Flutter Entertainment Target of Unusually High Options Trading (NYSE:FLUT)

Flutter Entertainment PLC (NYSE:FLUT) was the target of some unusual options trading activity on Monday. Stock traders bought 6,019 call options on the stock. This is an increase of 98% compared to the average volume of 3,041 call options.

Hedge Funds Weigh In On Flutter Entertainment

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Flutter Entertainment by 1.7% in the 3rd quarter. Vanguard Group Inc. now owns 17,559,354 shares of the company’s stock valued at $4,460,076,000 after purchasing an additional 301,879 shares during the last quarter. Parvus Asset Management Jersey Ltd acquired a new stake in shares of Flutter Entertainment in the second quarter valued at about $2,231,266,000. Wellington Management Group LLP raised its position in shares of Flutter Entertainment by 5.5% in the third quarter. Wellington Management Group LLP now owns 3,519,434 shares of the company’s stock valued at $903,694,000 after buying an additional 182,594 shares during the last quarter. Capital International Investors lifted its stake in shares of Flutter Entertainment by 4.9% in the third quarter. Capital International Investors now owns 3,256,764 shares of the company’s stock worth $827,841,000 after buying an additional 153,390 shares in the last quarter. Finally, Norges Bank acquired a new position in Flutter Entertainment during the second quarter worth about $930,349,000.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Morgan Stanley lowered their price target on shares of Flutter Entertainment from $352.00 to $315.00 and set an “overweight” rating on the stock in a report on Friday, December 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Flutter Entertainment in a research note on Monday, December 29th. Barclays reduced their price target on Flutter Entertainment from $307.00 to $304.00 and set an “overweight” rating for the company in a research report on Friday. JMP Securities dropped their price objective on shares of Flutter Entertainment from $345.00 to $340.00 and set a “market outperform” rating on the stock in a research note on Wednesday, October 1st. Finally, Canaccord Genuity Group decreased their target price on shares of Flutter Entertainment from $340.00 to $300.00 and set a “buy” rating for the company in a research note on Thursday, November 13th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Flutter Entertainment presently has a consensus rating of “Moderate Buy” and a consensus price target of $283.24.

Flutter Entertainment Stock Down 3.7%

Shares of NYSE FLUT opened at $168.19 on Wednesday. The firm has a market cap of $29.47 billion, a price-to-earnings ratio of -129.37 and a beta of 1.88. The company’s 50-day simple moving average is $206.70 and its 200-day simple moving average is $248.98. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.27. Flutter Entertainment has a 52-week low of $167.23 and a 52-week high of $313.68.

About Flutter Entertainment

Flutter Entertainment plc is a global sports betting and gaming company that operates a portfolio of consumer-facing brands and digital platforms. The company’s primary activities include online sports betting, casino gaming, poker, and daily fantasy sports, delivered through web and mobile applications as well as retail betting locations in select markets. Flutter focuses on product development, customer acquisition and engagement, and compliance with local gambling regulations across the jurisdictions where it operates.

Flutter’s brand portfolio includes well-known names in different regional markets, such as FanDuel in the United States, PokerStars, Betfair, Paddy Power and Sky Betting & Gaming in Europe and elsewhere.