FLT has struggled over recent weeks, failing to bounce with the market following the aggressive August sell-off. Perhaps they know something we don’t, or it’s simply keying off the softening overseas backdrop. Three large block trades over recent weeks suggest a major holder is exiting/reducing their exposure, i.e. 800k, 1mn, and 1.4mn shares.
NB FLT will report tomorrow.
- We haven’t been fans of FLT over recent years, and its current weak price action has supported this view; at this stage, we see no reason to change our stance.
MM is neutral towards FLT ~$19
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