Canaccord Genuity Group Issues Positive Forecast for Flutter Entertainment (NYSE:FLUT) Stock Price

Key Points

• Analysts at Canaccord Genuity Group have raised their price target for Flutter Entertainment from $330.00 to $340.00, maintaining a "buy" rating that suggests a potential upside of 20.89% from its current price.
• Multiple firms have increased their target prices for Flutter, with UBS Group setting a new target of $360.00 and JMP Securities at $345.00, reflecting strong analyst confidence in the stock.
• Flutter Entertainment reported a significant earnings beat with $2.95 EPS for the last quarter, outperforming the expected $2.08, alongside a revenue increase of 16.0% year-over-year.

Flutter Entertainment (NYSE:FLUT - Get Free Report) had its price objective increased by equities research analysts at Canaccord Genuity Group from $330.00 to $340.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's target price suggests a potential upside of 17.19% from the company's current price.

A number of other brokerages have also commented on FLUT. Benchmark reaffirmed a "buy" rating and issued a $365.00 price target (up previously from $300.00) on shares of Flutter Entertainment in a research note on Friday, August 8th. Sanford C. Bernstein reaffirmed a "market perform" rating on shares of Flutter Entertainment in a research note on Friday. Peel Hunt lowered Flutter Entertainment from an "add" rating to a "hold" rating in a research note on Friday, August 8th. Bank of America raised their price target on Flutter Entertainment from $295.00 to $330.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Finally, Jefferies Financial Group began coverage on Flutter Entertainment in a research note on Tuesday, July 8th. They issued a "buy" rating and a $380.00 price target for the company. Three analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Flutter Entertainment presently has an average rating of "Moderate Buy" and a consensus target price of $328.62.

Flutter Entertainment Trading Up 0.6%

Shares of NYSE:FLUT traded up $1.75 during trading on Friday, reaching $290.13. 315,641 shares of the company traded hands, compared to its average volume of 2,343,337. The business's fifty day moving average is $284.75 and its 200-day moving average is $260.52. Flutter Entertainment has a 52-week low of $196.88 and a 52-week high of $313.68. The firm has a market capitalization of $51.09 billion, a price-to-earnings ratio of 142.80, a P/E/G ratio of 1.13 and a beta of 2.31. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.95.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $2.95 EPS for the quarter, topping analysts' consensus estimates of $2.08 by $0.87. Flutter Entertainment had a return on equity of 12.15% and a net margin of 2.96%. The company had revenue of $4.19 billion during the quarter, compared to analyst estimates of $3.06 billion. The company's revenue was up 16.0% compared to the same quarter last year. As a group, analysts forecast that Flutter Entertainment will post 4.17 EPS for the current year.

Flutter Entertainment declared that its Board of Directors has authorized a stock repurchase plan on Friday, August 8th that authorizes the company to buyback $245.00 million in shares. This buyback authorization authorizes the company to repurchase up to 0.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Insider Activity

In other news, Director Carolan Lennon sold 430 shares of the firm's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $245.71, for a total transaction of $105,655.30. Following the completion of the transaction, the director directly owned 769 shares in the company, valued at $188,950.99. This trade represents a 35.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Nancy Dubuc sold 265 shares of Flutter Entertainment stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $244.96, for a total value of $64,914.40. Following the completion of the sale, the director owned 558 shares of the company's stock, valued at $136,687.68. The trade was a 32.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,455 shares of company stock valued at $601,632. 0.09% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Flutter Entertainment

Several large investors have recently bought and sold shares of FLUT. American Century Companies Inc. bought a new stake in Flutter Entertainment in the 4th quarter worth about $303,000. Envestnet Asset Management Inc. increased its holdings in Flutter Entertainment by 181.2% in the 4th quarter. Envestnet Asset Management Inc. now owns 68,023 shares of the company's stock worth $17,581,000 after buying an additional 43,829 shares in the last quarter. Russell Investments Group Ltd. boosted its position in Flutter Entertainment by 118.0% in the fourth quarter. Russell Investments Group Ltd. now owns 18,278 shares of the company's stock worth $4,724,000 after purchasing an additional 9,895 shares during the last quarter. FIL Ltd boosted its position in Flutter Entertainment by 0.3% in the fourth quarter. FIL Ltd now owns 104,326 shares of the company's stock worth $26,970,000 after purchasing an additional 269 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in Flutter Entertainment by 1.2% in the fourth quarter. Renaissance Technologies LLC now owns 163,750 shares of the company's stock worth $42,321,000 after purchasing an additional 2,000 shares during 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.