Flutter Entertainment’s (FLUT) Neutral Rating Reiterated at Bank of America

Bank of America reaffirmed their neutral rating on shares of Flutter Entertainment (NYSE:FLUT) in a report issued on Tuesday morning, MarketBeat Ratings reports. The brokerage currently has a $250.00 price target on the stock, down from their prior price target of $325.00.

FLUT has been the topic of a number of other reports. Peel Hunt lowered Flutter Entertainment from an “add” rating to a “hold” rating in a report on Friday, August 8th. Stifel Nicolaus reduced their price objective on shares of Flutter Entertainment from $356.00 to $339.00 and set a “buy” rating for the company in a research report on Monday, October 27th. Barclays boosted their target price on shares of Flutter Entertainment from $350.00 to $352.00 and gave the stock an “overweight” rating in a report on Friday, August 8th. Sanford C. Bernstein cut their target price on shares of Flutter Entertainment from $330.00 to $325.00 and set a “market perform” rating for the company in a research note on Monday. Finally, Canaccord Genuity Group lifted their price target on shares of Flutter Entertainment from $330.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $330.47.

Flutter Entertainment Price Performance

NYSE FLUT opened at $216.62 on Tuesday. The firm has a market capitalization of $38.15 billion, a PE ratio of 106.71 and a beta of 1.85. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.95 and a quick ratio of 0.95. Flutter Entertainment has a 12 month low of $196.88 and a 12 month high of $313.68. The company’s 50 day simple moving average is $262.92 and its 200 day simple moving average is $268.67.

Flutter Entertainment (NYSE:FLUT) last issued its quarterly earnings results on Thursday, August 7th. The company reported $2.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.08 by $0.87. Flutter Entertainment had a return on equity of 12.15% and a net margin of 2.96%.The company had revenue of $4.19 billion for the quarter, compared to analysts’ expectations of $3.06 billion. The firm’s revenue for the quarter was up 16.0% on a year-over-year basis. As a group, equities research analysts forecast that Flutter Entertainment will post 4.17 EPS for the current fiscal year.

Flutter Entertainment declared that its board has authorized a stock buyback plan 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 shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Flutter Entertainment

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 value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Daniel Mark Taylor sold 15,283 shares of the stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $284.80, for a total transaction of $4,352,598.40. Following the completion of the sale, the insider owned 16,589 shares of the company’s stock, valued at approximately $4,724,547.20. The trade was a 47.95% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 23,396 shares of company stock valued at $6,759,745 over the last ninety days. 0.09% of the stock is owned by company insiders.

Hedge Funds Weigh In On Flutter Entertainment

A number of hedge funds have recently modified their holdings of the stock. SVB Wealth LLC purchased a new position in Flutter Entertainment in the first quarter valued at about $27,000. ORG Partners LLC raised its holdings in shares of Flutter Entertainment by 300.0% during the 2nd quarter. ORG Partners LLC now owns 100 shares of the company’s stock valued at $28,000 after purchasing an additional 75 shares in the last quarter. Barrett & Company Inc. acquired a new stake in shares of Flutter Entertainment in the 2nd quarter valued at $29,000. JCIC Asset Management Inc. bought a new stake in Flutter Entertainment in the third quarter worth $32,000. Finally, Atlantic Union Bankshares Corp acquired a new position in Flutter Entertainment during the third quarter worth $34,000.

Flutter Entertainment Company Profile

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.