Flutter Entertainment (NYSE:FLUT) Raised to Strong-Buy at Wolfe Research

Flutter Entertainment (NYSE:FLUT) was upgraded by Wolfe Research to a “strong-buy” rating in a research note issued on Wednesday, Zacks reports.

A number of other brokerages have also weighed in on FLUT. Citigroup restated an “outperform” rating on shares of Flutter Entertainment in a report on Wednesday, July 8th. Deutsche Bank Aktiengesellschaft set a $148.00 target price on Flutter Entertainment in a research report on Thursday, August 6th. Truist Financial dropped their price target on shares of Flutter Entertainment from $130.00 to $120.00 and set a “buy” rating on the stock in a report on Wednesday, August 5th. Needham & Company LLC reduced their price target on shares of Flutter Entertainment from $135.00 to $110.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. Finally, Wells Fargo & Company dropped their target price on shares of Flutter Entertainment from $137.00 to $112.00 and set an “equal weight” rating on the stock in a report on Thursday, August 6th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Flutter Entertainment currently has a consensus rating of “Moderate Buy” and an average price target of $158.76.

Flutter Entertainment Price Performance

FLUT opened at $102.13 on Wednesday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 1.32. The stock has a fifty day simple moving average of $102.61 and a two-hundred day simple moving average of $104.92. The company has a market cap of $17.72 billion, a price-to-earnings ratio of -23.75, a price-to-earnings-growth ratio of 2.46 and a beta of 1.26. Flutter Entertainment has a 12-month low of $89.71 and a 12-month high of $299.11.

Flutter Entertainment (NYSE:FLUT) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.05). The business had revenue of $4.33 billion for the quarter, compared to analysts’ expectations of $4.24 billion. Flutter Entertainment had a negative net margin of 4.39% and a positive return on equity of 7.27%. The company’s revenue was up 3.3% on a year-over-year basis. During the same period last year, the business earned $2.95 earnings per share. Research analysts predict that Flutter Entertainment will post 3.48 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Flutter Entertainment news, CEO Jeremy Peter Jackson sold 2,112 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $93.32, for a total value of $197,091.84. Following the transaction, the chief executive officer directly owned 72,214 shares in the company, valued at approximately $6,739,010.48. This trade represents a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 0.13% of the company’s stock.

Institutional Investors Weigh In On Flutter Entertainment

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Zions Bancorporation National Association UT raised its holdings in Flutter Entertainment by 1,685.7% in the 4th quarter. Zions Bancorporation National Association UT now owns 125 shares of the company’s stock worth $27,000 after purchasing an additional 118 shares during the period. EFG International AG bought a new stake in Flutter Entertainment during the fourth quarter valued at about $36,000. IFP Advisors Inc grew its holdings in Flutter Entertainment by 93.8% during the fourth quarter. IFP Advisors Inc now owns 186 shares of the company’s stock valued at $40,000 after purchasing an additional 90 shares during the period. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its position in Flutter Entertainment by 83.3% in the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 165 shares of the company’s stock worth $42,000 after buying an additional 75 shares in the last quarter. Finally, LM Advisors LLC purchased a new stake in Flutter Entertainment in the fourth quarter worth about $46,000.

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.