Canaccord Genuity Group Has Lowered Expectations for Flutter Entertainment (NYSE:FLUT) Stock Price

Flutter Entertainment (NYSE:FLUT) had its price objective lowered by Canaccord Genuity Group from $270.00 to $220.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 97.65% from the company’s current price.

Other equities research analysts have also recently issued reports about the company. UBS Group decreased their price objective on Flutter Entertainment from $320.00 to $300.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. Stifel Nicolaus reduced their price objective on shares of Flutter Entertainment from $304.00 to $259.00 and set a “buy” rating on the stock in a research note on Friday, January 30th. Texas Capital raised shares of Flutter Entertainment to a “strong-buy” rating in a research note on Thursday, January 8th. Benchmark lowered their price target on Flutter Entertainment from $285.00 to $175.00 and set a “buy” rating for the company in a report on Friday, February 27th. Finally, HSBC raised Flutter Entertainment from a “hold” rating to a “buy” rating and dropped their price target for the stock from $265.00 to $228.00 in a research report on Monday, November 24th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Flutter Entertainment currently has a consensus rating of “Moderate Buy” and an average price target of $234.65.

Flutter Entertainment Stock Performance

FLUT stock opened at $111.31 on Monday. The stock has a market capitalization of $19.51 billion, a PE ratio of -61.84, a price-to-earnings-growth ratio of 0.43 and a beta of 2.30. Flutter Entertainment has a fifty-two week low of $99.96 and a fifty-two week high of $313.68. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.95 and a quick ratio of 0.95. The company has a 50 day moving average price of $169.81 and a 200 day moving average price of $220.28.

Flutter Entertainment (NYSE:FLUT) last posted its quarterly earnings results on Thursday, February 26th. The company reported $1.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.11 by ($0.37). The firm had revenue of $4.74 billion during the quarter, compared to the consensus estimate 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 revenue was up 24.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.94 EPS. Analysts forecast that Flutter Entertainment will post 4.17 EPS for the current year.

Institutional Trading of Flutter Entertainment

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Axxcess Wealth Management LLC grew its stake in Flutter Entertainment by 19.2% in the fourth quarter. Axxcess Wealth Management LLC now owns 3,085 shares of the company’s stock valued at $663,000 after purchasing an additional 497 shares in the last quarter. Vident Advisory LLC grew its stake in shares of Flutter Entertainment by 10.4% in the fourth quarter. Vident Advisory LLC now owns 1,608 shares of the company’s stock valued at $346,000 after buying an additional 152 shares in the last quarter. Mackenzie Financial Corp raised its position in Flutter Entertainment by 7.9% during the fourth quarter. Mackenzie Financial Corp now owns 12,620 shares of the company’s stock worth $2,739,000 after acquiring an additional 919 shares in the last quarter. NewEdge Advisors LLC lifted its stake in Flutter Entertainment by 22.4% in the fourth quarter. NewEdge Advisors LLC now owns 753 shares of the company’s stock valued at $162,000 after acquiring an additional 138 shares during the last quarter. Finally, XTX Topco Ltd grew its position in shares of Flutter Entertainment by 90.0% in the 4th quarter. XTX Topco Ltd now owns 20,607 shares of the company’s stock valued at $4,431,000 after acquiring an additional 9,762 shares during the period.

About Flutter Entertainment

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.