Flutter Entertainment (NYSE:FLUT) Stock Price Down 4.2% Following Analyst Downgrade

Flutter Entertainment PLC (NYSE:FLUT)’s share price dropped 4.2% during trading on Wednesday after UBS Group lowered their price target on the stock from $300.00 to $160.00. UBS Group currently has a buy rating on the stock. Flutter Entertainment traded as low as $103.48 and last traded at $103.35. Approximately 2,035,480 shares traded hands during trading, a decline of 51% from the average daily volume of 4,116,376 shares. The stock had previously closed at $107.83.

Other equities research analysts have also recently issued reports about the stock. Truist Financial decreased their price target on shares of Flutter Entertainment from $260.00 to $160.00 and set a “buy” rating on the stock in a research note on Friday, February 27th. Stifel Nicolaus cut their price objective on shares of Flutter Entertainment from $304.00 to $259.00 and set a “buy” rating for the company in a research report on Friday, January 30th. Texas Capital upgraded shares of Flutter Entertainment to a “strong-buy” rating in a research report on Thursday, January 8th. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $170.00 target price on shares of Flutter Entertainment in a research note on Friday, February 6th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Flutter Entertainment in a report on Monday, December 29th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Flutter Entertainment has an average rating of “Moderate Buy” and a consensus price target of $227.65.

Insiders Place Their Bets

In other news, CEO Jeremy Peter Jackson sold 4,326 shares of the business’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $108.00, for a total transaction of $467,208.00. Following the completion of the sale, the chief executive officer owned 36,788 shares in the company, valued at approximately $3,973,104. The trade was a 10.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Robert Coldrake sold 4,613 shares of the business’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $106.45, for a total value of $491,053.85. Following the sale, the chief financial officer owned 10,006 shares of the company’s stock, valued at $1,065,138.70. The trade was a 31.55% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 17,834 shares of company stock worth $1,900,331 over the last three months. 0.09% of the stock is owned by insiders.

Institutional Investors Weigh In On Flutter Entertainment

Several institutional investors have recently bought and sold shares of FLUT. Parvus Asset Management Jersey Ltd purchased a new position in shares of Flutter Entertainment in the 2nd quarter valued at $2,231,266,000. Cibc World Markets Corp purchased a new stake in Flutter Entertainment during the 4th quarter worth $1,678,841,000. Capital International Investors increased its holdings in Flutter Entertainment by 146.8% in the 4th quarter. Capital International Investors now owns 8,039,066 shares of the company’s stock valued at $1,728,772,000 after purchasing an additional 4,782,302 shares in the last quarter. Norges Bank acquired a new stake in Flutter Entertainment in the 2nd quarter valued at $930,349,000. Finally, State Street Corp raised its position in Flutter Entertainment by 120.3% in the second quarter. State Street Corp now owns 3,086,730 shares of the company’s stock valued at $882,064,000 after purchasing an additional 1,685,556 shares during the period.

Flutter Entertainment Stock Performance

The stock has a 50 day simple moving average of $135.72 and a 200 day simple moving average of $199.50. The company has a market cap of $18.15 billion, a price-to-earnings ratio of -57.52, a PEG ratio of 0.73 and a beta of 2.30. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.31.

Flutter Entertainment (NYSE:FLUT) last posted its earnings results on Thursday, February 26th. The company reported $1.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.37). The company had revenue of $4.74 billion during the quarter, compared to analyst estimates of $4.87 billion. Flutter Entertainment had a negative net margin of 1.89% and a positive return on equity of 12.12%. Flutter Entertainment’s quarterly revenue was up 24.9% compared to the same quarter last year. During the same quarter last year, the business posted $2.94 EPS. As a group, analysts predict that Flutter Entertainment PLC will post 4.17 EPS for the current year.

Flutter Entertainment declared that its board has authorized a share buyback program on Wednesday, March 11th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Flutter Entertainment Company Profile

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.