Flutter Entertainment PLC (NYSE:FLUT) Sees Large Decline in Short Interest

Flutter Entertainment PLC (NYSE:FLUT) was the recipient of a large decrease in short interest in the month of February. As of February 27th, there was short interest totaling 9,052,256 shares, a decrease of 27.4% from the February 12th total of 12,469,256 shares. Based on an average daily trading volume, of 6,395,129 shares, the short-interest ratio is currently 1.4 days. Currently, 5.2% of the company’s stock are short sold. Currently, 5.2% of the company’s stock are short sold. Based on an average daily trading volume, of 6,395,129 shares, the short-interest ratio is currently 1.4 days.

Insiders Place Their Bets

In other news, CFO Robert Coldrake sold 4,613 shares of the company’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $106.45, for a total transaction of $491,053.85. Following the sale, the chief financial officer owned 10,006 shares of the company’s stock, valued at approximately $1,065,138.70. This represents a 31.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Amy Howe sold 8,895 shares of the stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $105.91, for a total value of $942,069.45. Following the completion of the sale, the chief executive officer owned 78,889 shares in the company, valued at approximately $8,355,133.99. The trade was a 10.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 17,834 shares of company stock worth $1,900,331 in the last ninety days. 0.09% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Flutter Entertainment by 5.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,311 shares of the company’s stock worth $290,000 after buying an additional 69 shares during the period. Sivia Capital Partners LLC acquired a new stake in shares of Flutter Entertainment in the second quarter valued at approximately $405,000. Savant Capital LLC purchased a new position in shares of Flutter Entertainment during the second quarter worth approximately $909,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Flutter Entertainment during the second quarter worth approximately $848,000. Finally, Allworth Financial LP increased its holdings in shares of Flutter Entertainment by 116.4% in the 2nd quarter. Allworth Financial LP now owns 145 shares of the company’s stock valued at $41,000 after acquiring an additional 78 shares during the period.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Susquehanna restated a “positive” rating and set a $228.00 price target on shares of Flutter Entertainment in a report on Tuesday, January 27th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $228.00 price objective (down from $248.00) on shares of Flutter Entertainment in a research note on Wednesday, January 14th. Citigroup reissued an “outperform” rating on shares of Flutter Entertainment in a research report on Monday, January 5th. Benchmark cut their target price on shares of Flutter Entertainment from $285.00 to $175.00 and set a “buy” rating on the stock in a research note on Friday, February 27th. Finally, UBS Group reduced their target price on shares of Flutter Entertainment from $320.00 to $300.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $234.65.

Flutter Entertainment Stock Up 0.3%

Flutter Entertainment stock traded up $0.34 during mid-day trading on Monday, hitting $108.71. The company had a trading volume of 2,847,597 shares, compared to its average volume of 4,312,661. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.31. Flutter Entertainment has a 1 year low of $99.96 and a 1 year high of $313.68. The business has a fifty day moving average of $152.49 and a 200 day moving average of $209.71. The stock has a market cap of $19.06 billion, a price-to-earnings ratio of -60.39, a PEG ratio of 0.74 and a beta of 2.30.

Flutter Entertainment (NYSE:FLUT) last issued its quarterly earnings data on Thursday, February 26th. The company reported $1.74 earnings per share for the quarter, missing the consensus estimate of $2.11 by ($0.37). The company had revenue of $4.74 billion for the quarter, compared to analysts’ expectations of $4.87 billion. Flutter Entertainment had a positive return on equity of 12.12% and a negative net margin of 1.89%.The firm’s quarterly revenue was up 24.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.94 EPS. On average, sell-side analysts expect that Flutter Entertainment will post 4.17 earnings per share for the current fiscal year.

Flutter Entertainment announced that its board has approved a share buyback program on Wednesday, March 11th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

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.