Flutter Entertainment (NYSE:FLUT) Price Target Lowered to $177.00 at BTIG Research

Flutter Entertainment (NYSE:FLUT) had its price target trimmed by BTIG Research from $180.00 to $177.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research firms also recently commented on FLUT. Morgan Stanley decreased their target price on shares of Flutter Entertainment from $352.00 to $315.00 and set an “overweight” rating for the company in a research report on Friday, December 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Flutter Entertainment in a research note on Monday, December 29th. Susquehanna reissued a “positive” rating and set a $228.00 price objective on shares of Flutter Entertainment in a report on Tuesday, January 27th. Craig Hallum downgraded Flutter Entertainment from a “buy” rating to a “hold” rating and set a $200.00 price objective for the company. in a research note on Wednesday, January 21st. Finally, Wells Fargo & Company restated an “equal weight” rating and issued a $228.00 target price (down from $248.00) on shares of Flutter Entertainment in a report on Wednesday, January 14th. Two investment 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 given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $227.50.

Flutter Entertainment Price Performance

Shares of FLUT opened at $103.60 on Thursday. The business’s fifty day moving average is $133.77 and its 200 day moving average is $198.83. Flutter Entertainment has a 12-month low of $99.96 and a 12-month high of $313.68. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.31. The stock has a market cap of $18.16 billion, a P/E ratio of -57.56, a P/E/G ratio of 0.70 and a beta of 2.30.

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

Flutter Entertainment announced that its board has approved a stock buyback plan on Wednesday, March 11th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other news, CEO Jeremy Peter Jackson sold 4,326 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $108.00, for a total value of $467,208.00. Following the completion of the transaction, the chief executive officer directly owned 36,788 shares of the company’s stock, valued at $3,973,104. This represents a 10.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Amy Howe sold 8,895 shares of the stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $105.91, for a total value of $942,069.45. Following the sale, the chief executive officer directly owned 78,889 shares of the company’s stock, valued at $8,355,133.99. The trade was a 10.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 17,834 shares of company stock valued at $1,900,331 in the last 90 days. 0.09% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of FLUT. MassMutual Private Wealth & Trust FSB increased its position in shares of Flutter Entertainment by 219.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 115 shares of the company’s stock valued at $25,000 after purchasing an additional 79 shares during the last quarter. JFS Wealth Advisors LLC purchased a new position in shares of Flutter Entertainment in the 3rd quarter worth about $27,000. Zions Bancorporation National Association UT grew its position in Flutter Entertainment by 1,685.7% during the fourth quarter. Zions Bancorporation National Association UT now owns 125 shares of the company’s stock valued at $27,000 after buying an additional 118 shares during the period. JCIC Asset Management Inc. purchased a new stake in Flutter Entertainment during the third quarter worth about $32,000. Finally, Atlantic Union Bankshares Corp purchased a new stake in Flutter Entertainment during the third quarter worth about $34,000.

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.