Flutter Entertainment (NYSE:FLUT) Stock Price Target Lowered at Sanford C. Bernstein

Key Points

• Sanford C. Bernstein lowered Flutter Entertainment’s price target from $110 to $100 while maintaining a “market perform” rating, implying 16.54% upside from the prior close.
• Flutter shares fell 2.1% to $85.81, trading well below their 200-day moving average of $107.10 and near the lower end of their 12-month range.
• Despite several recent analyst target cuts, the stock retains a “Moderate Buy” consensus rating with an average price target of $133.89; the company’s latest quarter beat revenue expectations but missed EPS estimates.

Flutter Entertainment (NYSE:FLUT - Get Free Report) had its price objective dropped by equities research analysts at Sanford C. Bernstein from $110.00 to $100.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has a "market perform" rating on the stock. Sanford C. Bernstein's price objective would indicate a potential upside of 16.54% from the stock's previous close.

FLUT has been the subject of several other research reports. Wedbush decreased 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 note on Thursday, October 8th. Citizens Jmp reduced their target price on shares of Flutter Entertainment from $145.00 to $129.00 and set a "market outperform" rating for the company in a research note on Tuesday, October 13th. New Street Research set a $110.00 price objective on Flutter Entertainment in a report on Thursday, September 3rd. Wall Street Zen downgraded shares of Flutter Entertainment from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. Finally, Rothschild & Co Redburn lowered Flutter Entertainment from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $169.00 to $119.00 in a report on Monday, September 21st. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, Flutter Entertainment currently has a consensus rating of "Moderate Buy" and a consensus target price of $133.89.

Flutter Entertainment Stock Down 2.1%

Flutter Entertainment stock traded down $1.85 during midday trading on Tuesday, reaching $85.81. The stock had a trading volume of 1,255,218 shares, compared to its average volume of 3,240,723. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 1.32. Flutter Entertainment has a 12 month low of $72.56 and a 12 month high of $235.77. The company has a fifty day moving average price of $86.81 and a two-hundred day moving average price of $107.10. The company has a market capitalization of $14.89 billion, a P/E ratio of -20.02, a PEG ratio of 2.62 and a beta of 1.39.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.49 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.54 by ($0.05). Flutter Entertainment had a negative net margin of 4.39% and a positive return on equity of 7.27%. The business had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same quarter in the prior year, the business earned $2.95 earnings per share. The firm's quarterly revenue was up 3.3% compared to the same quarter last year. As a group, equities analysts expect that Flutter Entertainment will post 3.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Jeremy Jackson sold 2,112 shares of the business's stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $93.32, for a total value of $197,091.84. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Daniel Taylor sold 791 shares of the 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 $77,407.26. Following the transaction, the chief executive officer owned 52,467 shares in the company, valued at approximately $5,134,420.62. This trade represents a 1.49% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 6,681 shares of company stock worth $644,214 in the last three months. Corporate insiders own 0.13% of the company's stock.

Hedge Funds Weigh In On Flutter Entertainment

A number of hedge funds have recently made changes to their positions in FLUT. Parvus Asset Management Jersey Ltd bought a new stake in Flutter Entertainment in the 2nd quarter worth approximately $1,552,097,267. Hsbc Holdings PLC grew its holdings in Flutter Entertainment by 33,988.7% during the 1st quarter. Hsbc Holdings PLC now owns 5,605,543 shares of the company's stock valued at $575,185,000 after purchasing an additional 5,589,099 shares during the last quarter. Amundi grew its stake in shares of Flutter Entertainment by 463.7% during the first quarter. Amundi now owns 2,059,906 shares of the company's stock valued at $210,007,000 after buying an additional 1,694,474 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of Flutter Entertainment by 1.3% during the first quarter. Janus Henderson Group PLC now owns 1,601,605 shares of the company's stock valued at $163,202,000 after buying an additional 20,810 shares during the last quarter. Finally, Swiss National Bank raised its holdings in shares of Flutter Entertainment by 7.1% in the first quarter. Swiss National Bank now owns 490,422 shares of the company's stock worth $49,999,000 after buying an additional 32,480 shares during the period.

Flutter Entertainment Company Profile

Flutter Entertainment plc is a global sports betting and online gaming company headquartered in Dublin, Ireland. The company operates a portfolio of betting, gaming, poker and daily fantasy sports brands, serving customers through online platforms, mobile applications and, in some markets, retail locations.

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, and Sisal and SNAI in Italy.

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