Flutter Entertainment (NYSE:FLUT) Now Covered by JPMorgan Chase & Co.

Key Points

• JPMorgan initiated coverage of Flutter Entertainment with a “neutral” rating and a $114 price target, implying approximately 15% upside from the prior close.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $159.12, despite several recent downgrades and target reductions.
• Flutter’s latest quarter showed mixed results: revenue rose 3.3% year over year to $4.33 billion, exceeding estimates, while earnings per share of $0.49 fell short of the $0.54 consensus.

JPMorgan Chase & Co. started coverage on shares of Flutter Entertainment (NYSE:FLUT - Get Free Report) in a research note issued to investors on Wednesday,Benzinga reports. The firm set a "neutral" rating and a $114.00 price target on the stock. JPMorgan Chase & Co.'s price target would suggest a potential upside of 15.06% from the company's previous close.

FLUT has been the topic of a number of other research reports. BNP Paribas Exane began coverage on Flutter Entertainment in a report on Thursday, May 14th. They set an "underperform" rating and a $80.00 price target on the stock. BTIG Research lowered their target price on shares of Flutter Entertainment from $120.00 to $113.00 and set a "buy" rating for the company in a report on Wednesday, August 5th. Moffett Nathanson downgraded Flutter Entertainment from a "buy" rating to a "neutral" rating and set a $127.00 price target on the stock. in a research note on Friday, April 24th. Deutsche Bank Aktiengesellschaft set a $148.00 price objective on Flutter Entertainment in a research note on Thursday, August 6th. Finally, Sanford C. Bernstein cut their price objective on shares of Flutter Entertainment from $125.00 to $115.00 and set a "market perform" rating on the stock in a research report on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $159.12.

Flutter Entertainment Price Performance

FLUT opened at $99.08 on Wednesday. Flutter Entertainment has a twelve month low of $89.71 and a twelve month high of $309.41. The company has a market capitalization of $17.19 billion, a price-to-earnings ratio of -23.04, a PEG ratio of 1.76 and a beta of 1.28. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 1.32. The firm has a 50-day moving average price of $104.27 and a 200-day moving average price of $111.78.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.05). Flutter Entertainment had a negative net margin of 4.39% and a positive return on equity of 7.27%. The company had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the prior year, the company earned $2.95 earnings per share. The company's quarterly revenue was up 3.3% on a year-over-year basis. Equities analysts expect that Flutter Entertainment will post 4.72 EPS for the current year.

Insider Activity at Flutter Entertainment

In related news, Director Carolan Lennon sold 439 shares of Flutter Entertainment stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $94.63, for a total transaction of $41,542.57. Following the transaction, the director directly owned 1,688 shares in the company, valued at approximately $159,735.44. The trade was a 20.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 1,522 shares of company stock valued at $144,027. Corporate insiders own 0.13% of the company's stock.

Institutional Trading of Flutter Entertainment

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank purchased a new position in Flutter Entertainment in the fourth quarter worth about $694,009,000. Peregrine Capital Management LLC raised its position in Flutter Entertainment by 34.2% in the 4th quarter. Peregrine Capital Management LLC now owns 150,979 shares of the company's stock worth $32,467,000 after purchasing an additional 38,469 shares during the period. Capricorn Fund Managers Ltd bought a new stake in Flutter Entertainment in the first quarter worth about $3,670,000. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its stake in Flutter Entertainment by 53.3% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 64,054 shares of the company's stock worth $6,530,000 after purchasing an additional 22,270 shares during the last quarter. Finally, TimesSquare Capital Management LLC boosted its position in shares of Flutter Entertainment by 5.3% during the fourth quarter. TimesSquare Capital Management LLC now owns 399,081 shares of the company's stock valued at $85,818,000 after buying an additional 20,203 shares during the period.

Flutter Entertainment Company Profile

Flutter Entertainment plc is a global sports betting and gaming company that operates a portfolio of consumer-facing brands and digital platforms. The company's primary activities include online sports betting, casino gaming, poker, and daily fantasy sports, delivered through web and mobile applications as well as retail betting locations in select markets. Flutter focuses on product development, customer acquisition and engagement, and compliance with local gambling regulations across the jurisdictions where it operates.

Flutter's brand portfolio includes well-known names in different regional markets, such as FanDuel in the United States, PokerStars, Betfair, Paddy Power and Sky Betting & Gaming in Europe and elsewhere.

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