Flutter Entertainment (NYSE:FLUT) Coverage Initiated by Analysts at Canaccord Genuity Group

Research analysts at Canaccord Genuity Group initiated coverage on shares of Flutter Entertainment (NYSE:FLUT - Get Free Report) in a report released on Wednesday,Briefing.com Automated Import reports. The firm set a "buy" rating and a $330.00 price target on the stock. Canaccord Genuity Group's price objective points to a potential upside of 19.69% from the company's previous close.

Several other analysts have also recently commented on FLUT. BTIG Research reduced their price objective on shares of Flutter Entertainment from $323.00 to $289.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Benchmark reaffirmed a "buy" rating and issued a $300.00 target price on shares of Flutter Entertainment in a report on Monday, April 21st. Stifel Nicolaus decreased their price target on Flutter Entertainment from $320.00 to $315.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Needham & Company LLC reaffirmed a "buy" rating and issued a $310.00 price objective on shares of Flutter Entertainment in a research note on Tuesday, June 10th. 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. Two equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $305.10.

Flutter Entertainment Price Performance

Shares of NYSE:FLUT opened at $275.72 on Wednesday. Flutter Entertainment has a 52 week low of $175.59 and a 52 week high of $299.73. The company has a 50-day moving average price of $247.83 and a 200 day moving average price of $253.21. The company has a market cap of $48.72 billion and a P/E ratio of 95.40. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.67.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $1.59 earnings per share for the quarter, missing analysts' consensus estimates of $1.89 by ($0.30). Flutter Entertainment had a net margin of 4.17% and a return on equity of 11.76%. The business had revenue of $3.67 billion during the quarter, compared to analysts' expectations of $3.06 billion. During the same quarter last year, the firm earned $0.10 earnings per share. The firm's quarterly revenue was up 7.9% compared to the same quarter last year. Research analysts predict that Flutter Entertainment will post 4.17 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Amy Howe sold 2,315 shares of the business's stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $243.50, for a total value of $563,702.50. Following the completion of the sale, the chief executive officer now directly owns 73,947 shares in the company, valued at approximately $18,006,094.50. The trade was a 3.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO James Philip Bishop sold 3,000 shares of the company's stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $243.20, for a total transaction of $729,600.00. Following the transaction, the chief operating officer now directly owns 4,712 shares of the company's stock, valued at $1,145,958.40. This trade represents a 38.90% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 7,770 shares of company stock valued at $1,894,934 in the last quarter.

Hedge Funds Weigh In On Flutter Entertainment

A number of hedge funds have recently made changes to their positions in FLUT. Voya Investment Management LLC increased its holdings in shares of Flutter Entertainment by 2.9% during the 1st quarter. Voya Investment Management LLC now owns 7,224 shares of the company's stock worth $1,581,000 after buying an additional 204 shares during the last quarter. Rhumbline Advisers increased its stake in Flutter Entertainment by 5.4% during the first quarter. Rhumbline Advisers now owns 23,806 shares of the company's stock worth $5,274,000 after acquiring an additional 1,216 shares during the last quarter. Belpointe Asset Management LLC acquired a new stake in Flutter Entertainment during the first quarter worth about $241,000. Focus Partners Wealth raised its holdings in shares of Flutter Entertainment by 6.2% in the 1st quarter. Focus Partners Wealth now owns 7,434 shares of the company's stock worth $1,647,000 after purchasing an additional 435 shares during the period. Finally, Plato Investment Management Ltd lifted its stake in shares of Flutter Entertainment by 24.9% in the 1st quarter. Plato Investment Management Ltd now owns 4,078 shares of the company's stock valued at $913,000 after purchasing an additional 813 shares in the last quarter.

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.

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