Flutter Entertainment (NYSE:FLUT) Given New $160.00 Price Target at UBS Group

Flutter Entertainment (NYSE:FLUT) had its price target lowered by research analysts at UBS Group from $300.00 to $160.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. UBS Group’s target price points to a potential upside of 52.56% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. Texas Capital raised Flutter Entertainment to a “strong-buy” rating in a research report on Thursday, January 8th. Citigroup restated an “outperform” rating on shares of Flutter Entertainment in a research note on Monday, January 5th. Wells Fargo & Company restated an “equal weight” rating and set a $228.00 price target (down from $248.00) on shares of Flutter Entertainment in a report on Wednesday, January 14th. Sanford C. Bernstein reissued a “market perform” rating and set a $170.00 price objective on shares of Flutter Entertainment in a research report on Friday, February 6th. Finally, Benchmark dropped their price target on Flutter Entertainment from $285.00 to $175.00 and set a “buy” rating on the stock in a research report on Friday, February 27th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $227.65.

Flutter Entertainment Stock Down 2.7%

Shares of FLUT traded down $2.95 during mid-day trading on Wednesday, hitting $104.88. 1,309,139 shares of the company’s stock were exchanged, compared to its average volume of 4,101,668. The stock has a market cap of $18.38 billion, a price-to-earnings ratio of -58.56, a P/E/G ratio of 0.74 and a beta of 2.30. The firm has a fifty day moving average of $137.65 and a two-hundred day moving average of $200.18. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.31. Flutter Entertainment has a twelve month low of $99.96 and a twelve month high of $313.68.

Flutter Entertainment (NYSE:FLUT) last issued its quarterly earnings data on Thursday, February 26th. The company reported $1.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $4.74 billion during the quarter, compared to the consensus estimate of $4.87 billion. During the same quarter in the prior year, the company posted $2.94 earnings per share. The company’s revenue for the quarter was up 24.9% on a year-over-year basis. On average, sell-side analysts forecast that Flutter Entertainment will post 4.17 earnings per share for the current year.

Flutter Entertainment announced that its Board of Directors has authorized a stock buyback program on Wednesday, March 11th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to buy up to 1.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

Insider Activity at Flutter Entertainment

In related news, CEO Jeremy Peter Jackson sold 4,326 shares of the company’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $108.00, for a total value of $467,208.00. Following the completion of the transaction, the chief executive officer directly owned 36,788 shares in the company, valued at approximately $3,973,104. This represents a 10.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Robert Coldrake sold 4,613 shares of Flutter Entertainment stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $106.45, for a total transaction of $491,053.85. Following the sale, the chief financial officer owned 10,006 shares in the company, valued at $1,065,138.70. This represents a 31.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 17,834 shares of company stock worth $1,900,331. 0.09% of the stock is owned by corporate insiders.

Institutional Trading of Flutter Entertainment

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Makena Capital Management LLC acquired a new stake in shares of Flutter Entertainment during the 3rd quarter worth approximately $11,517,000. TimesSquare Capital Management LLC grew its holdings in Flutter Entertainment by 294.1% during the 3rd 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 period. AGF Management Ltd. bought a new stake in shares of Flutter Entertainment during 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. bought a new position in shares of Flutter Entertainment in the 3rd quarter worth $169,777,000.

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.