Investors Buy High Volume of Flutter Entertainment Call Options (NYSE:FLUT)

Flutter Entertainment PLC (NYSE:FLUT) saw unusually large options trading on Monday. Stock investors bought 6,019 call options on the stock. This represents an increase of approximately 98% compared to the average daily volume of 3,041 call options.

Institutional Investors Weigh In On Flutter Entertainment

A number of hedge funds and other institutional investors have recently modified their holdings of FLUT. Bank of New York Mellon Corp increased its stake in Flutter Entertainment by 120.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 454,660 shares of the company’s stock valued at $129,924,000 after buying an additional 248,109 shares during the period. Parvus Asset Management Jersey Ltd bought a new position in shares of Flutter Entertainment in the second quarter valued at approximately $2,231,266,000. Massachusetts Financial Services Co. MA increased its stake in shares of Flutter Entertainment by 2.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,864,681 shares of the company’s stock valued at $727,629,000 after acquiring an additional 68,186 shares during the period. Gunderson Capital Management Inc. raised its holdings in Flutter Entertainment by 17.8% during the second quarter. Gunderson Capital Management Inc. now owns 15,646 shares of the company’s stock worth $4,471,000 after purchasing an additional 2,364 shares in the last quarter. Finally, Corton Capital Inc. bought a new stake in Flutter Entertainment during the second quarter worth approximately $556,000.

Flutter Entertainment Stock Performance

FLUT stock traded up $0.10 on Monday, reaching $175.01. The company’s stock had a trading volume of 639,725 shares, compared to its average volume of 2,777,847. Flutter Entertainment has a 52 week low of $171.97 and a 52 week high of $313.68. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.96 and a quick ratio of 0.96. The company has a market capitalization of $30.67 billion, a P/E ratio of -134.59 and a beta of 1.88. The firm has a fifty day moving average of $207.51 and a two-hundred day moving average of $250.64.

Analysts Set New Price Targets

Several brokerages recently issued reports on FLUT. Oppenheimer reduced their price objective on Flutter Entertainment from $350.00 to $330.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 14th. BTIG Research raised their price target on shares of Flutter Entertainment from $271.00 to $281.00 and gave the stock a “buy” rating in a research report on Friday, December 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Flutter Entertainment in a research report on Monday, December 29th. UBS Group dropped their price objective on shares of Flutter Entertainment from $340.00 to $320.00 and set a “buy” rating on the stock in a research note on Friday, November 28th. Finally, Zacks Research lowered Flutter Entertainment from a “hold” rating to a “strong sell” rating in a research report on Monday, January 19th. Three analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $289.81.

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.