Flutter Entertainment (NYSE:FLUT) Shares Down 6.4% – Here’s What Happened

Flutter Entertainment PLC (NYSE:FLUT) was down 6.4% on Monday. The stock traded as low as $78.66 and last traded at $77.8690. Approximately 384,192 shares changed hands during trading, a decline of 88% from the average daily volume of 3,308,631 shares. The stock had previously closed at $83.23.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Freedom Capital raised shares of Flutter Entertainment to a “hold” rating in a research note on Monday, June 22nd. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Flutter Entertainment in a research note on Monday, August 24th. Citigroup reiterated an “outperform” rating on shares of Flutter Entertainment in a report on Wednesday, July 8th. Benchmark reduced their price objective on shares of Flutter Entertainment from $132.00 to $113.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. Finally, Citizens Jmp dropped their target price on Flutter Entertainment from $165.00 to $159.00 and set a “market outperform” rating for the company in a research report on Wednesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, Flutter Entertainment presently has an average rating of “Moderate Buy” and an average target price of $155.48.

Flutter Entertainment Price Performance

The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market capitalization of $13.40 billion, a P/E ratio of -17.99, a P/E/G ratio of 2.11 and a beta of 1.26. The stock’s 50 day simple moving average is $98.42 and its 200 day simple moving average is $102.22.

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

Insider Activity

In related news, insider Don Liu sold 565 shares of Flutter Entertainment stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $97.86, for a total value of $55,290.90. Following the completion of the sale, the insider directly owned 20,441 shares in the company, valued at $2,000,356.26. The trade was a 2.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Daniel Taylor sold 791 shares of the company’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $97.86, for a total transaction of $77,407.26. Following the completion of the sale, the chief executive officer directly owned 52,467 shares of the company’s stock, valued at approximately $5,134,420.62. This trade represents a 1.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 valued at $644,214. Company insiders own 0.13% of the company’s stock.

Hedge Funds Weigh In On Flutter Entertainment

A number of large investors have recently bought and sold shares of the business. Parvus Asset Management Jersey Ltd purchased a new position in shares of Flutter Entertainment in the 2nd quarter valued at $1,552,097,267. Capital International Investors lifted its stake in shares of Flutter Entertainment by 146.8% during the 4th quarter. Capital International Investors now owns 8,039,066 shares of the company’s stock worth $1,728,772,000 after purchasing an additional 4,782,302 shares during the last quarter. Hsbc Holdings PLC boosted its position in 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 purchasing an additional 5,589,099 shares in the last quarter. Norges Bank bought a new stake in Flutter Entertainment during the fourth quarter valued at about $694,009,000. Finally, Cantillon Capital Management LLC grew its stake in Flutter Entertainment by 0.8% in the fourth quarter. Cantillon Capital Management LLC now owns 2,264,025 shares of the company’s stock valued at $486,856,000 after purchasing an additional 16,929 shares during the last quarter.

About Flutter Entertainment

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.