Flutter Entertainment (NYSE:FLUT) Price Target Cut to $160.00 by Analysts at UBS Group

Flutter Entertainment (NYSE:FLUT) had its target price reduced by UBS Group from $300.00 to $160.00 in a research report report published on Wednesday,Benzinga reports. UBS Group currently has a buy rating on the stock.

Other equities analysts have also issued research reports about the company. Morgan Stanley decreased their target price on Flutter Entertainment from $352.00 to $315.00 and set an “overweight” rating on the stock in a research note on Friday, December 12th. Kepler Capital Markets lowered shares of Flutter Entertainment from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 16th. Craig Hallum cut shares of Flutter Entertainment from a “buy” rating to a “hold” rating and set a $200.00 price target on the stock. in a research report on Wednesday, January 21st. Truist Financial lowered their price objective on shares of Flutter Entertainment from $260.00 to $160.00 and set a “buy” rating for the company in a research note on Friday, February 27th. Finally, BTIG Research dropped their price objective on shares of Flutter Entertainment from $230.00 to $180.00 and set a “buy” rating for the company in a report on Friday, February 27th. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $227.65.

Flutter Entertainment Stock Down 4.0%

Shares of NYSE FLUT opened at $103.54 on Wednesday. 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 business’s 50 day moving average is $135.72 and its two-hundred day moving average is $199.50. Flutter Entertainment has a 52-week low of $99.96 and a 52-week high of $313.68. The firm 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.

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

Flutter Entertainment announced that its board has authorized a share repurchase program on Wednesday, March 11th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 1.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Transactions at Flutter Entertainment

In related news, CEO Amy Howe sold 8,895 shares of Flutter Entertainment stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $105.91, for a total transaction of $942,069.45. Following the sale, the chief executive officer directly owned 78,889 shares in the company, valued at $8,355,133.99. This trade represents a 10.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Robert Coldrake sold 4,613 shares of the business’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $106.45, for a total transaction of $491,053.85. Following the completion of the sale, the chief financial officer directly owned 10,006 shares of the company’s stock, valued at approximately $1,065,138.70. This trade represents a 31.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 17,834 shares of company stock worth $1,900,331. 0.09% of the stock is currently owned by insiders.

Institutional Trading of Flutter Entertainment

Hedge funds and other institutional investors have recently made changes to their positions in the company. Makena Capital Management LLC purchased a new stake in Flutter Entertainment in the third quarter valued at approximately $11,517,000. TimesSquare Capital Management LLC grew its position in shares of Flutter Entertainment by 294.1% during the third quarter. TimesSquare Capital Management LLC now owns 378,878 shares of the company’s stock worth $96,235,000 after acquiring an additional 282,736 shares during the last quarter. AGF Management Ltd. acquired a new position in shares of Flutter Entertainment in the 3rd quarter valued at $9,519,000. Mutual of America Capital Management LLC acquired a new position in shares of Flutter Entertainment in the 3rd quarter valued at $2,173,000. Finally, Federated Hermes Inc. purchased a new stake in Flutter Entertainment in the 3rd quarter valued at $169,777,000.

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.