Flutter Entertainment (NYSE:FLUT) Sees Strong Trading Volume – Still a Buy?

Shares of Flutter Entertainment plc (NYSE:FLUT) saw unusually-high trading volume on Thursday . Approximately 2,128,953 shares traded hands during trading, an increase of 43% from the previous session’s volume of 1,491,756 shares.The stock last traded at $237.84 and had previously closed at $236.26.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Wells Fargo & Company increased their price objective on shares of Flutter Entertainment from $285.00 to $300.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 5th. UBS Group increased their price target on shares of Flutter Entertainment from $335.00 to $340.00 and gave the stock a “buy” rating in a research report on Thursday, March 6th. Macquarie reissued an “outperform” rating and set a $340.00 price target on shares of Flutter Entertainment in a report on Wednesday, March 5th. Citigroup reissued an “outperform” rating on shares of Flutter Entertainment in a report on Wednesday, March 5th. Finally, Truist Financial assumed coverage on Flutter Entertainment in a research note on Wednesday, February 26th. They set a “buy” rating and a $330.00 target price on the stock. Nineteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $311.41.

Flutter Entertainment Stock Performance

The business has a 50-day moving average of $261.17 and a two-hundred day moving average of $253.67. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market cap of $40.53 billion and a P/E ratio of 1,037.97.

Insider Activity

In other Flutter Entertainment news, CEO Amy Howe sold 11,814 shares of the stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $260.50, for a total value of $3,077,547.00. Following the completion of the sale, the chief executive officer now directly owns 62,941 shares in the company, valued at approximately $16,396,130.50. This trade represents a 15.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jeremy Peter Jackson sold 25,027 shares of the business’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $261.96, for a total value of $6,556,072.92. Following the sale, the director now owns 21,148 shares in the company, valued at $5,539,930.08. The trade was a 54.20 % decrease in their position. The disclosure for this sale can be found here.

Institutional Trading of Flutter Entertainment

Several large investors have recently bought and sold shares of the stock. Farther Finance Advisors LLC raised its stake in Flutter Entertainment by 585.7% in the 4th quarter. Farther Finance Advisors LLC now owns 96 shares of the company’s stock worth $25,000 after acquiring an additional 82 shares during the last quarter. Harvest Fund Management Co. Ltd purchased a new position in Flutter Entertainment during the 4th quarter worth approximately $25,000. Raleigh Capital Management Inc. purchased a new position in Flutter Entertainment during the 4th quarter worth approximately $26,000. BOCHK Asset Management Ltd acquired a new stake in Flutter Entertainment during the 4th quarter valued at approximately $26,000. Finally, IFP Advisors Inc boosted its holdings in shares of Flutter Entertainment by 244.1% in the 4th quarter. IFP Advisors Inc now owns 117 shares of the company’s stock valued at $31,000 after acquiring an additional 83 shares during the last quarter.

Flutter Entertainment Company Profile

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.