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

Key Points

• Wedbush cut Flutter Entertainment’s price target from $126 to $110 while maintaining an “outperform” rating, implying 38.48% upside from the reported $79.43 share price.
• Analyst sentiment remains broadly positive, with MarketBeat reporting a “Moderate Buy” consensus and an average price target of $144.70, despite several recent target reductions.
• Flutter’s latest quarterly revenue rose 3.3% year over year to $4.33 billion, exceeding estimates, but adjusted EPS of $0.49 missed consensus by $0.05; the stock remains well below its 52-week high of $255.26.

Flutter Entertainment (NYSE:FLUT - Get Free Report) had its target price cut by equities researchers at Wedbush from $126.00 to $110.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has an "outperform" rating on the stock. Wedbush's price objective would indicate a potential upside of 38.48% from the company's current price.

Several other brokerages also recently issued reports on FLUT. Stifel Nicolaus lowered their price target on Flutter Entertainment from $161.00 to $133.00 and set a "buy" rating for the company in a report on Thursday, August 6th. Zacks Research cut Flutter Entertainment from a "hold" rating to a "strong sell" rating in a report on Tuesday, August 4th. BTIG Research reduced their price objective on Flutter Entertainment from $113.00 to $110.00 and set a "buy" rating for the company in a research report on Thursday, October 1st. Truist Financial decreased their price target on shares of Flutter Entertainment from $130.00 to $120.00 and set a "buy" rating for the company in a research note on Wednesday, August 5th. Finally, Wells Fargo & Company cut their price objective on shares of Flutter Entertainment from $137.00 to $112.00 and set an "equal weight" rating on the stock in a research report on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $144.70.

Flutter Entertainment Price Performance

Shares of Flutter Entertainment stock traded up $3.58 during midday trading on Thursday, reaching $79.43. The company had a trading volume of 271,184 shares, compared to its average volume of 3,294,191. 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 stock has a fifty day simple moving average of $93.88 and a 200 day simple moving average of $100.42. Flutter Entertainment has a 1-year low of $73.50 and a 1-year high of $255.26. The company has a market capitalization of $13.78 billion, a price-to-earnings ratio of -18.60, a price-to-earnings-growth ratio of 2.45 and a beta of 1.39.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $0.49 EPS 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 for the quarter, compared to analyst estimates of $4.24 billion. During the same period in the prior year, the firm posted $2.95 EPS. Flutter Entertainment's revenue was up 3.3% on a year-over-year basis. As a group, equities research analysts forecast that Flutter Entertainment will post 3.48 earnings per share for the current year.

Insider Buying and Selling at Flutter Entertainment

In related news, insider Don H. Liu sold 565 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $97.86, for a total transaction of $55,290.90. Following the completion of the sale, the insider directly owned 20,441 shares of the company's stock, valued at approximately $2,000,356.26. This trade represents a 2.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 Flutter Entertainment 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 sale, the chief executive officer owned 72,214 shares in the company, valued at $6,739,010.48. This trade represents a 2.84% 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. Insiders sold 6,681 shares of company stock valued at $644,214 in the last quarter. 0.13% of the stock is owned by company insiders.

Institutional Investors Weigh In On Flutter Entertainment

Several large investors have recently made changes to their positions in the business. Tidal Investments LLC raised its position in Flutter Entertainment by 39.3% in the second quarter. Tidal Investments LLC now owns 11,700 shares of the company's stock worth $1,195,000 after acquiring an additional 3,299 shares during the period. Integrated Wealth Concepts LLC purchased a new position in shares of Flutter Entertainment during the 2nd quarter valued at $119,000. Allworth Financial LP grew its stake in shares of Flutter Entertainment by 167.8% during the 2nd quarter. Allworth Financial LP now owns 557 shares of the company's stock worth $57,000 after acquiring an additional 349 shares during the period. AlphaGrep UK Ltd bought a new position in shares of Flutter Entertainment during the 2nd quarter worth $203,000. Finally, TD Waterhouse Canada Inc. increased its holdings in Flutter Entertainment by 65.8% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 630 shares of the company's stock worth $67,000 after acquiring an additional 250 shares during the last quarter.

Flutter Entertainment Company Profile

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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