Stock Traders Buy High Volume of Call Options on Flutter Entertainment (NYSE:FLUT)

Flutter Entertainment plc (NYSE:FLUT) saw unusually large options trading on Tuesday. Traders purchased 12,036 call options on the stock. This is an increase of 690% compared to the average volume of 1,523 call options.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Benchmark lifted their price objective on Flutter Entertainment from $275.00 to $300.00 and gave the company a “buy” rating in a research report on Wednesday, March 5th. Barclays lifted their price target on Flutter Entertainment from $301.00 to $308.00 and gave the company an “overweight” rating in a research report on Wednesday, March 5th. Citigroup reissued an “outperform” rating on shares of Flutter Entertainment in a research report on Wednesday, March 5th. Stifel Nicolaus started coverage on shares of Flutter Entertainment in a research report on Friday, January 17th. They issued a “buy” rating and a $320.00 target price on the stock. Finally, Susquehanna dropped their price objective on shares of Flutter Entertainment from $317.00 to $315.00 and set a “positive” rating on the stock in a research note on Wednesday, March 5th. Nineteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Flutter Entertainment has an average rating of “Buy” and an average target price of $311.41.

Flutter Entertainment Stock Performance

FLUT stock traded up $0.82 during trading on Tuesday, reaching $222.37. The stock had a trading volume of 2,348,509 shares, compared to its average volume of 1,626,106. The stock’s 50 day moving average is $260.34 and its two-hundred day moving average is $254.16. The firm has a market cap of $39.46 billion and a PE ratio of 1,008.69. Flutter Entertainment has a 52 week low of $174.03 and a 52 week high of $299.73. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.66.

Insider Buying and Selling

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

Hedge Funds Weigh In On Flutter Entertainment

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Harvest Fund Management Co. Ltd bought a new position in Flutter Entertainment in the fourth quarter worth approximately $25,000. Farther Finance Advisors LLC lifted its position in 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 purchasing an additional 82 shares in the last quarter. Raleigh Capital Management Inc. bought a new stake in Flutter Entertainment during the fourth quarter valued at about $26,000. BOCHK Asset Management Ltd purchased a new stake in Flutter Entertainment in the fourth quarter worth about $26,000. Finally, IFP Advisors Inc raised its stake in shares of Flutter Entertainment by 244.1% in the fourth quarter. IFP Advisors Inc now owns 117 shares of the company’s stock worth $31,000 after buying an additional 83 shares during the period.

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.