Flutter Entertainment (NYSE:FLUT) Stock Price Crosses Above 50 Day Moving Average on Analyst Downgrade

Flutter Entertainment PLC (NYSE:FLUT) crossed above its fifty day moving average during trading on Wednesday after Wall Street Zen upgraded the stock from a sell rating to a hold rating. The stock has a fifty day moving average of $84.47 and traded as high as $86.68. Flutter Entertainment shares last traded at $85.1030, with a volume of 2,802,388 shares changing hands.

FLUT has been the subject of several other reports. Craig Hallum set a $95.00 target price on Flutter Entertainment in a research note on Friday, October 23rd. Rothschild & Co Redburn downgraded Flutter Entertainment from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $169.00 to $119.00 in a research note on Monday, September 21st. Susquehanna increased their price target on Flutter Entertainment from $100.00 to $101.00 and gave the stock a “positive” rating in a report on Thursday, November 5th. Weiss Ratings reissued a “sell (d)” rating on shares of Flutter Entertainment in a research note on Monday, August 24th. Finally, Citizens Jmp decreased their price objective on Flutter Entertainment from $129.00 to $116.00 and set a “market outperform” rating for the company in a report on Thursday, November 5th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, Flutter Entertainment presently has an average rating of “Moderate Buy” and an average price target of $129.75.

Insider Buying and Selling

In other Flutter Entertainment news, CEO Daniel Taylor sold 3,727 shares of Flutter Entertainment stock in a transaction dated Thursday, November 5th. The stock was sold at an average price of $82.34, for a total transaction of $306,881.18. Following the completion of the transaction, the chief executive officer owned 56,642 shares in the company, valued at approximately $4,663,902.28. The trade was a 6.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Robert Coldrake sold 991 shares of Flutter Entertainment stock in a transaction dated Thursday, November 5th. The shares were sold at an average price of $82.34, for a total value of $81,598.94. Following the transaction, the chief financial officer owned 23,888 shares of the company’s stock, valued at $1,966,937.92. This trade represents a 3.98% decrease in their position. 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. Insiders have sold a total of 11,399 shares of company stock worth $1,032,694 over the last ninety days. Insiders own 0.13% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Parallel Advisors LLC boosted its holdings in Flutter Entertainment by 489.7% during the 1st quarter. Parallel Advisors LLC now owns 460 shares of the company’s stock worth $47,000 after acquiring an additional 382 shares during the last quarter. CX Institutional grew its stake in shares of Flutter Entertainment by 729.7% in the 2nd 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 raised its holdings in shares of Flutter Entertainment by 167.8% in the second quarter. Allworth Financial LP now owns 557 shares of the company’s stock valued at $57,000 after purchasing an additional 349 shares during the last quarter. TD Waterhouse Canada Inc. raised its holdings in shares of Flutter Entertainment by 65.8% in the second quarter. TD Waterhouse Canada Inc. now owns 630 shares of the company’s stock valued at $67,000 after purchasing an additional 250 shares during the last quarter. Finally, Bessemer Group Inc. lifted its position in shares of Flutter Entertainment by 228.7% during the third quarter. Bessemer Group Inc. now owns 1,433 shares of the company’s stock valued at $108,000 after purchasing an additional 997 shares in the last quarter.

Flutter Entertainment Price Performance

The company has a market capitalization of $14.80 billion, a P/E ratio of -16.09 and a beta of 1.27. The business’s 50-day moving average is $84.47 and its two-hundred day moving average is $103.45. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 1.49.

Flutter Entertainment (NYSE:FLUT) last issued its quarterly earnings data on Wednesday, November 4th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.50). Flutter Entertainment had a positive return on equity of 4.38% and a negative net margin of 5.37%. The firm had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $3.99 billion. During the same period in the previous year, the company posted $1.64 earnings per share. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. As a group, analysts predict that Flutter Entertainment PLC will post 3.05 earnings per share for the current year.

Flutter Entertainment Company Profile

Flutter Entertainment is a global sports betting and gaming company that provides online and retail wagering, casino gaming and poker services. Its brands include FanDuel in the United States, Paddy Power and Betfair in the United Kingdom and Ireland, Sportsbet in Australia, and PokerStars in international markets. The company serves customers across the United States, the United Kingdom and Ireland, Australia, and other international markets. Its offerings include online sports betting, iGaming products such as casino games, poker platforms, and, in some markets, betting shops.