BTIG Research Cuts Flutter Entertainment (NYSE:FLUT) Price Target to $177.00

Flutter Entertainment (NYSE:FLUT) had its price target trimmed by BTIG Research from $180.00 to $177.00 in a report published on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities research analysts also recently commented on the company. Needham & Company LLC cut their price objective on Flutter Entertainment from $300.00 to $150.00 and set a “buy” rating for the company in a research report on Friday, February 27th. Stifel Nicolaus decreased their target price on Flutter Entertainment from $304.00 to $259.00 and set a “buy” rating on the stock in a report on Friday, January 30th. Barclays cut their target price on Flutter Entertainment from $304.00 to $225.00 and set an “overweight” rating on the stock in a research report on Friday, February 27th. Oppenheimer reduced their target price on Flutter Entertainment from $280.00 to $210.00 and set an “outperform” rating for the company in a report on Thursday, February 26th. Finally, UBS Group dropped their price target on Flutter Entertainment from $300.00 to $160.00 and set a “buy” rating on the stock in a research note on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $227.50.

Flutter Entertainment Stock Performance

Shares of FLUT opened at $100.84 on Thursday. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.95 and a quick ratio of 0.95. The firm’s 50 day moving average is $132.02 and its 200-day moving average is $196.87. Flutter Entertainment has a 12-month low of $99.96 and a 12-month high of $313.68. The stock has a market capitalization of $17.68 billion, a P/E ratio of -56.02, a P/E/G ratio of 0.68 and a beta of 2.30.

Flutter Entertainment (NYSE:FLUT) last released its earnings results on Friday, February 27th. The company reported $1.74 EPS for the quarter, missing the consensus estimate of $2.11 by ($0.37). The business had revenue of $4.76 billion for the quarter, compared to analyst estimates of $4.87 billion. Flutter Entertainment had a negative net margin of 1.89% and a positive return on equity of 12.12%. The firm’s revenue for the quarter was up 24.9% on a year-over-year basis. During the same period in the prior year, the company earned $2.94 earnings per share. Equities research analysts anticipate that Flutter Entertainment will post 4.17 EPS for the current fiscal year.

Flutter Entertainment announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, March 11th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 1.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, CEO Amy Howe sold 8,895 shares of the stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $105.91, for a total value of $942,069.45. Following the completion of the sale, the chief executive officer directly owned 78,889 shares of the company’s stock, valued at approximately $8,355,133.99. This represents a 10.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jeremy Peter Jackson sold 4,326 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $108.00, for a total value of $467,208.00. Following the sale, the chief executive officer owned 36,788 shares of the company’s stock, valued at $3,973,104. The trade was a 10.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 17,834 shares of company stock worth $1,900,331 over the last quarter. Corporate insiders own 0.09% of the company’s stock.

Institutional Trading of Flutter Entertainment

Hedge funds have recently made changes to their positions in the stock. ORG Partners LLC lifted its holdings in shares of Flutter Entertainment by 43.0% during the 3rd quarter. ORG Partners LLC now owns 143 shares of the company’s stock valued at $36,000 after buying an additional 43 shares during the last quarter. MML Investors Services LLC grew its stake in shares of Flutter Entertainment by 0.6% in the 2nd quarter. MML Investors Services LLC now owns 7,081 shares of the company’s stock valued at $2,024,000 after buying an additional 45 shares in the last quarter. OneDigital Investment Advisors LLC increased its holdings in Flutter Entertainment by 1.2% in the third quarter. OneDigital Investment Advisors LLC now owns 4,057 shares of the company’s stock worth $1,030,000 after buying an additional 49 shares during the last quarter. Versant Capital Management Inc increased its holdings in Flutter Entertainment by 5.6% in the third quarter. Versant Capital Management Inc now owns 943 shares of the company’s stock worth $240,000 after buying an additional 50 shares during the last quarter. Finally, Stratos Wealth Partners LTD. raised its position in Flutter Entertainment by 5.7% during the third quarter. Stratos Wealth Partners LTD. now owns 1,074 shares of the company’s stock valued at $273,000 after acquiring an additional 58 shares in the last quarter.

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.