Flutter Entertainment (NYSE:FLUT) Price Target Cut to $140.00 by Analysts at Truist Financial

Key Points

• Truist cut price target on Flutter from $160 to $140 while maintaining a "buy" rating, implying roughly a 25.6% upside from the stock's recent price.
• Earnings miss and buyback: Flutter reported Q EPS of $1.74 vs. $2.11 expected and revenue of $4.76B vs. $4.87B, posted a negative net margin (-1.89%), and its board authorized a $250M share buyback (~1.3% of shares).
• Insider selling: The CFO and CEO sold 4,613 and 8,895 shares respectively on March 11, with insiders selling 17,834 shares over the past 90 days and insider ownership around 0.09%.

Flutter Entertainment (NYSE:FLUT - Get Free Report) had its price target cut by research analysts at Truist Financial from $160.00 to $140.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Truist Financial's target price points to a potential upside of 25.58% from the stock's current price.

A number of other equities analysts also recently commented on the stock. Susquehanna cut their target price on shares of Flutter Entertainment from $160.00 to $143.00 and set a "positive" rating on the stock in a research note on Tuesday, March 31st. Craig Hallum downgraded Flutter Entertainment from a "buy" rating to a "hold" rating and set a $200.00 price target for the company. in a report on Wednesday, January 21st. Stifel Nicolaus cut their price objective on Flutter Entertainment from $216.00 to $189.00 and set a "buy" rating on the stock in a research report on Thursday, April 9th. BTIG Research reduced their price objective on Flutter Entertainment from $180.00 to $177.00 and set a "buy" rating on the stock in a research note on Thursday, March 26th. Finally, Sanford C. Bernstein reaffirmed a "market perform" rating and issued a $170.00 target price on shares of Flutter Entertainment in a research report on Friday, February 6th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, Flutter Entertainment presently has an average rating of "Moderate Buy" and an average price target of $213.40.

Flutter Entertainment Stock Performance

NYSE:FLUT opened at $111.48 on Tuesday. The company has a market cap of $19.44 billion, a P/E ratio of -61.83, a P/E/G ratio of 0.80 and a beta of 1.93. The firm's 50 day moving average is $112.34 and its two-hundred day moving average is $176.98. Flutter Entertainment has a fifty-two week low of $98.88 and a fifty-two week high of $313.68. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.31.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last announced its quarterly earnings data on Friday, February 27th. The company reported $1.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.11 by ($0.37). The company had revenue of $4.76 billion for the quarter, compared to analysts' expectations of $4.87 billion. Flutter Entertainment had a negative net margin of 1.89% and a positive return on equity of 12.12%. The firm's quarterly revenue was up 24.9% on a year-over-year basis. During the same period in the prior year, the firm earned $2.94 earnings per share. Analysts expect that Flutter Entertainment will post 5.14 EPS for the current year.

Flutter Entertainment announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, March 11th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to purchase up to 1.3% 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 Transactions at Flutter Entertainment

In other Flutter Entertainment news, CFO Robert Coldrake sold 4,613 shares of the company's stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $106.45, for a total transaction of $491,053.85. Following the sale, the chief financial officer owned 10,006 shares in the company, valued at $1,065,138.70. This represents a 31.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Amy Howe sold 8,895 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $105.91, for a total value of $942,069.45. Following the completion of the transaction, the chief executive officer directly owned 78,889 shares of the company's stock, valued at $8,355,133.99. This trade represents a 10.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 17,834 shares of company stock valued at $1,900,331. 0.09% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanderbilt University bought a new stake in Flutter Entertainment during the first quarter worth approximately $6,334,000. HughesLittle Investment Management Ltd. lifted its stake in Flutter Entertainment by 3.1% during the fourth quarter. HughesLittle Investment Management Ltd. now owns 244,390 shares of the company's stock valued at $53,001,000 after purchasing an additional 7,275 shares during the last quarter. Axxcess Wealth Management LLC boosted its stake in shares of Flutter Entertainment by 19.2% during the 4th quarter. Axxcess Wealth Management LLC now owns 3,085 shares of the company's stock worth $663,000 after acquiring an additional 497 shares in the last quarter. Vident Advisory LLC increased its position in shares of Flutter Entertainment by 10.4% in the fourth quarter. Vident Advisory LLC now owns 1,608 shares of the company's stock worth $346,000 after acquiring an additional 152 shares in the last quarter. Finally, Mackenzie Financial Corp raised its position in Flutter Entertainment by 7.9% during the fourth quarter. Mackenzie Financial Corp now owns 12,620 shares of the company's stock valued at $2,739,000 after buying an additional 919 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.