Flutter Entertainment (NYSE:FLUT) Downgraded by Cfra to "Hold"

Key Points

• Cfra downgraded Flutter Entertainment from “Buy” to “Hold” and set a $94 price target, implying 14.6% upside from the prior close. Analysts overall still have a “Moderate Buy” consensus and an average target of $129.75.
• Flutter’s latest quarter missed estimates: it reported a loss of $0.18 per share versus expectations for $0.32 in earnings, while revenue of $3.87 billion fell short of the $3.99 billion consensus.
• Shares traded at $82.03, well below their 52-week high of $235.77; revenue was up 2.1% year over year for the quarter.

Flutter Entertainment (NYSE:FLUT - Get Free Report) was downgraded by investment analysts at Cfra from a "buy" rating to a "hold" rating in a research report issued on Tuesday, FinViz reports. They presently have a $94.00 target price on the stock. Cfra's price objective would indicate a potential upside of 14.59% from the stock's previous close.

A number of other analysts have also issued reports on FLUT. Citizens Jmp lowered their target price on Flutter Entertainment from $129.00 to $116.00 and set a "market outperform" rating on the stock in a report on Thursday, November 5th. Wedbush cut their price objective on shares of Flutter Entertainment from $126.00 to $110.00 and set an "outperform" rating for the company in a research report on Thursday, October 8th. New Street Research set a $110.00 price objective on shares of Flutter Entertainment in a research report on Thursday, September 3rd. Truist Financial decreased their target price on Flutter Entertainment from $120.00 to $100.00 and set a "buy" rating on the stock in a research report on Tuesday, October 20th. Finally, Jefferies Financial Group restated a "buy" rating and set a $160.00 price target on shares of Flutter Entertainment in a research note on Wednesday, November 4th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, ten have given a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Flutter Entertainment presently has a consensus rating of "Moderate Buy" and an average price target of $129.75.

Flutter Entertainment Price Performance

Shares of FLUT traded up $0.04 during trading hours on Tuesday, hitting $82.03. 1,637,679 shares of the company were exchanged, compared to its average volume of 3,275,145. The firm has a fifty day simple moving average of $85.07 and a 200-day simple moving average of $104.39. The company has a market capitalization of $14.24 billion, a PE ratio of -15.52, a PEG ratio of 3.00 and a beta of 1.27. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.89 and a quick ratio of 0.89. Flutter Entertainment has a one year low of $72.56 and a one year high of $235.77.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last released its quarterly earnings data on Wednesday, November 4th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.50). Flutter Entertainment had a negative net margin of 5.37% and a positive return on equity of 4.26%. The company had revenue of $3.87 billion during the quarter, compared to analyst estimates of $3.99 billion. During the same quarter in the prior year, the company posted $1.64 EPS. The firm's quarterly revenue was up 2.1% compared to the same quarter last year. As a group, sell-side analysts predict that Flutter Entertainment will post 3.05 earnings per share for the current year.

Insider Activity at Flutter Entertainment

In related news, CEO Jeremy Jackson sold 1,762 shares of the company's stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $97.86, for a total transaction of $172,429.32. Following the completion of the transaction, the chief executive officer directly owned 70,452 shares in the company, valued at $6,894,432.72. This represents a 2.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO James Bishop sold 741 shares of the firm's stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $97.86, for a total transaction of $72,514.26. Following the transaction, the chief operating officer directly owned 16,864 shares of the company's stock, valued at $1,650,311.04. The trade was a 4.21% 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. Over the last quarter, insiders have sold 11,399 shares of company stock worth $1,032,694. Insiders own 0.13% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in FLUT. Voya Investment Management LLC lifted its position in Flutter Entertainment by 6.2% in the third quarter. Voya Investment Management LLC now owns 11,505 shares of the company's stock valued at $858,000 after purchasing an additional 668 shares during the last quarter. Bessemer Group Inc. grew its stake in shares of Flutter Entertainment by 228.7% in the 3rd quarter. Bessemer Group Inc. now owns 1,433 shares of the company's stock worth $108,000 after buying an additional 997 shares during the last quarter. Ground Swell Capital LLC bought a new stake in Flutter Entertainment in the third quarter worth $250,000. Danske Bank A S boosted its stake in Flutter Entertainment by 96.2% during the 3rd quarter. Danske Bank A S now owns 141,323 shares of the company's stock valued at $10,534,000 after purchasing an additional 69,300 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in Flutter Entertainment by 3.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 62,566 shares of the company's stock worth $4,664,000 after buying an additional 2,237 shares in the last quarter.

Flutter Entertainment Company Profile

Flutter Entertainment is a global sports betting and gaming company that provides online and retail wagering, casino gaming and poker services. Its brands include FanDuel in the United States, Paddy Power and Betfair in the United Kingdom and Ireland, Sportsbet in Australia, and PokerStars in international markets. The company serves customers across the United States, the United Kingdom and Ireland, Australia, and other international markets. Its offerings include online sports betting, iGaming products such as casino games, poker platforms, and, in some markets, betting shops.

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