Canaccord Genuity Group Issues Pessimistic Forecast for Flutter Entertainment (NYSE:FLUT) Stock Price

Flutter Entertainment (NYSE:FLUT) had its target price decreased by equities researchers at Canaccord Genuity Group from $340.00 to $300.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 49.74% from the stock’s previous close.

Other equities analysts also recently issued reports about the stock. Stifel Nicolaus dropped their price objective on shares of Flutter Entertainment from $339.00 to $330.00 and set a “buy” rating on the stock in a research note on Thursday. Citizens Jmp increased their target price on Flutter Entertainment from $340.00 to $345.00 and gave the company a “market outperform” rating in a research report on Thursday. Sanford C. Bernstein cut their price target on Flutter Entertainment from $330.00 to $325.00 and set a “market perform” rating on the stock in a report on Monday, November 3rd. Barclays upped their price objective on Flutter Entertainment from $350.00 to $352.00 and gave the stock an “overweight” rating in a research note on Friday, August 8th. Finally, Benchmark cut their target price on Flutter Entertainment from $365.00 to $310.00 and set a “buy” rating on the stock in a research note on Wednesday, October 15th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Flutter Entertainment has an average rating of “Moderate Buy” and a consensus target price of $319.22.

Flutter Entertainment Stock Down 14.5%

Shares of Flutter Entertainment stock traded down $34.10 during trading on Thursday, hitting $200.35. 8,886,803 shares of the stock traded hands, compared to its average volume of 2,352,809. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.95. The stock’s fifty day simple moving average is $257.11 and its 200 day simple moving average is $268.97. The firm has a market cap of $35.28 billion, a P/E ratio of 98.69 and a beta of 1.84. Flutter Entertainment has a 52-week low of $196.88 and a 52-week high of $313.68.

Flutter Entertainment (NYSE:FLUT) last issued its earnings results on Wednesday, November 12th. The company reported $1.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.87. The company had revenue of $3.79 billion for the quarter, compared to analysts’ expectations of $2.92 billion. Flutter Entertainment had a net margin of 2.96% and a return on equity of 12.15%. The firm’s quarterly revenue was up 16.8% on a year-over-year basis. During the same period in the prior year, the business earned $1.27 EPS. Flutter Entertainment has set its FY 2025 guidance at EPS. On average, equities analysts predict that Flutter Entertainment will post 4.17 earnings per share for the current fiscal year.

Flutter Entertainment announced that its Board of Directors has authorized a share buyback program on Friday, August 8th that allows the company to buyback $245.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 0.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other Flutter Entertainment news, CEO Jeremy Peter Jackson sold 2,112 shares of the company’s stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $292.42, for a total transaction of $617,591.04. Following the transaction, the chief executive officer owned 31,944 shares in the company, valued at approximately $9,341,064.48. This represents a 6.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Amy Howe sold 4,097 shares of the firm’s stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $305.91, for a total transaction of $1,253,313.27. Following the completion of the transaction, the chief executive officer directly owned 69,850 shares of the company’s stock, valued at approximately $21,367,813.50. This represents a 5.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.09% of the company’s stock.

Hedge Funds Weigh In On Flutter Entertainment

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Flutter Entertainment by 402.4% during the second quarter. Vanguard Group Inc. now owns 17,257,475 shares of the company’s stock worth $4,931,496,000 after buying an additional 13,822,673 shares in the last quarter. Parvus Asset Management Jersey Ltd acquired a new position in shares of Flutter Entertainment in the second quarter worth about $2,231,266,000. Norges Bank purchased a new stake in shares of Flutter Entertainment during the 2nd quarter worth about $930,349,000. State Street Corp boosted its stake in shares of Flutter Entertainment by 120.3% during the 2nd quarter. State Street Corp now owns 3,086,730 shares of the company’s stock worth $882,064,000 after acquiring an additional 1,685,556 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its position in shares of Flutter Entertainment by 196.5% during the 1st quarter. BNP Paribas Financial Markets now owns 1,994,656 shares of the company’s stock valued at $441,916,000 after acquiring an additional 1,322,016 shares during the period.

About Flutter Entertainment

Flutter Entertainment plc operates as a sports betting and gaming company in the United Kingdom, Ireland, Australia, the United States, Italy, and internationally. The company operates through four segments: UK & Ireland, Australia, International, and US. It offers sports betting, iGaming, daily fantasy sports, online racing wagering, and TV broadcasting products; sportsbooks and exchange sports betting products, and gaming products; and online sports betting.