Flutter Entertainment (NYSE:FLUT) Price Target Cut to $177.00 by Analysts at BTIG Research

Flutter Entertainment (NYSE:FLUT) had its target price lowered by equities researchers at BTIG Research from $180.00 to $177.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. BTIG Research’s target price points to a potential upside of 70.94% from the stock’s current price.

A number of other research analysts have also commented on FLUT. Kepler Capital Markets lowered Flutter Entertainment from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 16th. Texas Capital upgraded Flutter Entertainment to a “strong-buy” rating in a report on Thursday, January 8th. Susquehanna reaffirmed a “positive” rating and issued a $228.00 price target on shares of Flutter Entertainment in a research note on Tuesday, January 27th. Zacks Research cut shares of Flutter Entertainment from a “hold” rating to a “strong sell” rating in a report on Monday, January 19th. Finally, Truist Financial reduced their price objective on shares of Flutter Entertainment from $260.00 to $160.00 and set a “buy” rating on the stock in a research report on Friday, February 27th. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $227.50.

Flutter Entertainment Stock Down 4.0%

Shares of Flutter Entertainment stock opened at $103.54 on Thursday. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.95 and a current ratio of 0.95. Flutter Entertainment has a 52-week low of $99.96 and a 52-week high of $313.68. The company’s 50 day moving average price is $135.72 and its 200-day moving average price is $199.50. The stock has a market capitalization of $18.15 billion, a price-to-earnings ratio of -57.52, a P/E/G ratio of 0.73 and a beta of 2.30.

Flutter Entertainment (NYSE:FLUT) last announced its quarterly earnings results on Thursday, February 26th. The company reported $1.74 earnings per share for the quarter, missing the consensus estimate of $2.11 by ($0.37). Flutter Entertainment had a negative net margin of 1.89% and a positive return on equity of 12.12%. The firm had revenue of $4.74 billion for the quarter, compared to analysts’ expectations of $4.87 billion. During the same period in the previous year, the company earned $2.94 EPS. The company’s quarterly revenue was up 24.9% on a year-over-year basis. Equities research analysts forecast that Flutter Entertainment will post 4.17 EPS for the current year.

Flutter Entertainment declared that its Board of Directors has initiated a stock repurchase program on Wednesday, March 11th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to buy up to 1.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other Flutter Entertainment news, CEO Jeremy Peter Jackson sold 4,326 shares of the firm’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $108.00, for a total transaction of $467,208.00. Following the completion of the transaction, the chief executive officer owned 36,788 shares of the company’s stock, valued at approximately $3,973,104. This trade represents a 10.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Robert Coldrake sold 4,613 shares of the company’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $106.45, for a total transaction of $491,053.85. Following the completion of the sale, the chief financial officer directly owned 10,006 shares in the company, valued at $1,065,138.70. This represents a 31.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 17,834 shares of company stock worth $1,900,331 in the last quarter. 0.09% of the stock is owned by company insiders.

Hedge Funds Weigh In On Flutter Entertainment

Institutional investors and hedge funds have recently made changes to their positions in the business. MassMutual Private Wealth & Trust FSB increased its stake in shares of Flutter Entertainment by 219.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 115 shares of the company’s stock valued at $25,000 after purchasing an additional 79 shares in the last quarter. JFS Wealth Advisors LLC bought a new stake in shares of Flutter Entertainment in the 3rd quarter worth approximately $27,000. Zions Bancorporation National Association UT grew its stake in shares of 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 buying an additional 118 shares during the last quarter. JCIC Asset Management Inc. purchased a new stake in shares of Flutter Entertainment in the 3rd quarter worth approximately $32,000. Finally, Atlantic Union Bankshares Corp bought a new position in Flutter Entertainment during the 3rd quarter valued at approximately $34,000.

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.