainment announced that its board has approved a stock repurchase 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 stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its stock is undervalued.

Hedge Funds Weigh In On Flutter Entertainment

Institutional investors have recently bought and sold shares of the stock. Makena Capital Management LLC acquired a new position in Flutter Entertainment during the third quarter valued at approximately $11,517,000. TimesSquare Capital Management LLC boosted its holdings in Flutter Entertainment by 294.1% during the third quarter. TimesSquare Capital Management LLC now owns 378,878 shares of the company's stock valued at $96,235,000 after acquiring an additional 282,736 shares during the period. AGF Management Ltd. bought a new stake in Flutter Entertainment during the third quarter valued at about $9,519,000. Mutual of America Capital Management LLC acquired a new stake in shares of Flutter Entertainment in the third quarter valued at about $2,173,000. Finally, Federated Hermes Inc. bought a new position in shares of Flutter Entertainment in the third quarter worth about $169,777,000.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Barclays cut their target price on shares of Flutter Entertainment from $175.00 to $150.00 and set an "overweight" rating for the company in a research report on Friday. Benchmark dropped their price target on shares of Flutter Entertainment from $175.00 to $132.00 and set a "buy" rating on the stock in a research note on Thursday, May 7th. Citigroup lowered Flutter Entertainment from a "buy" rating to a "sell" rating in a report on Thursday, April 16th. Oppenheimer reduced their price objective on Flutter Entertainment from $210.00 to $160.00 and set an "outperform" rating for the company in a research report on Monday, April 13th. Finally, Sanford C. Bernstein dropped their target price on Flutter Entertainment from $125.00 to $115.00 and set a "market perform" rating on the stock in a research report on Thursday. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $194.23.

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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