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

Flutter Entertainment (NYSE:FLUT) had its target price dropped by equities research analysts at Wedbush from $126.00 to $110.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Wedbush’s price target points to a potential upside of 38.48% from the stock’s previous close.

A number of other research analysts have also recently issued reports on the company. UBS Group lowered their price objective on Flutter Entertainment from $160.00 to $140.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. JPMorgan Chase & Co. started coverage on shares of Flutter Entertainment in a research note on Wednesday, August 12th. They set a “neutral” rating and a $114.00 target price on the stock. Truist Financial reduced their price objective on Flutter Entertainment from $130.00 to $120.00 and set a “buy” rating for the company in a research report on Wednesday, August 5th. Benchmark dropped their price target on shares of Flutter Entertainment from $132.00 to $113.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. Finally, Wall Street Zen downgraded shares of Flutter Entertainment from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, nine have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $144.70.

Flutter Entertainment Price Performance

NYSE FLUT traded up $3.58 during trading on Thursday, reaching $79.43. The company’s stock had a trading volume of 271,184 shares, compared to its average volume of 3,294,191. The firm has a fifty day moving average of $93.88 and a 200 day moving average of $100.42. Flutter Entertainment has a one year low of $73.50 and a one year high of $255.26. The stock has a market capitalization of $13.78 billion, a PE ratio of -18.60, a P/E/G ratio of 2.45 and a beta of 1.39. 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 (NYSE:FLUT) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.49 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.05). Flutter Entertainment had a positive return on equity of 7.27% and a negative net margin of 4.39%.The business had revenue of $4.33 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same period in the previous year, the firm posted $2.95 EPS. The firm’s revenue for the quarter was up 3.3% compared to the same quarter last year. Analysts expect that Flutter Entertainment will post 3.48 EPS for the current fiscal year.

Insider Activity

In other Flutter Entertainment news, COO James Bishop sold 741 shares of the business’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $97.86, for a total value of $72,514.26. Following the completion of the sale, the chief operating officer directly owned 16,864 shares of the company’s stock, valued at $1,650,311.04. The trade was a 4.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Robert Coldrake sold 710 shares of the company’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $97.86, for a total value of $69,480.60. Following the completion of the sale, the chief financial officer owned 22,778 shares of the company’s stock, valued at $2,229,055.08. This represents a 3.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 6,681 shares of company stock valued at $644,214. Insiders own 0.13% of the company’s stock.

Hedge Funds Weigh In On Flutter Entertainment

Several hedge funds have recently made changes to their positions in FLUT. Evelyn Partners Investment Management Europe Ltd increased its holdings in Flutter Entertainment by 8.4% in the 4th quarter. Evelyn Partners Investment Management Europe Ltd now owns 1,083 shares of the company’s stock valued at $233,000 after purchasing an additional 84 shares in the last quarter. LM Advisors LLC acquired a new position in shares of Flutter Entertainment during the fourth quarter worth $46,000. TD Waterhouse Canada Inc. boosted its stake in shares of Flutter Entertainment by 65.8% in the second quarter. TD Waterhouse Canada Inc. now owns 630 shares of the company’s stock valued at $67,000 after purchasing an additional 250 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of Flutter Entertainment by 3.6% in the first quarter. The Manufacturers Life Insurance Company now owns 9,447 shares of the company’s stock valued at $963,000 after purchasing an additional 328 shares during the period. Finally, Allworth Financial LP grew its holdings in Flutter Entertainment by 167.8% during the 2nd quarter. Allworth Financial LP now owns 557 shares of the company’s stock valued at $57,000 after purchasing an additional 349 shares in the last quarter.

About Flutter Entertainment

Flutter Entertainment plc is a global sports betting and online gaming company headquartered in Dublin, Ireland. The company provides online and retail betting, casino, poker, bingo and lottery-related products through a portfolio of brands serving customers in multiple regulated markets.

Its principal brands include FanDuel in the United States, Paddy Power and Betfair in the United Kingdom and Ireland, Sky Bet in the United Kingdom, PokerStars internationally, Sisal in Italy and other markets, and tombola, an online bingo operator.