BTIG Research Cuts Flutter Entertainment (NYSE:FLUT) Price Target to $110.00

Key Points

• BTIG Research lowered Flutter Entertainment’s price target from $113 to $110 while maintaining a “buy” rating, implying approximately 47% upside from the prior close.
• Several analysts have also reduced their targets, but overall sentiment remains positive: Flutter has a consensus “Moderate Buy” rating and an average target price of $155.37.
• Flutter’s latest quarter showed revenue growth of 3.3% to $4.33 billion, though adjusted earnings of $0.49 per share missed estimates of $0.54; shares opened at $74.73, near their 12-month low.

Flutter Entertainment (NYSE:FLUT - Get Free Report) had its price objective dropped by analysts at BTIG Research from $113.00 to $110.00 in a report issued on Thursday, Benzinga reports. The firm currently has a "buy" rating on the stock. BTIG Research's target price indicates a potential upside of 47.19% from the stock's previous close.

FLUT has been the topic of a number of other research reports. Barclays dropped their price target on Flutter Entertainment from $151.00 to $133.00 and set an "overweight" rating on the stock in a research note on Thursday, August 6th. Truist Financial dropped their target price on shares of Flutter Entertainment from $130.00 to $120.00 and set a "buy" rating on the stock in a research report on Wednesday, August 5th. Rothschild & Co Redburn restated a "neutral" rating and set a $119.00 price target (down from $169.00) on shares of Flutter Entertainment in a research note on Monday, September 21st. Needham & Company LLC decreased their price target on shares of Flutter Entertainment from $135.00 to $110.00 and set a "buy" rating for the company in a report on Thursday, August 6th. Finally, Benchmark lowered their price objective on shares of Flutter Entertainment from $132.00 to $113.00 and set a "buy" rating for the company in a research note on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $155.37.

Flutter Entertainment Stock Performance

Shares of FLUT stock opened at $74.73 on Thursday. Flutter Entertainment has a 12-month low of $74.35 and a 12-month high of $261.22. The business's fifty day simple moving average is $96.79 and its 200-day simple moving average is $101.54. 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 company has a market cap of $12.97 billion, a PE ratio of -17.38, a PEG ratio of 1.89 and a beta of 1.26.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last posted 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 positive return on equity of 7.27% and a negative net margin of 4.39%.The business had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same period in the previous year, the business earned $2.95 EPS. The firm's revenue for the quarter was up 3.3% compared to the same quarter last year. Analysts expect that Flutter Entertainment will post 3.48 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, COO James Bishop sold 741 shares of the company's stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $97.86, for a total value of $72,514.26. Following the sale, the chief operating officer directly owned 16,864 shares of the company's stock, valued at $1,650,311.04. This represents a 4.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 stock in a transaction 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 sale, the chief executive officer owned 72,214 shares in the company, valued at $6,739,010.48. The trade was a 2.84% decrease in their position. 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. Insiders have sold 6,681 shares of company stock worth $644,214 in the last quarter. 0.13% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Flutter Entertainment

Several hedge funds have recently added to or reduced their stakes in the business. LM Advisors LLC acquired a new stake in Flutter Entertainment during the fourth quarter worth about $46,000. Parallel Advisors LLC lifted its holdings in Flutter Entertainment by 489.7% in the first 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 boosted its position in Flutter Entertainment by 729.7% in the 2nd quarter. CX Institutional now owns 531 shares of the company's stock worth $54,000 after purchasing an additional 467 shares in the last quarter. Allworth Financial LP boosted its position in Flutter Entertainment by 167.8% in the 2nd quarter. Allworth Financial LP now owns 557 shares of the company's stock worth $57,000 after purchasing an additional 349 shares in the last quarter. Finally, TD Waterhouse Canada Inc. grew its stake in shares of Flutter Entertainment by 65.8% during 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.

About Flutter Entertainment

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.

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