Flutter Entertainment (NYSE:FLUT) Hits New 52-Week Low – Here’s Why

Flutter Entertainment PLC (NYSE:FLUT) shares hit a new 52-week low during trading on Friday . The stock traded as low as $188.80 and last traded at $188.7970, with a volume of 2463857 shares. The stock had previously closed at $201.08.

Wall Street Analysts Forecast Growth

FLUT has been the subject of several research reports. JMP Securities reduced their price target on shares of Flutter Entertainment from $345.00 to $340.00 and set a “market outperform” rating for the company in a research report on Wednesday, October 1st. Texas Capital upgraded shares of Flutter Entertainment to a “strong-buy” rating in a research report on Thursday, January 8th. Sanford C. Bernstein dropped their price target on shares of Flutter Entertainment from $245.00 to $225.00 and set a “market perform” rating on the stock in a research note on Thursday. Morgan Stanley reduced their price objective on Flutter Entertainment from $352.00 to $315.00 and set an “overweight” rating for the company in a research note on Friday, December 12th. Finally, Truist Financial set a $260.00 target price on Flutter Entertainment in a research report on Tuesday. Three research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Flutter Entertainment has a consensus rating of “Moderate Buy” and a consensus target price of $298.35.

Flutter Entertainment Price Performance

The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.27. The firm has a market cap of $33.08 billion, a PE ratio of -145.21 and a beta of 1.88. The stock has a 50 day simple moving average of $211.91 and a 200-day simple moving average of $255.24.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Flutter Entertainment by 5.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,311 shares of the company’s stock valued at $290,000 after acquiring an additional 69 shares during the last quarter. Voya Investment Management LLC lifted its stake in shares of Flutter Entertainment by 2.9% in the 1st quarter. Voya Investment Management LLC now owns 7,224 shares of the company’s stock valued at $1,581,000 after purchasing an additional 204 shares during the last quarter. Parallel Advisors LLC lifted its stake in shares of Flutter Entertainment by 44.9% in the 2nd quarter. Parallel Advisors LLC now owns 197 shares of the company’s stock valued at $56,000 after purchasing an additional 61 shares during the last quarter. Pallas Capital Advisors LLC purchased a new position in shares of Flutter Entertainment in the 2nd quarter worth approximately $311,000. Finally, Sivia Capital Partners LLC bought a new position in shares of Flutter Entertainment during the 2nd quarter valued at approximately $405,000.

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.