Flutter Entertainment (NYSE:FLUT) Earns Buy Rating from UBS Group

Key Points

• UBS Group has raised the price target for Flutter Entertainment's stock from $340 to $360, indicating a potential upside of 27.16% from its previous close and maintaining a "buy" rating.
• The company's shares traded at $283.11 after a decrease of $22.96, and Flutter Entertainment reported earnings per share of $2.95 for the last quarter, which exceeded the consensus estimate significantly.
• Despite fluctuations, Flutter Entertainment has received generally positive ratings from analysts, with 21 analysts giving it a "buy" rating and only 3 assigning a "hold" rating.

Flutter Entertainment (NYSE:FLUT - Get Free Report)'s stock had its "buy" rating reissued by equities research analysts at UBS Group in a note issued to investors on Friday, Marketbeat.com reports. They presently have a $360.00 target price on the stock, up from their prior target price of $340.00. UBS Group's price target suggests a potential upside of 26.23% from the stock's current price.

Several other research firms have also recently commented on FLUT. Canaccord Genuity Group began coverage on Flutter Entertainment in a report on Wednesday, June 25th. They issued a "buy" rating and a $330.00 price target for the company. Peel Hunt cut Flutter Entertainment from an "add" rating to a "hold" rating in a report on Friday. JMP Securities increased their price target on Flutter Entertainment from $323.00 to $345.00 and gave the company a "market outperform" rating in a report on Friday. Truist Financial increased their price target on Flutter Entertainment from $280.00 to $340.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Finally, Needham & Company LLC increased their price target on Flutter Entertainment from $340.00 to $355.00 and gave the company a "buy" rating in a report on Friday. Three equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $328.62.

Flutter Entertainment Price Performance

NYSE FLUT traded up $0.61 during mid-day trading on Friday, hitting $285.19. The stock had a trading volume of 177,569 shares, compared to its average volume of 2,348,372. The firm's 50 day moving average is $283.92 and its 200 day moving average is $260.32. Flutter Entertainment has a twelve month low of $183.18 and a twelve month high of $313.68. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a market capitalization of $50.22 billion, a price-to-earnings ratio of 140.44, a PEG ratio of 1.12 and a beta of 2.31.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $2.95 EPS for the quarter, beating the consensus estimate of $2.08 by $0.87. Flutter Entertainment had a return on equity of 12.15% and a net margin of 2.96%. The firm 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% on a year-over-year basis. Equities research analysts forecast that Flutter Entertainment will post 4.17 earnings per share for the current fiscal year.

Flutter Entertainment declared that its board has approved a stock repurchase program on Friday, August 8th that permits the company to buyback $245.00 million in shares. This buyback authorization permits the company to purchase up to 0.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Insider Buying and Selling at Flutter Entertainment

In other news, Director Holly K. Koeppel sold 267 shares of the firm's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $245.36, for a total transaction of $65,511.12. Following the completion of the transaction, the director directly owned 2,556 shares in the company, valued at $627,140.16. This trade represents a 9.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 value of $105,655.30. Following the transaction, the director owned 769 shares of the company's stock, valued at approximately $188,950.99. This represents a 35.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,455 shares of company stock valued at $601,632. Corporate insiders own 0.09% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. GPS Wealth Strategies Group LLC boosted its position in shares of Flutter Entertainment by 1,375.0% during the first quarter. GPS Wealth Strategies Group LLC now owns 118 shares of the company's stock worth $26,000 after buying an additional 110 shares during the period. SVB Wealth LLC purchased a new position in Flutter Entertainment in the first quarter valued at $27,000. ORG Partners LLC boosted its holdings in Flutter Entertainment by 300.0% in the second quarter. ORG Partners LLC now owns 100 shares of the company's stock valued at $28,000 after purchasing an additional 75 shares during the period. Barrett & Company Inc. purchased a new position in Flutter Entertainment in the second quarter valued at $29,000. Finally, Parallel Advisors LLC raised its position in Flutter Entertainment by 78.9% in the 1st quarter. Parallel Advisors LLC now owns 136 shares of the company's stock valued at $30,000 after purchasing an additional 60 shares in the last quarter.

About Flutter Entertainment

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.