Flutter Entertainment (NYSE:FLUT) Sets New 1-Year Low - Here's Why

Key Points

• Flutter Entertainment shares hit a new 52-week low of $85.85 and last traded near $86.16, down from the prior close of $88.62.
• Analysts maintain a consensus “Moderate Buy” rating with a $155.48 price target, despite several firms recently lowering their individual targets.
• Quarterly earnings per share came in below expectations at $0.49 versus $0.54, although revenue rose 3.3% year over year to $4.33 billion; insiders also sold shares primarily to cover tax obligations.

Flutter Entertainment PLC (NYSE:FLUT - Get Free Report)'s share price reached a new 52-week low during trading on Thursday . The company traded as low as $85.85 and last traded at $86.1560, with a volume of 2547495 shares changing hands. The stock had previously closed at $88.62.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft set a $148.00 target price on Flutter Entertainment in a research report on Thursday, August 6th. Wells Fargo & Company decreased their price objective on shares of Flutter Entertainment from $137.00 to $112.00 and set an "equal weight" rating on the stock in a report on Thursday, August 6th. Wedbush dropped their target price on shares of Flutter Entertainment from $138.00 to $126.00 and set an "outperform" rating on the stock in a research report on Thursday, August 6th. BTIG Research dropped their target price on shares of Flutter Entertainment from $120.00 to $113.00 and set a "buy" rating on the stock in a research report on Wednesday, August 5th. Finally, Citigroup reissued an "outperform" rating on shares of Flutter Entertainment in a research note on Wednesday, July 8th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $155.48.

Flutter Entertainment Stock Down 2.8%

The firm has a 50-day moving average of $99.41 and a two-hundred day moving average of $102.62. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 1.32. The company has a market capitalization of $14.95 billion, a PE ratio of -20.04, a price-to-earnings-growth ratio of 2.25 and a beta of 1.26.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.49 earnings per share for the quarter, missing analysts' consensus estimates of $0.54 by ($0.05). The business had revenue of $4.33 billion for the quarter, compared to analysts' expectations of $4.24 billion. Flutter Entertainment had a positive return on equity of 7.27% and a negative net margin of 4.39%.The business's revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.95 earnings per share. Equities research analysts predict that Flutter Entertainment PLC will post 3.48 earnings per share for the current fiscal year.

Insider Activity at Flutter Entertainment

In other Flutter Entertainment news, CEO Daniel Taylor sold 791 shares of the stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $97.86, for a total transaction of $77,407.26. Following the completion of the transaction, the chief executive officer owned 52,467 shares of the company's stock, valued at $5,134,420.62. This trade represents a 1.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Robert Coldrake sold 710 shares of Flutter Entertainment stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $97.86, for a total transaction of $69,480.60. Following the sale, the chief financial officer owned 22,778 shares of the company's stock, valued at approximately $2,229,055.08. This represents a 3.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 6,681 shares of company stock valued at $644,214 over the last quarter. 0.13% of the stock is owned by insiders.

Institutional Trading of Flutter Entertainment

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tidal Investments LLC boosted its position 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 period. Integrated Wealth Concepts LLC purchased a new stake in shares of Flutter Entertainment in the 2nd quarter valued at $119,000. Allworth Financial LP lifted 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 acquiring an additional 349 shares in the last quarter. AlphaGrep UK Ltd acquired a new position in Flutter Entertainment during the 2nd quarter worth about $203,000. Finally, TD Waterhouse Canada Inc. lifted 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 acquiring an additional 250 shares in the last quarter.

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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