Flutter Entertainment (NYSE:FLUT) Stock Jumps 4.7% – Time to Buy?

Flutter Entertainment PLC (NYSE:FLUT) shares traded up 4.7% on Thursday. The stock traded as high as $79.23 and last traded at $79.3790. 271,184 shares traded hands during trading, a decline of 92% from the average daily volume of 3,294,191 shares. The stock had previously closed at $75.85.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on FLUT shares. Citigroup upgraded shares of Flutter Entertainment from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $93.00 to $91.00 in a report on Wednesday. Sanford C. Bernstein restated a “market perform” rating on shares of Flutter Entertainment in a report on Thursday, September 3rd. New Street Research set a $110.00 price target on shares of Flutter Entertainment in a research report on Thursday, September 3rd. Jefferies Financial Group reiterated a “buy” rating and set a $180.00 price target on shares of Flutter Entertainment in a research note on Sunday, August 9th. Finally, Susquehanna decreased their price objective on Flutter Entertainment from $115.00 to $100.00 and set a “positive” rating for the company in a report on Thursday. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, Flutter Entertainment has an average rating of “Moderate Buy” and an average price target of $144.70.

Flutter Entertainment Stock Performance

The company’s 50 day moving average price is $92.98 and its 200-day moving average price is $100.11. The stock has a market cap of $13.84 billion, a P/E ratio of -18.55, a price-to-earnings-growth ratio of 2.62 and a beta of 1.39. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.89 and a current ratio of 0.89.

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

Insider Transactions at Flutter Entertainment

In related news, COO James Bishop sold 741 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $97.86, for a total transaction of $72,514.26. Following the completion of the sale, the chief operating officer directly owned 16,864 shares of the company’s stock, valued at approximately $1,650,311.04. This trade represents a 4.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Jeremy Jackson sold 2,112 shares of Flutter Entertainment stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $93.32, for a total value of $197,091.84. Following the sale, the chief executive officer owned 72,214 shares in the company, valued at $6,739,010.48. This trade represents a 2.84% 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. Over the last three months, insiders have sold 6,681 shares of company stock worth $644,214. 0.13% of the stock is owned by insiders.

Institutional Investors Weigh In On Flutter Entertainment

Several large investors have recently made changes to their positions in the business. LM Advisors LLC bought a new stake in Flutter Entertainment in the 4th quarter valued at about $46,000. Parallel Advisors LLC increased its stake in shares of Flutter Entertainment by 489.7% in the first quarter. Parallel Advisors LLC now owns 460 shares of the company’s stock worth $47,000 after purchasing an additional 382 shares in the last quarter. CX Institutional raised its position in shares of Flutter Entertainment by 729.7% in the second quarter. CX Institutional now owns 531 shares of the company’s stock valued at $54,000 after purchasing an additional 467 shares during the period. Allworth Financial LP lifted its stake in shares of Flutter Entertainment by 167.8% during the 2nd quarter. Allworth Financial LP now owns 557 shares of the company’s stock valued at $57,000 after buying an additional 349 shares in the last quarter. Finally, Solstein Capital LLC purchased a new stake in shares of Flutter Entertainment during the 4th quarter valued at approximately $127,000.

About Flutter Entertainment

Flutter Entertainment plc is a global sports betting and online gaming company headquartered in Dublin, Ireland. The company provides online and retail betting, casino, poker, bingo and lottery-related products through a portfolio of brands serving customers in multiple regulated markets.

Its principal brands include FanDuel in the United States, Paddy Power and Betfair in the United Kingdom and Ireland, Sky Bet in the United Kingdom, PokerStars internationally, Sisal in Italy and other markets, and tombola, an online bingo operator.