Flutter Entertainment (NYSE:FLUT) Earns Buy Rating from Needham & Company LLC

Flutter Entertainment (NYSE:FLUT - Get Free Report)'s stock had its "buy" rating reissued by stock analysts at Needham & Company LLC in a research note issued to investors on Thursday,Benzinga reports. They currently have a $310.00 price objective on the stock. Needham & Company LLC's target price indicates a potential upside of 32.05% from the stock's current price.

A number of other brokerages also recently commented on FLUT. Truist Financial lowered their price objective on Flutter Entertainment from $330.00 to $280.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Stifel Nicolaus cut their price objective on shares of Flutter Entertainment from $320.00 to $315.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Citizens Jmp dropped their price target on shares of Flutter Entertainment from $328.00 to $317.00 and set an "outperform" rating on the stock in a research note on Monday, April 14th. Peel Hunt raised Flutter Entertainment from a "hold" rating to an "add" rating in a report on Monday, March 10th. Finally, Barclays cut their target price on Flutter Entertainment from $308.00 to $300.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Twenty research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $306.28.

Flutter Entertainment Stock Performance

NYSE:FLUT traded down $6.43 during trading hours on Thursday, reaching $234.76. 1,691,383 shares of the stock were exchanged, compared to its average volume of 1,864,072. Flutter Entertainment has a 52 week low of $174.03 and a 52 week high of $299.73. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $41.48 billion and a P/E ratio of 81.23. The firm has a 50 day simple moving average of $234.03 and a 200-day simple moving average of $253.56.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $1.59 earnings per share for the quarter, missing the consensus estimate of $1.89 by ($0.30). Flutter Entertainment had a negative net margin of 6.86% and a negative return on equity of 4.52%. The business had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.06 billion. During the same quarter in the previous year, the firm earned $0.10 EPS. The firm's revenue for the quarter was up 7.9% on a year-over-year basis. As a group, sell-side analysts forecast that Flutter Entertainment will post 4.17 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Flutter Entertainment news, Director Jeremy Peter Jackson sold 25,027 shares of Flutter Entertainment stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $261.96, for a total transaction of $6,556,072.92. Following the transaction, the director now owns 21,148 shares of the company's stock, valued at $5,539,930.08. The trade was a 54.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Amy Howe sold 11,814 shares of the company's stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $260.50, for a total value of $3,077,547.00. Following the completion of the transaction, the chief executive officer now owns 62,941 shares in the company, valued at $16,396,130.50. This represents a 15.80 % decrease in their position. The disclosure for this sale can be found here.

Institutional Investors Weigh In On Flutter Entertainment

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Headlands Technologies LLC acquired a new position in Flutter Entertainment during the first quarter worth $886,000. Deutsche Bank AG boosted its holdings in Flutter Entertainment by 52.2% during the first quarter. Deutsche Bank AG now owns 1,849,769 shares of the company's stock valued at $409,816,000 after acquiring an additional 634,497 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Flutter Entertainment by 7.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 711,097 shares of the company's stock valued at $157,544,000 after purchasing an additional 49,796 shares during the period. Primecap Management Co. CA acquired a new stake in shares of Flutter Entertainment in the first quarter worth $210,940,000. Finally, Nicholas Hoffman & Company LLC. bought a new position in shares of Flutter Entertainment during the 1st quarter worth about $222,000.

About Flutter Entertainment

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.