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

Flutter Entertainment PLC (NYSE:FLUT)’s stock price reached a new 52-week low during mid-day trading on Thursday after Craig Hallum downgraded the stock from a buy rating to a hold rating. Craig Hallum now has a $200.00 price target on the stock. Flutter Entertainment traded as low as $179.37 and last traded at $181.1410, with a volume of 3467722 shares traded. The stock had previously closed at $184.08.

A number of other brokerages have also commented on FLUT. Needham & Company LLC cut their target price on Flutter Entertainment from $325.00 to $300.00 and set a “buy” rating for the company in a research note on Thursday, November 13th. JMP Securities lowered their price target on shares of Flutter Entertainment from $345.00 to $340.00 and set a “market outperform” rating on the stock in a report on Wednesday, October 1st. Barclays reduced their price objective on shares of Flutter Entertainment from $325.00 to $307.00 and set an “overweight” rating for the company in a report on Wednesday, December 17th. Morgan Stanley decreased their target price on shares of Flutter Entertainment from $352.00 to $315.00 and set an “overweight” rating on the stock in a research report on Friday, December 12th. Finally, Citizens Jmp increased their price target on shares of Flutter Entertainment from $311.00 to $313.00 and gave the stock a “market outperform” rating in a research report on Monday, January 5th. Three analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Flutter Entertainment currently has a consensus rating of “Moderate Buy” and an average price target of $293.67.

Hedge Funds Weigh In On Flutter Entertainment

Large investors have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Flutter Entertainment by 5.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,311 shares of the company’s stock valued at $290,000 after acquiring an additional 69 shares during the last quarter. Parallel Advisors LLC boosted its stake in Flutter Entertainment by 44.9% in the second quarter. Parallel Advisors LLC now owns 197 shares of the company’s stock valued at $56,000 after acquiring an additional 61 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in Flutter Entertainment during the 2nd quarter worth $405,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Flutter Entertainment in the 2nd quarter valued at $621,000. Finally, Assenagon Asset Management S.A. boosted its position in shares of Flutter Entertainment by 1.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 7,203 shares of the company’s stock worth $2,058,000 after purchasing an additional 94 shares during the last quarter.

Flutter Entertainment Stock Down 1.6%

The business has a fifty day moving average of $208.38 and a 200 day moving average of $252.38. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.27. The firm has a market cap of $31.74 billion, a P/E ratio of -139.34 and a beta of 1.88.

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.