Benchmark Forecasts Strong Price Appreciation for Flutter Entertainment (NYSE:FLUT) Stock

Key Points

• Benchmark increased Flutter Entertainment's price target from $300.00 to $365.00, implying a potential upside of 30.34% based on the company's previous close.
• Multiple analysts, including Needham & Company and Stifel Nicolaus, upgraded their price targets for Flutter Entertainment, reflecting broad confidence in the stock with >21 buy ratings.
• Flutter Entertainment's stock recently dropped 8.5% to $280.03, despite reporting strong earnings with a net margin of 4.17% and revenue growth of 16.0% year-over-year.

Flutter Entertainment (NYSE:FLUT - Get Free Report) had its price target lifted by analysts at Benchmark from $300.00 to $365.00 in a research report issued on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. Benchmark's price objective suggests a potential upside of 29.78% from the company's previous close.

A number of other research firms also recently commented on FLUT. Sanford C. Bernstein started coverage on Flutter Entertainment in a research report on Wednesday, June 4th. They issued a "market perform" rating and a $275.00 target price on the stock. Canaccord Genuity Group started coverage on Flutter Entertainment in a research report on Wednesday, June 25th. They issued a "buy" rating and a $330.00 target price on the stock. Bank of America boosted their target price on Flutter Entertainment from $295.00 to $330.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Macquarie reiterated an "outperform" rating and issued a $340.00 target price (up from $330.00) on shares of Flutter Entertainment in a research report on Thursday, May 8th. Finally, Citizens Jmp decreased their target price on Flutter Entertainment from $328.00 to $317.00 and set an "outperform" rating on the stock in a research report on Monday, April 14th. Three research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Flutter Entertainment currently has a consensus rating of "Moderate Buy" and a consensus target price of $328.62.

Flutter Entertainment Price Performance

Shares of Flutter Entertainment stock traded down $24.82 during trading hours on Friday, hitting $281.25. The company's stock had a trading volume of 7,318,089 shares, compared to its average volume of 2,040,824. The business has a 50 day moving average price of $283.14 and a two-hundred day moving average price of $260.25. Flutter Entertainment has a 12-month low of $183.18 and a 12-month high of $313.68. The company has a market cap of $49.69 billion, a PE ratio of 138.55, a PEG ratio of 1.03 and a beta of 2.31. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.95 and a current ratio of 0.95.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $2.95 EPS for the quarter, beating the consensus estimate of $2.08 by $0.87. The business had revenue of $4.19 billion for the quarter, compared to the consensus estimate of $3.06 billion. Flutter Entertainment had a return on equity of 12.28% and a net margin of 2.96%. The firm's revenue was up 16.0% compared to the same quarter last year. Analysts expect that Flutter Entertainment will post 4.17 earnings per share for the current fiscal year.

Flutter Entertainment declared that its board has approved a share repurchase plan on Friday, August 8th that allows the company to buyback $245.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 0.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board believes its stock is undervalued.

Insider Activity

In other news, Director Nancy Cruickshank sold 281 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $245.71, for a total transaction of $69,044.51. Following the transaction, the director owned 1,797 shares of the company's stock, valued at approximately $441,540.87. This represents a 13.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Holly K. Koeppel sold 267 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $245.36, for a total value of $65,511.12. Following the transaction, the director directly owned 2,556 shares in the company, valued at approximately $627,140.16. This represents a 9.46% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,455 shares of company stock valued at $601,632.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. GPS Wealth Strategies Group LLC grew its stake in shares of Flutter Entertainment by 1,375.0% during the first quarter. GPS Wealth Strategies Group LLC now owns 118 shares of the company's stock valued at $26,000 after buying an additional 110 shares during the last quarter. SVB Wealth LLC purchased a new stake in shares of Flutter Entertainment in the first quarter valued at approximately $27,000. ORG Partners LLC boosted its holdings in shares of Flutter Entertainment by 300.0% in the second quarter. ORG Partners LLC now owns 100 shares of the company's stock valued at $28,000 after purchasing an additional 75 shares during the period. Barrett & Company Inc. purchased a new stake in shares of Flutter Entertainment in the second quarter valued at approximately $29,000. Finally, Parallel Advisors LLC boosted its holdings in shares of Flutter Entertainment by 78.9% in the first quarter. Parallel Advisors LLC now owns 136 shares of the company's stock valued at $30,000 after purchasing an additional 60 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.