Flutter Entertainment’s (FLUT) Buy Rating Reiterated at Needham & Company LLC

Flutter Entertainment (NYSE:FLUT)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a research report issued on Tuesday,Benzinga reports. They presently have a $310.00 price target on the stock. Needham & Company LLC’s price objective points to a potential upside of 15.08% from the company’s current price.

A number of other brokerages have also recently commented on FLUT. Peel Hunt raised shares of Flutter Entertainment from a “hold” rating to an “add” rating in a report on Monday, March 10th. Truist Financial reduced their price objective on shares of Flutter Entertainment from $330.00 to $280.00 and set a “buy” rating on the stock in a research note on Wednesday, April 23rd. Sanford C. Bernstein assumed coverage on shares of Flutter Entertainment in a research note on Wednesday, June 4th. They issued a “market perform” rating and a $275.00 target price on the stock. Citigroup reaffirmed an “outperform” rating on shares of Flutter Entertainment in a report on Wednesday, March 5th. Finally, Susquehanna cut their target price on shares of Flutter Entertainment from $317.00 to $315.00 and set a “positive” rating on the stock in a research note on Wednesday, March 5th. One research analyst has rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $303.79.

Flutter Entertainment Trading Up 0.7%

NYSE FLUT opened at $269.37 on Tuesday. The stock has a market cap of $47.59 billion and a P/E ratio of 93.21. Flutter Entertainment has a 12-month low of $174.03 and a 12-month high of $299.73. The company has a fifty day simple moving average of $239.87 and a two-hundred day simple moving average of $253.82. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.66.

Flutter Entertainment (NYSE:FLUT) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $1.59 earnings per share for the quarter, missing the consensus estimate of $1.89 by ($0.30). Flutter Entertainment had a negative return on equity of 4.52% and a negative net margin of 6.86%. The business had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.06 billion. During the same period in the prior year, the business posted $0.10 earnings per share. The business’s quarterly revenue was up 7.9% on a year-over-year basis. On average, analysts forecast that Flutter Entertainment will post 4.17 earnings per share for the current year.

Insider Transactions at Flutter Entertainment

In related news, COO James Philip Bishop sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $243.20, for a total transaction of $729,600.00. Following the completion of the transaction, the chief operating officer now directly owns 4,712 shares in the company, valued at approximately $1,145,958.40. The trade was a 38.90% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Alfred F. Hurley, Jr. sold 265 shares of the company’s stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $243.94, for a total value of $64,644.10. Following the completion of the transaction, the director now owns 3,518 shares of the company’s stock, valued at $858,180.92. The trade was a 7.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 7,770 shares of company stock worth $1,894,934.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Capital World Investors grew its holdings in Flutter Entertainment by 11.9% in the fourth quarter. Capital World Investors now owns 15,426,515 shares of the company’s stock valued at $3,986,968,000 after purchasing an additional 1,635,241 shares during the period. Vanguard Group Inc. increased its holdings in shares of Flutter Entertainment by 3.2% in the 4th quarter. Vanguard Group Inc. now owns 9,591,786 shares of the company’s stock valued at $2,479,812,000 after acquiring an additional 299,300 shares during the last quarter. Parvus Asset Management Europe Ltd purchased a new position in shares of Flutter Entertainment in the 4th quarter valued at about $2,146,227,000. Norges Bank purchased a new position in Flutter Entertainment during the 4th quarter worth approximately $946,681,000. Finally, FMR LLC lifted its position in Flutter Entertainment by 0.8% during the 4th quarter. FMR LLC now owns 3,401,092 shares of the company’s stock worth $881,349,000 after acquiring an additional 25,422 shares during the period.

Flutter Entertainment Company Profile

Flutter Entertainment plc operates as a sports betting and gaming company in the United Kingdom, Ireland, Australia, the United States, Italy, and internationally. The company operates through four segments: UK & Ireland, Australia, International, and US. It offers sports betting, iGaming, daily fantasy sports, online racing wagering, and TV broadcasting products; sportsbooks and exchange sports betting products, and gaming products; and online sports betting.