Flutter Entertainment's (FLUT) "Outperform" Rating Reaffirmed at Wedbush

Key Points

• Wedbush reaffirmed its “outperform” rating on Flutter Entertainment and kept a $138 price target, implying about 27.5% upside from the current share price.
• The stock has seen mixed analyst sentiment overall, with several firms recently lowering price targets, though the consensus rating remains Moderate Buy and the average target is $178.83.
• Flutter’s latest earnings beat expectations, posting $1.22 EPS on $4.30 billion in revenue, with revenue up 17.4% year over year.

Flutter Entertainment (NYSE:FLUT - Get Free Report)'s stock had its "outperform" rating restated by investment analysts at Wedbush in a research note issued to investors on Friday,Benzinga reports. They currently have a $138.00 price objective on the stock. Wedbush's price target points to a potential upside of 27.53% from the stock's current price.

FLUT has been the subject of several other research reports. Needham & Company LLC dropped their price objective on Flutter Entertainment from $150.00 to $135.00 and set a "buy" rating for the company in a research note on Thursday, May 7th. Sanford C. Bernstein dropped their target price on shares of Flutter Entertainment from $125.00 to $115.00 and set a "market perform" rating for the company in a research report on Thursday, May 7th. BTIG Research lowered their price objective on shares of Flutter Entertainment from $137.00 to $126.00 and set a "buy" rating on the stock in a research report on Thursday, May 7th. Truist Financial dropped their price target on Flutter Entertainment from $140.00 to $130.00 and set a "buy" rating for the company in a research note on Thursday, May 7th. Finally, Oppenheimer decreased their price objective on Flutter Entertainment from $210.00 to $160.00 and set an "outperform" rating on the stock in a report on Monday, April 13th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $178.83.

Flutter Entertainment Trading Down 1.6%

Shares of Flutter Entertainment stock opened at $108.21 on Friday. The company's 50-day moving average price is $102.55 and its 200-day moving average price is $125.11. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.27. Flutter Entertainment has a 12-month low of $91.52 and a 12-month high of $313.68. The company has a market cap of $18.83 billion, a price-to-earnings ratio of -50.57, a PEG ratio of 1.43 and a beta of 1.31.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.09 by $0.13. Flutter Entertainment had a negative net margin of 2.20% and a positive return on equity of 11.60%. The company had revenue of $4.30 billion during the quarter, compared to analysts' expectations of $4.24 billion. During the same quarter in the previous year, the company earned $1.59 earnings per share. Flutter Entertainment's revenue for the quarter was up 17.4% on a year-over-year basis. On average, equities analysts expect that Flutter Entertainment will post 4.96 earnings per share for the current fiscal year.

Insider Buying and Selling at Flutter Entertainment

In other news, insider Don H. Liu sold 1,259 shares of the business's stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $93.37, for a total transaction of $117,552.83. Following the transaction, the insider directly owned 21,006 shares of the company's stock, valued at approximately $1,961,330.22. The trade was a 5.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO James Philip Bishop acquired 1,000 shares of Flutter Entertainment stock in a transaction on Monday, May 11th. The shares were bought at an average cost of $99.75 per share, for a total transaction of $99,750.00. Following the completion of the transaction, the chief operating officer owned 17,605 shares in the company, valued at approximately $1,756,098.75. This trade represents a 6.02% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have bought 10,453 shares of company stock worth $1,045,526 and have sold 5,994 shares worth $577,293. 0.13% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Flutter Entertainment

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FLUT. Versant Capital Management Inc boosted its stake in Flutter Entertainment by 145.2% during the second quarter. Versant Capital Management Inc now owns 1,231 shares of the company's stock worth $126,000 after acquiring an additional 729 shares in the last quarter. CX Institutional lifted its stake in shares of Flutter Entertainment by 729.7% in the second quarter. CX Institutional now owns 531 shares of the company's stock worth $54,000 after buying an additional 467 shares in the last quarter. Pacer Advisors Inc. raised its holdings in Flutter Entertainment by 66.8% in the 1st quarter. Pacer Advisors Inc. now owns 2,887 shares of the company's stock worth $294,000 after acquiring an additional 1,156 shares during the last quarter. DV Trading LLC raised its stake in shares of Flutter Entertainment by 609.4% in the first quarter. DV Trading LLC now owns 2,036 shares of the company's stock worth $208,000 after purchasing an additional 1,749 shares during the last quarter. Finally, Parallel Advisors LLC raised its position in Flutter Entertainment by 489.7% in the 1st quarter. Parallel Advisors LLC now owns 460 shares of the company's stock worth $47,000 after buying an additional 382 shares during the last quarter.

About Flutter Entertainment

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.