Flutter Entertainment (NYSE:FLUT) Shares Gap Up – Still a Buy?

Flutter Entertainment plc (NYSE:FLUT) shares gapped up before the market opened on Monday . The stock had previously closed at $249.59, but opened at $260.53. Flutter Entertainment shares last traded at $259.27, with a volume of 699,988 shares changing hands.

Analysts Set New Price Targets

FLUT has been the subject of several research reports. UBS Group increased their price target on shares of Flutter Entertainment from $335.00 to $340.00 and gave the company a “buy” rating in a research report on Thursday, March 6th. Wells Fargo & Company upped their price objective on shares of Flutter Entertainment from $285.00 to $300.00 and gave the company an “overweight” rating in a report on Wednesday, March 5th. Truist Financial dropped their price objective on shares of Flutter Entertainment from $330.00 to $280.00 and set a “buy” rating on the stock in a report on Wednesday, April 23rd. Needham & Company LLC reaffirmed a “buy” rating and set a $310.00 price objective on shares of Flutter Entertainment in a report on Thursday, May 8th. Finally, Sanford C. Bernstein started coverage on shares of Flutter Entertainment in a report on Wednesday, June 4th. They set a “market perform” rating and a $275.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $303.79.

Flutter Entertainment Price Performance

The stock has a market capitalization of $46.38 billion and a PE ratio of 90.82. The firm’s 50 day simple moving average is $236.90 and its 200 day simple moving average is $253.69. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.89 and a quick ratio of 0.89.

Flutter Entertainment (NYSE:FLUT) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $1.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.89 by ($0.30). The company had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.06 billion. Flutter Entertainment had a negative net margin of 6.86% and a negative return on equity of 4.52%. The firm’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.10 earnings per share. As a group, equities analysts forecast that Flutter Entertainment plc will post 4.17 EPS for the current fiscal year.

Insider Activity

In other news, Director Alfred F. Hurley, Jr. sold 265 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $243.94, for a total value of $64,644.10. Following the transaction, the director now owns 3,518 shares in the company, valued at $858,180.92. This represents a 7.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Nancy Cruickshank sold 281 shares of the firm’s stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $245.71, for a total transaction of $69,044.51. Following the sale, the director now owns 1,797 shares in the company, valued at approximately $441,540.87. The trade was a 13.52% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 7,770 shares of company stock valued at $1,894,934 in the last 90 days.

Institutional Investors Weigh In On Flutter Entertainment

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd bought a new stake in Flutter Entertainment during the 4th quarter worth approximately $25,000. Farther Finance Advisors LLC raised its position in shares of Flutter Entertainment by 585.7% during the fourth quarter. Farther Finance Advisors LLC now owns 96 shares of the company’s stock valued at $25,000 after buying an additional 82 shares during the last quarter. GPS Wealth Strategies Group LLC raised its position in shares of Flutter Entertainment by 1,375.0% during the first quarter. GPS Wealth Strategies Group LLC now owns 118 shares of the company’s stock valued at $26,000 after buying an additional 110 shares during the last quarter. SVB Wealth LLC bought a new stake in shares of Flutter Entertainment during the first quarter valued at approximately $27,000. Finally, Parallel Advisors LLC raised its position in shares of Flutter Entertainment by 78.9% during the first quarter. Parallel Advisors LLC now owns 136 shares of the company’s stock valued at $30,000 after buying an additional 60 shares during the last quarter.

About Flutter Entertainment

Flutter Entertainment plc operates as a sports betting and gaming company in the United Kingdom, Ireland, Australia, the United States, Italy, and internationally. The company operates through four segments: UK & Ireland, Australia, International, and US. It offers sports betting, iGaming, daily fantasy sports, online racing wagering, and TV broadcasting products; sportsbooks and exchange sports betting products, and gaming products; and online sports betting.