Flutter Entertainment (NYSE:FLUT) Reaches New 1-Year Low After Analyst Downgrade

Shares of Flutter Entertainment PLC (NYSE:FLUT) hit a new 52-week low during trading on Wednesday after Citizens Jmp lowered their price target on the stock from $145.00 to $129.00. Citizens Jmp currently has a market outperform rating on the stock. Flutter Entertainment traded as low as $73.26 and last traded at $74.03, with a volume of 640,328 shares trading hands. The stock had previously closed at $78.06.

A number of other research firms have also weighed in on FLUT. BTIG Research dropped their price objective on shares of Flutter Entertainment from $113.00 to $110.00 and set a “buy” rating on the stock in a research note on Thursday, October 1st. Sanford C. Bernstein reissued a “market perform” rating on shares of Flutter Entertainment in a research report on Thursday, September 3rd. Weiss Ratings reissued a “sell (d)” rating on shares of Flutter Entertainment in a research report on Monday, August 24th. UBS Group lowered their target price on shares of Flutter Entertainment from $160.00 to $140.00 and set a “buy” rating on the stock in a report on Thursday, August 6th. Finally, Wolfe Research started coverage on shares of Flutter Entertainment in a research report on Wednesday, September 2nd. They issued an “outperform” rating and a $150.00 price target on the stock. Two investment 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 assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $143.59.

Insider Buying and Selling

In other Flutter Entertainment news, CEO Daniel Taylor sold 791 shares of the company’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $97.86, for a total value of $77,407.26. Following the transaction, the chief executive officer directly owned 52,467 shares in the company, valued at $5,134,420.62. This represents a 1.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Jeremy Jackson sold 2,112 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $93.32, for a total transaction of $197,091.84. Following the completion of the transaction, the chief executive officer owned 72,214 shares in the company, valued at approximately $6,739,010.48. This trade represents a 2.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 6,681 shares of company stock valued at $644,214 in the last 90 days. Corporate insiders own 0.13% of the company’s stock.

Institutional Investors Weigh In On Flutter Entertainment

Large investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC boosted its holdings in Flutter Entertainment by 489.7% during the 1st quarter. Parallel Advisors LLC now owns 460 shares of the company’s stock valued at $47,000 after acquiring an additional 382 shares during the period. CX Institutional grew its position in Flutter Entertainment by 729.7% during the 2nd quarter. CX Institutional now owns 531 shares of the company’s stock worth $54,000 after acquiring an additional 467 shares during the last quarter. Allworth Financial LP grew its position in Flutter Entertainment by 167.8% during the 2nd quarter. Allworth Financial LP now owns 557 shares of the company’s stock worth $57,000 after acquiring an additional 349 shares during the last quarter. TD Waterhouse Canada Inc. increased its stake in Flutter Entertainment by 65.8% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 630 shares of the company’s stock worth $67,000 after purchasing an additional 250 shares during the period. Finally, Integrated Wealth Concepts LLC purchased a new position in Flutter Entertainment in the 2nd quarter worth approximately $119,000.

Flutter Entertainment Stock Down 5.4%

The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 1.32. The stock has a 50 day simple moving average of $91.89 and a 200 day simple moving average of $99.66. The firm has a market capitalization of $12.82 billion, a PE ratio of -17.18, a PEG ratio of 2.52 and a beta of 1.39.

Flutter Entertainment (NYSE:FLUT) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.49 earnings per share for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.05). Flutter Entertainment had a negative net margin of 4.39% and a positive return on equity of 7.27%. The company had revenue of $4.33 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same period last year, the company posted $2.95 EPS. The business’s revenue for the quarter was up 3.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Flutter Entertainment PLC will post 3.48 earnings per share for the current year.

Flutter Entertainment Company Profile

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.