JPMorgan Chase & Co. Initiates Coverage on Flutter Entertainment (NYSE:FLUT)

JPMorgan Chase & Co. started coverage on shares of Flutter Entertainment (NYSE:FLUT) in a report released on Wednesday,Benzinga reports. The brokerage set a “neutral” rating and a $114.00 price target on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 15.06% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. Truist Financial dropped their price objective on Flutter Entertainment from $130.00 to $120.00 and set a “buy” rating on the stock in a research note on Wednesday, August 5th. Deutsche Bank Aktiengesellschaft set a $148.00 target price on Flutter Entertainment in a report on Thursday, August 6th. BNP Paribas Exane assumed coverage on Flutter Entertainment in a research note on Thursday, May 14th. They set an “underperform” rating and a $80.00 price target on the stock. Wells Fargo & Company decreased their price objective on Flutter Entertainment from $137.00 to $112.00 and set an “equal weight” rating for the company in a report on Thursday, August 6th. Finally, Benchmark lowered their price objective on shares of Flutter Entertainment from $132.00 to $113.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $159.12.

Flutter Entertainment Trading Up 5.1%

Shares of FLUT opened at $99.08 on Wednesday. The firm has a market capitalization of $17.19 billion, a price-to-earnings ratio of -23.04, a PEG ratio of 1.76 and a beta of 1.28. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.89 and a quick ratio of 0.89. Flutter Entertainment has a 1-year low of $89.71 and a 1-year high of $309.41. The company has a 50-day moving average of $104.27 and a 200 day moving average of $111.78.

Flutter Entertainment (NYSE:FLUT) last issued its earnings results on Thursday, August 6th. The company reported $0.49 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.05). The company had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.24 billion. Flutter Entertainment had a positive return on equity of 7.27% and a negative net margin of 4.39%.Flutter Entertainment’s revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.95 earnings per share. On average, research analysts expect that Flutter Entertainment will post 4.72 EPS for the current year.

Insider Buying and Selling

In other news, Director Carolan Lennon sold 439 shares of the firm’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $94.63, for a total value of $41,542.57. Following the sale, the director directly owned 1,688 shares in the company, valued at approximately $159,735.44. This trade represents a 20.64% decrease in their position. The transaction was disclosed in a 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. Insiders have sold 1,522 shares of company stock valued at $144,027 in the last ninety days. Insiders own 0.13% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in FLUT. MML Investors Services LLC raised its holdings in 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 during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Flutter Entertainment by 5.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,311 shares of the company’s stock worth $290,000 after purchasing an additional 69 shares in the last quarter. Truist Financial Corp grew its holdings in Flutter Entertainment by 2.8% during the 4th quarter. Truist Financial Corp now owns 2,602 shares of the company’s stock worth $560,000 after acquiring an additional 72 shares in the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its holdings in Flutter Entertainment by 83.3% during the 3rd quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 165 shares of the company’s stock worth $42,000 after buying an additional 75 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in Flutter Entertainment by 0.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 9,119 shares of the company’s stock worth $1,961,000 after acquiring an additional 80 shares in the last quarter.

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.