Flutter Entertainment (NYSE:FLUT) Price Target Raised to $345.00

Key Points

• Flutter Entertainment saw its price target increased from $323.00 to $345.00 by JMP Securities, indicating a potential upside of 21.84% from its previous close.
• The stock experienced a drop of 7.5% during trading on Friday, bringing its price down to $283.15, with a significant volume of over 4 million shares traded.
• Flutter reported strong earnings with a quarterly revenue increase of 16.0% year-over-year, totaling $4.19 billion, exceeding analysts' expectations of $3.06 billion.

Flutter Entertainment (NYSE:FLUT - Get Free Report) had its target price boosted by research analysts at JMP Securities from $323.00 to $345.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a "market outperform" rating on the stock. JMP Securities' target price points to a potential upside of 21.84% from the stock's previous close.

Several other research firms also recently weighed in on FLUT. BTIG Research decreased their price target on shares of Flutter Entertainment from $323.00 to $289.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Sanford C. Bernstein reaffirmed a "market perform" rating on shares of Flutter Entertainment in a research report on Friday. Hsbc Global Res upgraded Flutter Entertainment to a "hold" rating in a report on Wednesday, June 18th. Peel Hunt restated a "hold" rating on shares of Flutter Entertainment in a report on Friday. Finally, Jefferies Financial Group started coverage on Flutter Entertainment in a research report on Tuesday, July 8th. They set a "buy" rating and a $380.00 target price on the stock. Three investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $327.19.

Flutter Entertainment Trading Down 7.5%

FLUT traded down $22.92 during trading on Friday, reaching $283.15. 4,192,847 shares of the stock traded hands, compared to its average volume of 2,337,453. The stock's 50-day moving average is $282.57 and its 200 day moving average is $260.22. Flutter Entertainment has a 12 month low of $183.18 and a 12 month 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 0.67. The stock has a market capitalization of $50.03 billion, a PE ratio of 97.92, a P/E/G ratio of 1.13 and a beta of 2.31.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $2.95 EPS for the quarter, topping the consensus estimate of $2.08 by $0.87. Flutter Entertainment had a return on equity of 11.76% and a net margin of 4.17%. The business had revenue of $4.19 billion during the quarter, compared to analysts' expectations of $3.06 billion. The business's quarterly revenue was up 16.0% compared to the same quarter last year. Equities analysts anticipate that Flutter Entertainment will post 4.17 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Nancy Dubuc sold 265 shares of the company's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $244.96, for a total transaction 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. This represents a 32.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John A. Bryant sold 418 shares of the firm's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $245.71, for a total transaction of $102,706.78. Following the completion of the transaction, the director directly owned 5,956 shares in the company, valued at approximately $1,463,448.76. The trade was a 6.56% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 2,455 shares of company stock valued at $601,632.

Institutional Investors Weigh In On Flutter Entertainment

Hedge funds have recently modified their holdings of the business. PARUS FINANCE UK Ltd lifted its position in shares of Flutter Entertainment by 1.5% in the first quarter. PARUS FINANCE UK Ltd now owns 3,350 shares of the company's stock valued at $742,000 after acquiring an additional 50 shares in the last quarter. Sequoia Financial Advisors LLC boosted its stake in Flutter Entertainment by 3.0% in the 1st quarter. Sequoia Financial Advisors LLC now owns 1,836 shares of the company's stock worth $407,000 after purchasing an additional 53 shares during the period. Harbor Investment Advisory LLC grew its holdings in Flutter Entertainment by 43.8% during the 1st quarter. Harbor Investment Advisory LLC now owns 184 shares of the company's stock valued at $41,000 after buying an additional 56 shares in the last quarter. Parallel Advisors LLC grew its holdings in Flutter Entertainment by 78.9% during the 1st quarter. Parallel Advisors LLC now owns 136 shares of the company's stock valued at $30,000 after buying an additional 60 shares in the last quarter. Finally, Signaturefd LLC grew its stake in Flutter Entertainment by 98.5% during the second quarter. Signaturefd LLC now owns 129 shares of the company's stock valued at $37,000 after acquiring an additional 64 shares in 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.

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