Canaccord Genuity Group Cuts Flutter Entertainment (NYSE:FLUT) Price Target to $220.00

Flutter Entertainment (NYSE:FLUT) had its price objective reduced by Canaccord Genuity Group from $270.00 to $220.00 in a research note issued to investors on Monday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Other research analysts have also issued reports about the company. Citigroup reissued an “outperform” rating on shares of Flutter Entertainment in a research report on Monday, January 5th. BTIG Research reduced their price target on shares of Flutter Entertainment from $230.00 to $180.00 and set a “buy” rating for the company in a research report on Friday, February 27th. Zacks Research cut shares of Flutter Entertainment from a “hold” rating to a “strong sell” rating in a report on Monday, January 19th. Needham & Company LLC dropped their price objective on shares of Flutter Entertainment from $300.00 to $150.00 and set a “buy” rating on the stock in a research note on Friday, February 27th. Finally, UBS Group cut their target price on shares of Flutter Entertainment from $320.00 to $300.00 and set a “buy” rating for the company in a research report on Tuesday, February 10th. Three 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Flutter Entertainment currently has an average rating of “Moderate Buy” and a consensus target price of $234.65.

Flutter Entertainment Stock Up 1.2%

Shares of NYSE:FLUT opened at $112.70 on Monday. The firm has a 50 day simple moving average of $167.65 and a 200 day simple moving average of $219.52. Flutter Entertainment has a 52 week low of $99.96 and a 52 week high of $313.68. 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 market cap of $19.76 billion, a PE ratio of -62.61, a price-to-earnings-growth ratio of 0.51 and a beta of 2.30.

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

Hedge Funds Weigh In On Flutter Entertainment

Institutional investors have recently bought and sold shares of the stock. Makena Capital Management LLC acquired a new stake in shares of Flutter Entertainment in the third quarter worth $11,517,000. TimesSquare Capital Management LLC grew its stake in Flutter Entertainment by 294.1% in the 3rd quarter. TimesSquare Capital Management LLC now owns 378,878 shares of the company’s stock valued at $96,235,000 after buying an additional 282,736 shares during the last quarter. AGF Management Ltd. bought a new position in Flutter Entertainment in the 3rd quarter worth $9,519,000. Mutual of America Capital Management LLC acquired a new position in Flutter Entertainment during the 3rd quarter worth $2,173,000. Finally, Federated Hermes Inc. acquired a new position in Flutter Entertainment during the 3rd quarter worth $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.