Citizens Jmp Has Lowered Expectations for Flutter Entertainment (NYSE:FLUT) Stock Price

Flutter Entertainment (NYSE:FLUT) had its price objective cut by equities researchers at Citizens Jmp from $195.00 to $188.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “market outperform” rating on the stock. Citizens Jmp’s price target would suggest a potential upside of 81.56% from the stock’s previous close.

Other equities research analysts have also issued reports about the company. BTIG Research reduced their target price on Flutter Entertainment from $180.00 to $177.00 and set a “buy” rating for the company in a report on Thursday, March 26th. Barclays reduced their target price on Flutter Entertainment from $304.00 to $225.00 and set an “overweight” rating for the company in a report on Friday, February 27th. Stifel Nicolaus dropped their price target on Flutter Entertainment from $304.00 to $259.00 and set a “buy” rating on the stock in a research report on Friday, January 30th. Texas Capital raised Flutter Entertainment to a “strong-buy” rating in a research report on Thursday, January 8th. Finally, Morgan Stanley dropped their price target on Flutter Entertainment from $352.00 to $315.00 and set an “overweight” rating on the stock in a research report on Friday, December 12th. Two research 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 given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $222.90.

Flutter Entertainment Stock Down 1.1%

FLUT opened at $103.55 on Wednesday. The business has a 50 day moving average price of $121.46 and a 200 day moving average price of $187.39. Flutter Entertainment has a twelve month low of $98.88 and a twelve month high of $313.68. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a market cap of $18.15 billion, a P/E ratio of -57.53, a price-to-earnings-growth ratio of 0.72 and a beta of 1.93.

Flutter Entertainment (NYSE:FLUT) last posted its earnings results on Friday, February 27th. 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 positive return on equity of 12.12% and a negative net margin of 1.89%.The company had revenue of $4.76 billion during the quarter, compared to analyst estimates of $4.87 billion. During the same quarter last year, the firm posted $2.94 earnings per share. The firm’s revenue for the quarter was up 24.9% compared to the same quarter last year. Research analysts forecast that Flutter Entertainment will post 4.17 EPS for the current year.

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

Insiders Place Their Bets

In other Flutter Entertainment news, CFO Robert Coldrake sold 4,613 shares of Flutter Entertainment stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $106.45, for a total value of $491,053.85. Following the transaction, the chief financial officer directly owned 10,006 shares of the company’s stock, valued at $1,065,138.70. The trade was a 31.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Jeremy Peter Jackson sold 4,326 shares of Flutter Entertainment stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $108.00, for a total value of $467,208.00. Following the completion of the transaction, the chief executive officer directly owned 36,788 shares in the company, valued at approximately $3,973,104. This represents a 10.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 17,834 shares of company stock valued at $1,900,331 in the last three months. Company insiders own 0.09% of the company’s stock.

Institutional Trading of Flutter Entertainment

A number of institutional investors and hedge funds have recently modified their holdings of the company. ORG Partners LLC increased its position in shares of Flutter Entertainment by 43.0% during the third quarter. ORG Partners LLC now owns 143 shares of the company’s stock valued at $36,000 after purchasing an additional 43 shares during the period. MML Investors Services LLC increased its position in shares of Flutter Entertainment by 0.6% during the second quarter. MML Investors Services LLC now owns 7,081 shares of the company’s stock valued at $2,024,000 after purchasing an additional 45 shares during the period. OneDigital Investment Advisors LLC increased its position in shares of Flutter Entertainment by 1.2% during the third quarter. OneDigital Investment Advisors LLC now owns 4,057 shares of the company’s stock valued at $1,030,000 after purchasing an additional 49 shares during the period. Versant Capital Management Inc increased its position in shares of Flutter Entertainment by 5.6% during the third quarter. Versant Capital Management Inc now owns 943 shares of the company’s stock valued at $240,000 after purchasing an additional 50 shares during the period. Finally, Stratos Wealth Partners LTD. increased its position in shares of 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 purchasing an additional 58 shares during the period.

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.