Seven Flutter insiders including CEO Peter Jackson have bought company stock on the open market as the FanDuel parent hovers near a 52-week low.
The stock has been down since May 7, when Flutter replaced Amy Howe with Christian Genetski as FanDuel CEO and reported Q1 earnings. The earnings call discussed how FanDuel needed to improve from a competitive standpoint, with Jackson noting the brand needs its “mojo back” in a discussion with JPMorgan on Monday.
The open-market purchases began on May 8 with the latest buys happening Tuesday. In total, the insiders bought 10,453 shares for nearly $1.05 million.
Flutter shares closed at $95.01 on Wednesday, down 1% from Tuesday but up 1.1% from its 52-week closing low.
Jackson, Taylor buy the most
Jackson and Flutter International CEO Dan Taylor accounted for nearly half of those purchased shares.
Taylor bought the most of the group with 2,624 shares bought in total. He bought 1,013 shares at $98.41 and another 1,611 at $94.29. He now owns 34,584 shares directly.
Jackson purchased 2,400 shares at an average price of $103.94, which brought him to 70,782 shares owned directly. He also exercised some of his restricted stock units, acquiring 6,538 while selling 3,984 at an average of $98.13 to cover the tax liability.
Jackson owns 74,326 after the RSU redemption.
Other insider purchases
The five others combined to buy 5,429 shares:
- Chairman John Bryant bought 1,950 shares at an average of $102.86 each. That gives him 9,235 shares owned directly.
- Chief Legal Officer Don Liu bought 1,459 shares at an average of $102.78 each. He now owns 22,265 shares directly.
- COO Phil Bishop bought 1,000 shares at an average of $99.75 each to give him 17,605 shares owned directly.
- Director Carolan Lennon bought 520 shares at an average price of $92.30 each. She now owns 2,127 shares directly.
- Director Stefan Bomhard bought 500 shares at $102 each and now owns 1,177 shares directly.
