Flutter Entertainment (NYSE:FLUT) Sets New 52-Week Low on Analyst Downgrade

Flutter Entertainment PLC (NYSE:FLUT) shares reached a new 52-week low during trading on Tuesday after Canaccord Genuity Group lowered their price target on the stock from $300.00 to $270.00. Canaccord Genuity Group currently has a buy rating on the stock. Flutter Entertainment traded as low as $159.28 and last traded at $157.8040, with a volume of 94496 shares. The stock had previously closed at $162.51.

Several other analysts also recently issued reports on the company. Bank of America reduced their price objective on Flutter Entertainment from $250.00 to $210.00 and set a “neutral” rating on the stock in a research report on Thursday, January 22nd. Citigroup restated an “outperform” rating on shares of Flutter Entertainment in a report on Monday, January 5th. Hsbc Global Res upgraded shares of Flutter Entertainment from a “hold” rating to a “strong-buy” rating in a report on Monday, November 24th. Zacks Research lowered shares of Flutter Entertainment from a “hold” rating to a “strong sell” rating in a research report on Monday, January 19th. Finally, Wells Fargo & Company restated an “equal weight” rating and set a $228.00 target price (down previously from $248.00) on shares of Flutter Entertainment in a research report on Wednesday, January 14th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Flutter Entertainment has a consensus rating of “Moderate Buy” and a consensus target price of $276.05.

Institutional Trading of Flutter Entertainment

Several institutional investors have recently made changes to their positions in FLUT. Federated Hermes Inc. purchased a new stake in Flutter Entertainment during the 3rd quarter worth $169,777,000. Mutual of America Capital Management LLC purchased a new position in Flutter Entertainment in the 3rd quarter valued at about $2,173,000. Bank of New York Mellon Corp grew its stake in shares of Flutter Entertainment by 120.1% during the second quarter. Bank of New York Mellon Corp now owns 454,660 shares of the company’s stock valued at $129,924,000 after acquiring an additional 248,109 shares in the last quarter. Parvus Asset Management Jersey Ltd purchased a new stake in shares of Flutter Entertainment during the second quarter worth about $2,231,266,000. Finally, AGF Management Ltd. purchased a new stake in shares of Flutter Entertainment during the third quarter worth about $9,519,000.

Flutter Entertainment Stock Performance

The firm has a market cap of $26.76 billion, a price-to-earnings ratio of -117.48 and a beta of 1.88. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.27. The company has a 50 day moving average of $203.69 and a 200 day moving average of $244.18.

Flutter Entertainment (NYSE:FLUT) last announced its earnings results on Wednesday, November 12th. The company reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $1.25. Flutter Entertainment had a positive return on equity of 14.42% and a negative net margin of 0.95%.The company had revenue of $3.79 billion for the quarter, compared to analyst estimates of $2.92 billion. During the same period in the prior year, the company posted $1.27 EPS. Flutter Entertainment’s quarterly revenue was up 16.8% on a year-over-year basis. As a group, equities research analysts expect that Flutter Entertainment PLC will post 4.17 EPS for the current fiscal year.

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.