Flutter Entertainment (NYSE:FLUT) Price Target Lowered to $310.00 at Benchmark

Key Points

• Benchmark has lowered its target price for Flutter Entertainment from $365.00 to $310.00, but maintains a "buy" rating, suggesting a potential upside of 22.64% from the current price.
• Several research firms have varied evaluations on Flutter, with target prices ranging from $280.00 to $350.00, resulting in a consensus rating of "Moderate Buy" and an average price target of $336.26.
• Flutter Entertainment has initiated a $245 million share buyback plan, reflecting management's belief that its stock is currently undervalued.

Flutter Entertainment (NYSE:FLUT - Get Free Report) had its target price cut by equities researchers at Benchmark from $365.00 to $310.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Benchmark's price objective indicates a potential upside of 22.64% from the company's current price.

Several other research firms have also recently issued reports on FLUT. Truist Financial raised their target price on shares of Flutter Entertainment from $280.00 to $340.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Oppenheimer decreased their target price on shares of Flutter Entertainment from $350.00 to $330.00 and set an "outperform" rating on the stock in a research report on Tuesday. Canaccord Genuity Group raised their target price on shares of Flutter Entertainment from $330.00 to $340.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Weiss Ratings reissued a "hold (c-)" rating on shares of Flutter Entertainment in a research report on Wednesday, October 8th. Finally, Sanford C. Bernstein set a $330.00 target price on shares of Flutter Entertainment and gave the stock a "market perform" rating in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Flutter Entertainment presently has a consensus rating of "Moderate Buy" and a consensus price target of $336.26.

Flutter Entertainment Trading Up 1.1%

Shares of Flutter Entertainment stock traded up $2.84 during mid-day trading on Wednesday, hitting $252.78. 368,756 shares of the stock were exchanged, compared to its average volume of 2,304,260. Flutter Entertainment has a twelve month low of $196.88 and a twelve month high of $313.68. The stock has a market capitalization of $44.51 billion, a price-to-earnings ratio of 124.82 and a beta of 1.91. The company has a 50-day simple moving average of $282.19 and a 200 day simple moving average of $266.89. 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 released its quarterly earnings results on Thursday, August 7th. The company reported $2.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.08 by $0.87. Flutter Entertainment had a net margin of 2.96% and a return on equity of 12.15%. The company had revenue of $4.19 billion for the quarter, compared to analysts' expectations of $3.06 billion. The firm's quarterly revenue was up 16.0% compared to the same quarter last year. Flutter Entertainment has set its FY 2025 guidance at EPS. Research analysts forecast that Flutter Entertainment will post 4.17 EPS for the current year.

Flutter Entertainment announced that its board has initiated a share repurchase plan on Friday, August 8th that permits the company to buyback $245.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 0.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's leadership believes its stock is undervalued.

Insider Activity

In related news, insider Daniel Mark Taylor sold 15,283 shares of Flutter Entertainment stock in a transaction on Monday, August 11th. The shares were sold at an average price of $284.80, for a total value of $4,352,598.40. Following the completion of the sale, the insider owned 16,589 shares in the company, valued at approximately $4,724,547.20. The trade was a 47.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider James Philip Bishop sold 1,904 shares of Flutter Entertainment stock in a transaction on Monday, August 11th. The stock was sold at an average price of $281.64, for a total transaction of $536,242.56. Following the completion of the sale, the insider owned 4,712 shares of the company's stock, valued at approximately $1,327,087.68. This trade represents a 28.78% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 23,396 shares of company stock worth $6,759,745. Company insiders own 0.09% of the company's stock.

Institutional Trading of Flutter Entertainment

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Flutter Entertainment by 326.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,243 shares of the company's stock worth $742,000 after buying an additional 2,483 shares during the last quarter. Whalen Wealth Management Inc. bought a new stake in shares of Flutter Entertainment in the first quarter worth $380,000. Bessemer Group Inc. increased its stake in shares of Flutter Entertainment by 0.6% in the first quarter. Bessemer Group Inc. now owns 397,297 shares of the company's stock worth $88,021,000 after buying an additional 2,478 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in shares of Flutter Entertainment by 1.4% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 4,783 shares of the company's stock worth $1,060,000 after buying an additional 67 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Flutter Entertainment by 3.4% during the first quarter. Bank of New York Mellon Corp now owns 206,551 shares of the company's stock valued at $45,761,000 after purchasing an additional 6,738 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.