BTIG Research Issues Pessimistic Forecast for Flutter Entertainment (NYSE:FLUT) Stock Price

Flutter Entertainment (NYSE:FLUT) had its price objective lowered by investment analysts at BTIG Research from $180.00 to $177.00 in a report released on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. BTIG Research’s price target indicates a potential upside of 75.53% from the company’s current price.

A number of other brokerages also recently weighed in on FLUT. Texas Capital upgraded Flutter Entertainment to a “strong-buy” rating in a report on Thursday, January 8th. Bank of America lowered their price objective on shares of Flutter Entertainment from $250.00 to $210.00 and set a “neutral” rating on the stock in a research report on Thursday, January 22nd. Sanford C. Bernstein reiterated a “market perform” rating and issued a $170.00 price objective on shares of Flutter Entertainment in a research note on Friday, February 6th. Oppenheimer decreased their target price on shares of Flutter Entertainment from $280.00 to $210.00 and set an “outperform” rating for the company in a research note on Thursday, February 26th. Finally, Needham & Company LLC lowered their price target on shares of Flutter Entertainment from $300.00 to $150.00 and set a “buy” rating on the stock in a report on Friday, February 27th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $227.50.

Flutter Entertainment Stock Performance

Shares of NYSE FLUT opened at $100.84 on Thursday. The stock’s fifty day simple moving average is $132.02 and its 200 day simple moving average is $197.54. The stock has a market capitalization of $17.68 billion, a price-to-earnings ratio of -56.02, a PEG ratio of 0.71 and a beta of 2.30. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.31. Flutter Entertainment has a 52-week low of $99.96 and a 52-week high of $313.68.

Flutter Entertainment (NYSE:FLUT) last announced its earnings results on Friday, February 27th. The company reported $1.74 EPS for the quarter, missing the consensus estimate of $2.11 by ($0.37). The company had revenue of $4.76 billion for the quarter, compared to analysts’ expectations of $4.87 billion. Flutter Entertainment had a negative net margin of 1.89% and a positive return on equity of 12.12%. The company’s revenue for the quarter was up 24.9% on a year-over-year basis. During the same period in the prior year, the company earned $2.94 earnings per share. As a group, sell-side analysts forecast that Flutter Entertainment will post 4.17 earnings per share for the current fiscal year.

Flutter Entertainment announced that its board has authorized a stock repurchase plan on Wednesday, March 11th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the company to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In related news, CFO Robert Coldrake sold 4,613 shares of the business’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $106.45, for a total transaction of $491,053.85. Following the transaction, the chief financial officer directly owned 10,006 shares in the company, valued at $1,065,138.70. The trade was a 31.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jeremy Peter Jackson sold 4,326 shares of Flutter Entertainment stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $108.00, for a total transaction of $467,208.00. Following the sale, the chief executive officer owned 36,788 shares in the company, valued at $3,973,104. This represents a 10.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 17,834 shares of company stock worth $1,900,331 in the last ninety days. Insiders own 0.09% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. ORG Partners LLC raised its holdings in Flutter Entertainment by 43.0% in the 3rd quarter. ORG Partners LLC now owns 143 shares of the company’s stock valued at $36,000 after buying an additional 43 shares during the last quarter. MML Investors Services LLC boosted its holdings in shares of Flutter Entertainment by 0.6% during the 2nd quarter. MML Investors Services LLC now owns 7,081 shares of the company’s stock worth $2,024,000 after buying an additional 45 shares in the last quarter. OneDigital Investment Advisors LLC boosted its position in shares of Flutter Entertainment by 1.2% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 4,057 shares of the company’s stock worth $1,030,000 after purchasing an additional 49 shares in the last quarter. Versant Capital Management Inc increased its stake in Flutter Entertainment by 5.6% during the 3rd quarter. Versant Capital Management Inc now owns 943 shares of the company’s stock valued at $240,000 after purchasing an additional 50 shares in the last quarter. Finally, Stratos Wealth Partners LTD. raised its holdings in shares of Flutter Entertainment by 5.7% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 1,074 shares of the company’s stock worth $273,000 after acquiring an additional 58 shares during 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.