Flutter Entertainment (NYSE:FLUT) Reaches New 1-Year Low After Analyst Downgrade

Key Points

• Flutter Entertainment shares fell 5.4% to a new 52-week low of $73.26 after Citizens Jmp cut its price target from $145 to $129, despite maintaining an outperform rating.
• Analyst sentiment remains broadly positive but has weakened, with the stock holding a “Moderate Buy” consensus rating and an average price target of $143.59 after several firms reduced their targets.
• The company’s latest quarterly results missed EPS expectations, reporting $0.49 versus the $0.54 consensus, although revenue rose 3.3% year over year to $4.33 billion.

Flutter Entertainment PLC (NYSE:FLUT - Get Free Report) hit a new 52-week low during mid-day trading on Wednesday after Citizens Jmp lowered their price target on the stock from $145.00 to $129.00. Citizens Jmp currently has a market outperform rating on the stock. Flutter Entertainment traded as low as $73.26 and last traded at $74.03, with a volume of 640,328 shares traded. The stock had previously closed at $78.06.

Several other equities research analysts have also recently weighed in on the stock. Rothschild & Co Redburn reiterated a "neutral" rating and set a $119.00 price objective (down from $169.00) on shares of Flutter Entertainment in a research report on Monday, September 21st. Wedbush dropped their target price on shares of Flutter Entertainment from $126.00 to $110.00 and set an "outperform" rating on the stock in a report on Thursday, October 8th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Flutter Entertainment in a research report on Monday, August 24th. Barclays decreased their price target on Flutter Entertainment from $151.00 to $133.00 and set an "overweight" rating for the company in a report on Thursday, August 6th. Finally, Benchmark decreased their price target on Flutter Entertainment from $132.00 to $113.00 and set a "buy" rating for the company in a report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $143.59.

Insider Transactions at Flutter Entertainment

In other Flutter Entertainment news, CEO Jeremy Jackson sold 2,112 shares of the stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $93.32, for a total transaction of $197,091.84. Following the transaction, the chief executive officer directly owned 72,214 shares in the company, valued at approximately $6,739,010.48. This represents a 2.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Don Liu sold 565 shares of the firm's stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $97.86, for a total transaction of $55,290.90. Following the sale, the insider directly owned 20,441 shares of the company's stock, valued at approximately $2,000,356.26. This trade represents a 2.69% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 6,681 shares of company stock valued at $644,214. 0.13% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Tidal Investments LLC grew its stake in shares of Flutter Entertainment by 39.3% in the 2nd quarter. Tidal Investments LLC now owns 11,700 shares of the company's stock valued at $1,195,000 after buying an additional 3,299 shares during the period. Integrated Wealth Concepts LLC bought a new stake in Flutter Entertainment in the 2nd quarter valued at about $119,000. Allworth Financial LP raised its stake in Flutter Entertainment by 167.8% during the 2nd quarter. Allworth Financial LP now owns 557 shares of the company's stock worth $57,000 after buying an additional 349 shares during the period. AlphaGrep UK Ltd acquired a new position in Flutter Entertainment during the 2nd quarter worth approximately $203,000. Finally, TD Waterhouse Canada Inc. raised its stake in Flutter Entertainment by 65.8% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 630 shares of the company's stock worth $67,000 after buying an additional 250 shares during the period.

Flutter Entertainment Trading Down 5.4%

The firm has a fifty day simple moving average of $91.89 and a 200-day simple moving average of $99.66. The firm has a market cap of $12.82 billion, a P/E ratio of -17.18, a price-to-earnings-growth ratio of 2.52 and a beta of 1.39. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.89 and a quick ratio of 0.89.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.49 EPS for the quarter, missing analysts' consensus estimates of $0.54 by ($0.05). The firm had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.24 billion. Flutter Entertainment had a negative net margin of 4.39% and a positive return on equity of 7.27%. The company's revenue was up 3.3% on a year-over-year basis. During the same period last year, the business posted $2.95 EPS. On average, equities research analysts expect that Flutter Entertainment PLC will post 3.48 earnings per share for the current year.

Flutter Entertainment Company Profile

Flutter Entertainment plc is a global sports betting and online gaming company headquartered in Dublin, Ireland. The company provides online and retail betting, casino, poker, bingo and lottery-related products through a portfolio of brands serving customers in multiple regulated markets.

Its principal brands include FanDuel in the United States, Paddy Power and Betfair in the United Kingdom and Ireland, Sky Bet in the United Kingdom, PokerStars internationally, Sisal in Italy and other markets, and tombola, an online bingo operator.

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