BTIG Research Lowers Flutter Entertainment (NYSE:FLUT) Price Target to $120.00

Flutter Entertainment (NYSE:FLUT) had its target price lowered by equities researchers at BTIG Research from $126.00 to $120.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. BTIG Research’s target price would indicate a potential upside of 13.51% from the company’s previous close.

A number of other analysts have also issued reports on FLUT. Benchmark dropped their target price on Flutter Entertainment from $175.00 to $132.00 and set a “buy” rating on the stock in a research report on Thursday, May 7th. Wedbush reissued an “outperform” rating and issued a $138.00 price target on shares of Flutter Entertainment in a report on Friday, July 17th. Oppenheimer lowered their price objective on Flutter Entertainment from $210.00 to $160.00 and set an “outperform” rating for the company in a research note on Monday, April 13th. Citigroup restated an “outperform” rating on shares of Flutter Entertainment in a report on Wednesday, July 8th. Finally, Moffett Nathanson cut Flutter Entertainment from a “buy” rating to a “neutral” rating and set a $127.00 target price for the company. in a research note on Friday, April 24th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Flutter Entertainment currently has an average rating of “Moderate Buy” and an average price target of $176.00.

Flutter Entertainment Price Performance

Shares of FLUT stock opened at $105.72 on Tuesday. The firm has a fifty day simple moving average of $103.60 and a 200-day simple moving average of $119.46. The company has a market capitalization of $18.39 billion, a PE ratio of -49.40, a price-to-earnings-growth ratio of 1.39 and a beta of 1.31. Flutter Entertainment has a twelve month low of $91.52 and a twelve month high of $313.68. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.27.

Flutter Entertainment (NYSE:FLUT) last released its quarterly earnings results on Wednesday, May 6th. The company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.13. Flutter Entertainment had a negative net margin of 2.20% and a positive return on equity of 11.60%. The firm had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the previous year, the firm posted $1.59 EPS. The firm’s quarterly revenue was up 17.4% on a year-over-year basis. Equities research analysts anticipate that Flutter Entertainment will post 4.72 earnings per share for the current fiscal year.

Insider Buying and Selling at Flutter Entertainment

In other news, COO James Philip Bishop purchased 1,000 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The stock was acquired at an average cost of $99.75 per share, for a total transaction of $99,750.00. Following the completion of the purchase, the chief operating officer owned 17,605 shares of the company’s stock, valued at approximately $1,756,098.75. This trade represents a 6.02% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John A. Bryant acquired 1,950 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was purchased at an average cost of $102.86 per share, with a total value of $200,577.00. Following the completion of the acquisition, the director owned 9,235 shares of the company’s stock, valued at $949,912.10. The trade was a 26.77% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders have purchased 10,453 shares of company stock valued at $1,045,526 and have sold 5,994 shares valued at $577,293. 0.13% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in FLUT. Zions Bancorporation National Association UT increased its holdings in shares of Flutter Entertainment by 1,685.7% in the 4th quarter. Zions Bancorporation National Association UT now owns 125 shares of the company’s stock valued at $27,000 after acquiring an additional 118 shares during the last quarter. EFG International AG bought a new position in Flutter Entertainment during the fourth quarter worth $36,000. IFP Advisors Inc boosted its holdings in Flutter Entertainment by 93.8% in the fourth quarter. IFP Advisors Inc now owns 186 shares of the company’s stock worth $40,000 after purchasing an additional 90 shares during the period. Towarzystwo Funduszy Inwestycyjnych PZU SA boosted its holdings in Flutter Entertainment by 83.3% in the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 165 shares of the company’s stock worth $42,000 after purchasing an additional 75 shares during the period. Finally, LM Advisors LLC bought a new stake in Flutter Entertainment during the fourth quarter valued at $46,000.

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.