Flutter Entertainment (NYSE:FLUT) Trading Down 5% – Here’s Why

Flutter Entertainment PLC (NYSE:FLUT)’s share price traded down 5% on Thursday . The company traded as low as $92.97 and last traded at $92.6710. Approximately 1,833,781 shares changed hands during mid-day trading, a decline of 44% from the average session volume of 3,302,720 shares. The stock had previously closed at $97.56.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FLUT. Barclays lowered their price target on shares of Flutter Entertainment from $151.00 to $133.00 and set an “overweight” rating for the company in a report on Thursday, August 6th. Sanford C. Bernstein restated a “market perform” rating on shares of Flutter Entertainment in a research report on Thursday, September 3rd. Jefferies Financial Group reiterated a “buy” rating and issued a $180.00 target price on shares of Flutter Entertainment in a research report on Sunday, August 9th. Citizens Jmp cut their price target on Flutter Entertainment from $165.00 to $159.00 and set a “market outperform” rating on the stock in a research note on Wednesday, July 8th. Finally, Needham & Company LLC reduced their price target on Flutter Entertainment from $135.00 to $110.00 and set a “buy” rating on the stock in a report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $156.88.

Flutter Entertainment Stock Performance

The firm has a market capitalization of $16.09 billion, a P/E ratio of -21.59, a price-to-earnings-growth ratio of 2.53 and a beta of 1.26. The company has a 50-day moving average of $101.58 and a 200-day moving average of $103.37. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 1.32.

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

Insiders Place Their Bets

In related news, CEO Daniel Taylor sold 791 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $97.86, for a total value of $77,407.26. Following the sale, the chief executive officer directly owned 52,467 shares in the company, valued at $5,134,420.62. This represents a 1.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing 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. Also, CEO Jeremy Jackson sold 1,762 shares of the stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $97.86, for a total transaction of $172,429.32. Following the sale, the chief executive officer directly owned 70,452 shares of the company’s stock, valued at $6,894,432.72. This represents a 2.44% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 6,681 shares of company stock valued at $644,214 over the last three months. Insiders own 0.13% of the company’s stock.

Institutional Investors Weigh In On Flutter Entertainment

Several large investors have recently modified their holdings of the company. Parvus Asset Management Jersey Ltd bought a new stake in Flutter Entertainment during the 2nd quarter valued at $1,552,097,267. Hsbc Holdings PLC grew its holdings in shares of Flutter Entertainment by 33,988.7% during the first quarter. Hsbc Holdings PLC now owns 5,605,543 shares of the company’s stock valued at $575,185,000 after buying an additional 5,589,099 shares during the last quarter. Capital International Investors grew its holdings in shares of Flutter Entertainment by 146.8% during the fourth quarter. Capital International Investors now owns 8,039,066 shares of the company’s stock valued at $1,728,772,000 after buying an additional 4,782,302 shares during the last quarter. Norges Bank bought a new stake in shares of Flutter Entertainment during the fourth quarter worth about $694,009,000. Finally, Amundi raised its holdings in shares of Flutter Entertainment by 463.7% in the 1st quarter. Amundi now owns 2,059,906 shares of the company’s stock worth $210,007,000 after acquiring an additional 1,694,474 shares during the last quarter.

Flutter Entertainment Company Profile

Flutter Entertainment plc is a global sports betting and online gaming company headquartered in Dublin, Ireland. The company provides customers with sports wagering, casino, poker, bingo and other gaming products through digital platforms, retail betting shops and other distribution channels.

Flutter’s portfolio includes brands such as FanDuel in the United States, Paddy Power and Betfair in the United Kingdom and Ireland, PokerStars internationally, Sky Betting & Gaming, Sisal and tombola.