Flutter Entertainment (NYSE:FLUT) Given New $188.00 Price Target at Citizens Jmp

Flutter Entertainment (NYSE:FLUT) had its price objective cut by Citizens Jmp from $195.00 to $188.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have a market outperform rating on the stock.

FLUT has been the subject of a number of other reports. Canaccord Genuity Group reduced their target price on shares of Flutter Entertainment from $270.00 to $220.00 and set a “buy” rating for the company in a report on Monday, March 2nd. Sanford C. Bernstein reiterated a “market perform” rating and issued a $170.00 target price on shares of Flutter Entertainment in a report on Friday, February 6th. Morgan Stanley reduced their target price on shares of Flutter Entertainment from $352.00 to $315.00 and set an “overweight” rating for the company in a report on Friday, December 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Flutter Entertainment in a report on Monday, December 29th. Finally, Bank of America reduced their target price on shares of Flutter Entertainment from $250.00 to $210.00 and set a “neutral” rating for the company in a report on Thursday, January 22nd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Flutter Entertainment currently has a consensus rating of “Moderate Buy” and an average target price of $222.90.

Flutter Entertainment Stock Performance

Shares of Flutter Entertainment stock opened at $109.43 on Wednesday. The company has a market capitalization of $19.18 billion, a PE ratio of -60.79, a P/E/G ratio of 0.72 and a beta of 1.93. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.95 and a current ratio of 0.95. The company has a 50-day simple moving average of $120.31 and a two-hundred day simple moving average of $186.84. Flutter Entertainment has a one year low of $98.88 and a one year high of $313.68.

Flutter Entertainment (NYSE:FLUT) last announced its earnings results on Friday, February 27th. The company reported $1.74 EPS for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.37). The firm had revenue of $4.76 billion during the quarter, compared to the consensus estimate of $4.87 billion. Flutter Entertainment had a positive return on equity of 12.12% and a negative net margin of 1.89%.The business’s revenue for the quarter was up 24.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.94 earnings per share. Research analysts expect that Flutter Entertainment will post 4.17 EPS for the current fiscal year.

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

Insider Buying and Selling

In related news, 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 transaction, the chief executive officer owned 78,889 shares in the company, valued at approximately $8,355,133.99. This represents a 10.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jeremy Peter Jackson sold 4,326 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer owned 36,788 shares in the company, valued at approximately $3,973,104. This trade represents a 10.52% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 17,834 shares of company stock worth $1,900,331. 0.09% of the stock is owned by company insiders.

Institutional Investors Weigh In On Flutter Entertainment

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in Flutter Entertainment by 1.7% in the 3rd quarter. Vanguard Group Inc. now owns 17,559,354 shares of the company’s stock worth $4,460,076,000 after purchasing an additional 301,879 shares in the last quarter. Capital International Investors boosted its position in Flutter Entertainment by 146.8% in the 4th quarter. Capital International Investors now owns 8,039,066 shares of the company’s stock worth $1,728,772,000 after purchasing an additional 4,782,302 shares in the last quarter. Cibc World Markets Corp purchased a new stake in Flutter Entertainment in the 4th quarter worth approximately $1,678,841,000. Caledonia Private Investments Pty Ltd boosted its position in Flutter Entertainment by 3.8% in the 4th quarter. Caledonia Private Investments Pty Ltd now owns 7,191,861 shares of the company’s stock worth $1,546,538,000 after purchasing an additional 264,856 shares in the last quarter. Finally, Tiger Global Management LLC boosted its position in Flutter Entertainment by 9.4% in the 4th quarter. Tiger Global Management LLC now owns 4,003,542 shares of the company’s stock worth $860,922,000 after purchasing an additional 345,350 shares in the last quarter.

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.