Citigroup Issues Pessimistic Forecast for Flutter Entertainment (NYSE:FLUT) Stock Price

Flutter Entertainment (NYSE:FLUT) had its target price reduced by Citigroup from $340.00 to $320.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price objective indicates a potential upside of 53.31% from the stock’s current price.

Other equities analysts have also issued research reports about the company. Kepler Capital Markets raised Flutter Entertainment to a “strong-buy” rating in a research note on Thursday, August 28th. Needham & Company LLC decreased their price objective on Flutter Entertainment from $325.00 to $300.00 and set a “buy” rating for the company in a report on Thursday, November 13th. Wells Fargo & Company began coverage on shares of Flutter Entertainment in a research report on Tuesday, November 18th. They set an “overweight” rating and a $272.00 price target on the stock. Benchmark decreased their target price on shares of Flutter Entertainment from $365.00 to $310.00 and set a “buy” rating for the company in a research note on Wednesday, October 15th. Finally, Truist Financial decreased their target price on Flutter Entertainment from $335.00 to $305.00 and set a “buy” rating on the stock in a report on Thursday, November 13th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $311.89.

Flutter Entertainment Price Performance

NYSE:FLUT traded up $8.81 on Friday, reaching $208.73. The stock had a trading volume of 1,382,750 shares, compared to its average volume of 2,375,873. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $36.59 billion, a P/E ratio of 102.82 and a beta of 1.84. Flutter Entertainment has a 1-year low of $189.33 and a 1-year high of $313.68. The stock has a fifty day moving average price of $237.05 and a 200-day moving average price of $265.24.

Flutter Entertainment announced that its board has initiated a stock repurchase plan on Friday, August 8th that allows the company to repurchase $245.00 million in shares. This repurchase authorization allows the company to reacquire up to 0.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of FLUT. CWM LLC lifted its holdings in Flutter Entertainment by 59.6% during the first quarter. CWM LLC now owns 217 shares of the company’s stock valued at $48,000 after purchasing an additional 81 shares during the last quarter. Allianz Asset Management GmbH increased its stake in Flutter Entertainment by 213.6% in the 1st quarter. Allianz Asset Management GmbH now owns 2,970 shares of the company’s stock worth $711,000 after purchasing an additional 2,023 shares during the period. Cetera Investment Advisers grew its position in shares of Flutter Entertainment by 4.2% in the 1st quarter. Cetera Investment Advisers now owns 11,765 shares of the company’s stock worth $2,607,000 after buying an additional 474 shares during the last quarter. TD Asset Management Inc lifted its holdings in Flutter Entertainment by 4.1% in the first quarter. TD Asset Management Inc now owns 31,938 shares of the company’s stock worth $7,076,000 after buying an additional 1,244 shares during the period. Finally, Mackenzie Financial Corp grew its holdings in Flutter Entertainment by 21.4% in the first quarter. Mackenzie Financial Corp now owns 10,567 shares of the company’s stock worth $2,341,000 after purchasing an additional 1,860 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.