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

Shares of Flutter Entertainment PLC (NYSE:FLUT) gapped down before the market opened on Wednesday . The stock had previously closed at $104.96, but opened at $97.71. Flutter Entertainment shares last traded at $96.51, with a volume of 3,293,874 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Wells Fargo & Company reduced their target price on shares of Flutter Entertainment from $168.00 to $137.00 and set an “equal weight” rating on the stock in a research note on Monday, July 20th. Benchmark dropped their price target on shares of Flutter Entertainment from $175.00 to $132.00 and set a “buy” rating for the company in a research note on Thursday, May 7th. Truist Financial cut their price target on shares of Flutter Entertainment from $140.00 to $130.00 and set a “buy” rating for the company in a report on Thursday, May 7th. Oppenheimer reduced their price target on shares of Flutter Entertainment from $210.00 to $160.00 and set an “outperform” rating on the stock in a research report on Monday, April 13th. Finally, BNP Paribas Exane assumed coverage on Flutter Entertainment in a research report on Thursday, May 14th. They issued an “underperform” rating and a $80.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $176.00.

Flutter Entertainment Stock Performance

The firm has a 50-day moving average price of $104.68 and a 200 day moving average price of $115.09. The firm has a market capitalization of $16.10 billion, a PE ratio of -43.26, a price-to-earnings-growth ratio of 1.45 and a beta of 1.28. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.27.

Flutter Entertainment (NYSE:FLUT) last posted its quarterly earnings data 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). Flutter Entertainment had a negative net margin of 2.20% and a positive return on equity of 11.60%. The firm had revenue of $4.33 billion during the quarter, compared to analysts’ expectations of $4.23 billion. During the same quarter in the prior year, the firm posted $2.95 EPS. Flutter Entertainment’s quarterly revenue was up 3.3% compared to the same quarter last year. Research analysts expect that Flutter Entertainment PLC will post 4.72 earnings per share for the current year.

Insider Buying and Selling

In other Flutter Entertainment news, Director John A. Bryant purchased 1,950 shares of Flutter Entertainment stock in a transaction dated Friday, May 8th. The shares were acquired at an average price of $102.86 per share, with a total value of $200,577.00. Following the completion of the transaction, the director owned 9,235 shares of the company’s stock, valued at $949,912.10. This trade represents a 26.77% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO James Philip Bishop acquired 1,000 shares of the stock in a transaction dated Monday, May 11th. The stock was acquired at an average cost of $99.75 per share, with a total value of $99,750.00. Following the purchase, the chief operating officer owned 17,605 shares of the company’s stock, valued at approximately $1,756,098.75. This trade represents a 6.02% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders acquired 10,453 shares of company stock worth $1,045,526 and sold 5,994 shares worth $577,293. 0.13% of the stock is owned by insiders.

Institutional Investors Weigh In On Flutter Entertainment

Several large investors have recently added to or reduced their stakes in the business. Norges Bank acquired a new position in Flutter Entertainment during the 4th quarter worth $694,009,000. Peregrine Capital Management LLC raised its position in Flutter Entertainment by 34.2% in the 4th quarter. Peregrine Capital Management LLC now owns 150,979 shares of the company’s stock valued at $32,467,000 after purchasing an additional 38,469 shares in the last quarter. Capricorn Fund Managers Ltd acquired a new stake in Flutter Entertainment in the 1st quarter valued at about $3,670,000. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in shares of Flutter Entertainment by 53.3% in the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 64,054 shares of the company’s stock valued at $6,530,000 after buying an additional 22,270 shares during the period. Finally, TimesSquare Capital Management LLC boosted its stake in shares of Flutter Entertainment by 5.3% in the 4th quarter. TimesSquare Capital Management LLC now owns 399,081 shares of the company’s stock valued at $85,818,000 after buying an additional 20,203 shares during the period.

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.