Oppenheimer Has Lowered Expectations for Flutter Entertainment (NYSE:FLUT) Stock Price

Key Points

• Oppenheimer cut its price target on Flutter from $210 to $160 and maintained an "outperform" rating, with the new target implying roughly a 51% upside from the current price.
• Multiple brokers have lowered targets recently, but MarketBeat's consensus remains a Moderate Buy with a consensus target of $216.90.
• Flutter missed quarterly EPS ($1.74 vs. $2.11 expected) despite 24.9% YoY revenue growth, and the board authorized a $250 million buyback (about 1.3% of shares) while insiders have been selling stock.

Flutter Entertainment (NYSE:FLUT - Get Free Report) had its price objective cut by equities research analysts at Oppenheimer from $210.00 to $160.00 in a report released on Monday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Oppenheimer's price target suggests a potential upside of 51.33% from the company's current price.

Several other brokerages have also recently issued reports on FLUT. Truist Financial decreased their price objective on Flutter Entertainment from $260.00 to $160.00 and set a "buy" rating on the stock in a report on Friday, February 27th. Stifel Nicolaus decreased their price objective on Flutter Entertainment from $216.00 to $189.00 and set a "buy" rating on the stock in a report on Thursday. BTIG Research decreased their price objective on Flutter Entertainment from $180.00 to $177.00 and set a "buy" rating on the stock in a report on Thursday, March 26th. Needham & Company LLC decreased their price objective on Flutter Entertainment from $300.00 to $150.00 and set a "buy" rating on the stock in a report on Friday, February 27th. Finally, Texas Capital raised Flutter Entertainment to a "strong-buy" rating in a report on Thursday, January 8th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $216.90.

Flutter Entertainment Price Performance

FLUT stock traded up $3.35 during midday trading on Monday, hitting $105.73. The company's stock had a trading volume of 921,944 shares, compared to its average volume of 3,856,976. Flutter Entertainment has a 12 month low of $98.88 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 1.31. The firm has a market capitalization of $18.44 billion, a price-to-earnings ratio of -58.58, a price-to-earnings-growth ratio of 0.71 and a beta of 1.93. The company has a 50 day moving average of $117.79 and a two-hundred day moving average of $183.63.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last posted its quarterly earnings results on Friday, February 27th. The company reported $1.74 earnings per share for the quarter, missing the consensus estimate of $2.11 by ($0.37). The business had revenue of $4.76 billion during the quarter, compared to the consensus estimate of $4.87 billion. Flutter Entertainment had a positive return on equity of 12.12% and a negative net margin of 1.89%.The company's revenue for the quarter was up 24.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.94 earnings per share. On average, analysts expect that Flutter Entertainment will post 4.17 EPS for the current year.

Flutter Entertainment announced that its board has authorized a stock buyback plan on Wednesday, March 11th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 1.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board believes its stock is undervalued.

Insider Activity at Flutter Entertainment

In related news, CEO Jeremy Peter Jackson sold 4,326 shares of the stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $108.00, for a total transaction of $467,208.00. Following the sale, the chief executive officer owned 36,788 shares in the company, valued at approximately $3,973,104. This represents a 10.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Amy Howe sold 8,895 shares of the stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $105.91, for a total value of $942,069.45. Following the sale, the chief executive officer owned 78,889 shares in the company, valued at $8,355,133.99. The trade was a 10.13% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 17,834 shares of company stock worth $1,900,331. Company insiders own 0.09% of the company's stock.

Institutional Trading of Flutter Entertainment

Hedge funds and other institutional investors have recently bought and sold shares of the business. JFS Wealth Advisors LLC purchased a new stake in Flutter Entertainment in the third quarter worth $27,000. MassMutual Private Wealth & Trust FSB increased its stake in Flutter Entertainment by 219.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 115 shares of the company's stock worth $25,000 after purchasing an additional 79 shares during the period. JCIC Asset Management Inc. purchased a new stake in Flutter Entertainment in the third quarter worth $32,000. Zions Bancorporation National Association UT increased its stake in Flutter Entertainment by 1,685.7% in the fourth quarter. Zions Bancorporation National Association UT now owns 125 shares of the company's stock worth $27,000 after purchasing an additional 118 shares during the period. Finally, Atlantic Union Bankshares Corp purchased a new stake in Flutter Entertainment in the third quarter worth $34,000.

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.

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