Flutter has seen its share price rise on concerns about its business model, its inability to raise cash and its ability to grow its business in the long term.
The company said on Thursday that its stock price has now doubled to $30.30.
But it has fallen to about $30 in recent trading sessions.
The stock has had mixed success.
In a recent survey by Fidelity Investments, Flutter’s stock fell from $22 to $14.40, while a similar survey by FactSet said Flutter had slipped from $35 to $29.
Flutter was founded by the former chief executive of Netflix, Reed Hastings, and has been run by him since 2010.
Hastings left the company in March, and the company has been trying to revive its fortunes.
Its shares have also lost more than 50 per cent in value since Hastings stepped down, according to FactSet data.
The Flutter CEO said on Twitter that the company’s share price has been on a roll since he took over.
But he said that the shares had fallen because it was hard to get people to invest in it.
“Our business model has been very risky,” he said.
“We have never been profitable.
We have been in a bubble.”
Flutter shares rose by more than 4 per cent on Thursday.
Flutters shares were trading up 4.5 per cent at $30 on Thursday morning.
The share price of the company fell sharply on Friday.
It closed at $25.70, up $5.25 from the day before.
Flurry has been criticised for its business and said it does not have a sustainable future.
It has been struggling to raise funds, which it has relied on to pay its employees and investors.
The Australian Competition and Consumer Commission said on Wednesday that it had been in contact with Flutter for the past few weeks and had expressed concerns about the company.