Flutter Entertainment (NYSE:FLUT) Share Price Breaks Above 50 Day Moving Average Following Analyst Downgrade

Flutter Entertainment PLC (NYSE:FLUT)’s stock price passed above its 50 day moving average during trading on Monday after Citigroup upgraded the stock from a neutral rating to a buy rating. The stock has a 50 day moving average of $86.81 and traded as high as $88.75. Citigroup now has a $91.00 price target on the stock, down from their previous price target of $93.00. Flutter Entertainment shares last traded at $87.6050, with a volume of 4,417,307 shares.

FLUT has been the subject of several other reports. Benchmark cut their target price on shares of Flutter Entertainment from $132.00 to $113.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. Barclays decreased their price target on shares of Flutter Entertainment from $151.00 to $133.00 and set an “overweight” rating on the stock in a research report on Thursday, August 6th. Wolfe Research started coverage on shares of Flutter Entertainment in a research note on Wednesday, September 2nd. They set an “outperform” rating and a $150.00 price target on the stock. Wedbush cut their price objective on shares of Flutter Entertainment from $138.00 to $126.00 and set an “outperform” rating for the company in a research report on Thursday, August 6th. Finally, Rothschild & Co Redburn downgraded shares of Flutter Entertainment from a “buy” rating to a “neutral” rating and cut their price objective for the company from $169.00 to $119.00 in a research report on Monday, September 21st. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $134.44.

Insider Activity

In related news, CFO Robert Coldrake sold 710 shares of the company’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $97.86, for a total value of $69,480.60. Following the completion of the transaction, the chief financial officer owned 22,778 shares of the company’s stock, valued at approximately $2,229,055.08. This represents a 3.02% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 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 company’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $97.86, for a total value of $172,429.32. Following the completion of the transaction, the chief executive officer directly owned 70,452 shares of the company’s stock, valued at approximately $6,894,432.72. This trade represents a 2.44% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 6,681 shares of company stock worth $644,214. 0.13% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Flutter Entertainment

Several institutional investors have recently bought and sold shares of FLUT. Parallel Advisors LLC raised its position in shares of Flutter Entertainment by 489.7% during the 1st quarter. Parallel Advisors LLC now owns 460 shares of the company’s stock valued at $47,000 after buying an additional 382 shares in the last quarter. CX Institutional grew its position in Flutter Entertainment by 729.7% in the second quarter. CX Institutional now owns 531 shares of the company’s stock worth $54,000 after acquiring an additional 467 shares in the last quarter. Allworth Financial LP increased its stake in Flutter Entertainment by 167.8% during the second quarter. Allworth Financial LP now owns 557 shares of the company’s stock worth $57,000 after acquiring an additional 349 shares during the last quarter. TD Waterhouse Canada Inc. increased its stake in Flutter Entertainment by 65.8% during the second quarter. TD Waterhouse Canada Inc. now owns 630 shares of the company’s stock worth $67,000 after acquiring an additional 250 shares during the last quarter. Finally, Integrated Wealth Concepts LLC bought a new stake in Flutter Entertainment during the second quarter worth approximately $119,000.

Flutter Entertainment Stock Performance

The company has a debt-to-equity ratio of 1.32, a current ratio of 0.89 and a quick ratio of 0.89. The business has a 50-day simple moving average of $86.81 and a 200-day simple moving average of $107.10. The firm has a market capitalization of $15.20 billion, a PE ratio of -20.37, a P/E/G ratio of 2.62 and a beta of 1.39.

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). 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%. Flutter Entertainment’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same period in the previous year, the business earned $2.95 earnings per share. Equities research analysts expect that Flutter Entertainment PLC will post 3.35 earnings per share for the current fiscal year.

About Flutter Entertainment

Flutter Entertainment plc is a global sports betting and online gaming company headquartered in Dublin, Ireland. The company operates a portfolio of betting, gaming, poker and daily fantasy sports brands, serving customers through online platforms, mobile applications and, in some markets, retail locations.

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, and Sisal and SNAI in Italy.