Flutter Entertainment (NYSE:FLUT) Reaches New 52-Week Low - Here's Why

Key Points

• Flutter Entertainment shares fell to a new 52-week low, trading as low as $89.34 versus a prior close of $92.50, while remaining below their 50-day and 200-day moving averages.
• Recent analyst views remain broadly positive: the stock has a consensus “Moderate Buy” rating and an average price target of $156.88, despite several analysts lowering targets and one maintaining a sell rating.
• The company’s latest quarterly revenue rose 3.3% year over year to $4.33 billion, but EPS of $0.49 missed the $0.54 consensus estimate; executives also sold shares primarily to cover tax obligations on vested equity awards.

Flutter Entertainment PLC (NYSE:FLUT - Get Free Report) shares hit a new 52-week low on Friday . The stock traded as low as $89.34 and last traded at $89.4720, with a volume of 6821461 shares trading hands. The stock had previously closed at $92.50.

Analysts Set New Price Targets

FLUT has been the subject of several recent research reports. Jefferies Financial Group reissued a "buy" rating and issued a $180.00 target price on shares of Flutter Entertainment in a research report on Sunday, August 9th. Wolfe Research began coverage on shares of Flutter Entertainment in a report on Wednesday, September 2nd. They set an "outperform" rating and a $150.00 price target on the stock. BTIG Research reduced their price objective on shares of Flutter Entertainment from $120.00 to $113.00 and set a "buy" rating for the company in a research note on Wednesday, August 5th. Truist Financial decreased their price objective on shares of Flutter Entertainment from $130.00 to $120.00 and set a "buy" rating for the company in a report on Wednesday, August 5th. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of Flutter Entertainment in a research report on Monday, August 24th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, Flutter Entertainment currently has a consensus rating of "Moderate Buy" and an average target price of $156.88.

Flutter Entertainment Price Performance

The company has a debt-to-equity ratio of 1.32, a current ratio of 0.89 and a quick ratio of 0.89. The stock's 50 day moving average price is $101.21 and its two-hundred day moving average price is $103.28. The firm has a market capitalization of $15.53 billion, a price-to-earnings ratio of -20.81, a PEG ratio of 2.47 and a beta of 1.26.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported $0.49 earnings per share (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 business's quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.95 earnings per share. On average, equities research analysts anticipate that Flutter Entertainment PLC will post 3.48 EPS for the current year.

Insider Buying and Selling

In related news, CEO Jeremy Jackson sold 1,762 shares of the 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 $172,429.32. Following the completion of the sale, the chief executive officer owned 70,452 shares in the company, valued at $6,894,432.72. This represents a 2.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO James Bishop sold 741 shares of the stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $97.86, for a total value of $72,514.26. Following the sale, the chief operating officer owned 16,864 shares of the company's stock, valued at approximately $1,650,311.04. The trade was a 4.21% 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. Insiders sold a total of 6,681 shares of company stock valued at $644,214 in the last quarter. Insiders own 0.13% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Tidal Investments LLC lifted its holdings in shares of Flutter Entertainment by 39.3% during the second quarter. Tidal Investments LLC now owns 11,700 shares of the company's stock worth $1,195,000 after buying an additional 3,299 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new stake in shares of Flutter Entertainment in the second quarter worth $119,000. Allworth Financial LP grew its stake in shares of Flutter Entertainment by 167.8% in the second quarter. Allworth Financial LP now owns 557 shares of the company's stock worth $57,000 after acquiring an additional 349 shares during the last quarter. AlphaGrep UK Ltd bought a new position in Flutter Entertainment during the second quarter worth $203,000. Finally, TD Waterhouse Canada Inc. increased its position in Flutter Entertainment by 65.8% during the second quarter. TD Waterhouse Canada Inc. now owns 630 shares of the company's stock worth $67,000 after acquiring an additional 250 shares during the period.

About Flutter Entertainment

Flutter Entertainment plc is a global sports betting and online gaming company headquartered in Dublin, Ireland. The company provides customers with sports wagering, casino, poker, bingo and other gaming products through digital platforms, retail betting shops and other distribution channels.

Flutter's portfolio includes brands such as FanDuel in the United States, Paddy Power and Betfair in the United Kingdom and Ireland, PokerStars internationally, Sky Betting & Gaming, Sisal and tombola.

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