Wedbush Reaffirms “Outperform” Rating for Flutter Entertainment (NYSE:FLUT)

Flutter Entertainment (NYSE:FLUT)‘s stock had its “outperform” rating reiterated by equities research analysts at Wedbush in a report issued on Friday,Benzinga reports. They currently have a $138.00 price target on the stock. Wedbush’s target price indicates a potential upside of 29.30% from the stock’s current price.

A number of other research analysts have also issued reports on FLUT. Truist Financial dropped their price target on shares of Flutter Entertainment from $140.00 to $130.00 and set a “buy” rating on the stock in a research note on Thursday, May 7th. UBS Group reduced their price objective on shares of Flutter Entertainment from $300.00 to $160.00 and set a “buy” rating for the company in a research report on Wednesday, March 25th. Susquehanna reduced their price objective on shares of Flutter Entertainment from $160.00 to $143.00 and set a “positive” rating for the company in a research report on Tuesday, March 31st. Benchmark lowered their price objective on Flutter Entertainment from $175.00 to $132.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Finally, Stifel Nicolaus dropped their target price on Flutter Entertainment from $216.00 to $189.00 and set a “buy” rating on the stock in a research report on Thursday, April 9th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $178.83.

Flutter Entertainment Price Performance

Shares of NYSE FLUT opened at $106.73 on Friday. The stock has a fifty day moving average price of $102.66 and a 200 day moving average price of $124.98. Flutter Entertainment has a 1-year low of $91.52 and a 1-year high of $313.68. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market cap of $18.57 billion, a PE ratio of -49.87, a P/E/G ratio of 1.39 and a beta of 1.31.

Flutter Entertainment (NYSE:FLUT) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.13. The company had revenue of $4.30 billion for the quarter, compared to analysts’ expectations of $4.24 billion. Flutter Entertainment had a negative net margin of 2.20% and a positive return on equity of 11.60%. Flutter Entertainment’s revenue was up 17.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.59 EPS. Sell-side analysts forecast that Flutter Entertainment will post 4.83 EPS for the current year.

Insider Transactions at Flutter Entertainment

In related news, insider Don H. Liu sold 1,259 shares of the business’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $93.37, for a total transaction of $117,552.83. Following the sale, the insider owned 21,006 shares of the company’s stock, valued at approximately $1,961,330.22. The trade was a 5.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Carolan Lennon sold 439 shares of the company’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $94.63, for a total transaction of $41,542.57. Following the transaction, the director owned 1,688 shares in the company, valued at $159,735.44. The trade was a 20.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have acquired 10,453 shares of company stock valued at $1,045,526 and have sold 5,994 shares valued at $577,293. 0.13% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Flutter Entertainment

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Versant Capital Management Inc boosted its position in Flutter Entertainment by 145.2% during the second quarter. Versant Capital Management Inc now owns 1,231 shares of the company’s stock worth $126,000 after purchasing an additional 729 shares in the last quarter. CX Institutional increased its position in shares of Flutter Entertainment by 729.7% in the second quarter. CX Institutional now owns 531 shares of the company’s stock valued at $54,000 after buying an additional 467 shares in the last quarter. Pacer Advisors Inc. raised its stake in shares of Flutter Entertainment by 66.8% during the 1st quarter. Pacer Advisors Inc. now owns 2,887 shares of the company’s stock worth $294,000 after buying an additional 1,156 shares during the last quarter. DV Trading LLC raised its stake in shares of Flutter Entertainment by 609.4% during the 1st quarter. DV Trading LLC now owns 2,036 shares of the company’s stock worth $208,000 after buying an additional 1,749 shares during the last quarter. Finally, Parallel Advisors LLC boosted its position in shares of Flutter Entertainment by 489.7% in the 1st quarter. Parallel Advisors LLC now owns 460 shares of the company’s stock worth $47,000 after buying an additional 382 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.