Flutter Entertainment (NYSE:FLUT) Sets New 12-Month High - Time to Buy?

Key Points

• Flutter Entertainment's share price reached a new 52-week high at $314.91, with a closing price of $308.77 after trading 8,264 shares.
• Equities analysts have increased their target price for Flutter Entertainment, with Bank of America setting a new target at $330.00 and Truist Financial at $340.00, both maintaining a "buy" rating.
• The company reported a quarterly revenue of $3.67 billion, surpassing analyst estimates, despite an EPS of $1.59 that fell short of projections.

Flutter Entertainment PLC (NYSE:FLUT - Get Free Report)'s share price hit a new 52-week high during trading on Thursday . The company traded as high as $314.91 and last traded at $308.77, with a volume of 8264 shares trading hands. The stock had previously closed at $306.95.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Bank of America upped their target price on Flutter Entertainment from $295.00 to $330.00 and gave the company a "buy" rating in a report on Friday, July 11th. Truist Financial upped their target price on Flutter Entertainment from $280.00 to $340.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Needham & Company LLC upped their target price on Flutter Entertainment from $310.00 to $340.00 and gave the company a "buy" rating in a report on Tuesday, July 22nd. JMP Securities increased their price objective on Flutter Entertainment from $301.00 to $323.00 and gave the stock a "market outperform" rating in a report on Tuesday, July 15th. Finally, Citizens Jmp decreased their price objective on Flutter Entertainment from $328.00 to $317.00 and set an "outperform" rating for the company in a report on Monday, April 14th. Two research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $322.10.

Flutter Entertainment Stock Down 0.3%

The firm's 50 day simple moving average is $280.22 and its 200 day simple moving average is $259.59. The company has a market cap of $54.07 billion, a price-to-earnings ratio of 105.84, a price-to-earnings-growth ratio of 1.12 and a beta of 2.31. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.67.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $1.59 EPS for the quarter, missing analysts' consensus estimates of $1.89 by ($0.30). Flutter Entertainment had a net margin of 4.17% and a return on equity of 11.76%. The company had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.06 billion. During the same quarter in the prior year, the business earned $0.10 EPS. Flutter Entertainment's revenue was up 7.9% compared to the same quarter last year. Sell-side analysts anticipate that Flutter Entertainment PLC will post 4.17 EPS for the current fiscal year.

Insider Transactions at Flutter Entertainment

In other Flutter Entertainment news, Director Nancy Cruickshank sold 281 shares of Flutter Entertainment stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $245.71, for a total value of $69,044.51. Following the transaction, the director owned 1,797 shares in the company, valued at approximately $441,540.87. The trade was a 13.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Amy Howe sold 2,315 shares of Flutter Entertainment stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $243.50, for a total transaction of $563,702.50. Following the completion of the transaction, the chief executive officer owned 73,947 shares in the company, valued at approximately $18,006,094.50. This trade represents a 3.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 7,770 shares of company stock valued at $1,894,934 in the last 90 days.

Hedge Funds Weigh In On Flutter Entertainment

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Parvus Asset Management Europe Ltd acquired a new stake in shares of Flutter Entertainment during the 4th quarter valued at $2,146,227,000. Lone Pine Capital LLC bought a new position in shares of Flutter Entertainment during the 4th quarter valued at $494,291,000. Capital World Investors raised its holdings in shares of Flutter Entertainment by 11.9% during the 4th quarter. Capital World Investors now owns 15,426,515 shares of the company's stock valued at $3,986,968,000 after purchasing an additional 1,635,241 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Flutter Entertainment by 196.5% during the 1st quarter. BNP Paribas Financial Markets now owns 1,994,656 shares of the company's stock valued at $441,916,000 after purchasing an additional 1,322,016 shares in the last quarter. Finally, Nuveen LLC bought a new position in shares of Flutter Entertainment during the 1st quarter valued at $289,627,000.

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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