Wells Fargo & Company Issues Pessimistic Forecast for Flutter Entertainment (NYSE:FLUT) Stock Price

Key Points

• Wells Fargo cut its price target on Flutter Entertainment from $168 to $137 and kept an equal weight rating, though that still implies about 28% upside from the current price.
• Other analysts remain mixed but generally constructive: the stock has a Moderate Buy consensus rating with an average target of $177.48, even as several firms have recently lowered their price objectives.
• Flutter reported better-than-expected Q1 earnings and revenue, with EPS of $1.22 versus estimates of $1.09 and revenue up 17.4% year over year, despite a negative net margin.

Flutter Entertainment (NYSE:FLUT - Get Free Report) had its target price cut by stock analysts at Wells Fargo & Company from $168.00 to $137.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Wells Fargo & Company's price objective would suggest a potential upside of 28.36% from the company's current price.

Several other brokerages have also recently issued reports on FLUT. Wedbush reissued an "outperform" rating and set a $138.00 target price on shares of Flutter Entertainment in a report on Friday. Sanford C. Bernstein dropped their target price on Flutter Entertainment from $125.00 to $115.00 and set a "market perform" rating on the stock in a report on Thursday, May 7th. Barclays upped their price objective on Flutter Entertainment from $150.00 to $151.00 and gave the stock an "overweight" rating in a research report on Thursday, July 9th. Truist Financial lowered their price target on shares of Flutter Entertainment from $140.00 to $130.00 and set a "buy" rating on the stock in a report on Thursday, May 7th. Finally, Stifel Nicolaus dropped their price target on shares of Flutter Entertainment from $216.00 to $189.00 and set a "buy" rating on the stock in a research report on Thursday, April 9th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Flutter Entertainment has a consensus rating of "Moderate Buy" and an average price target of $177.48.

Flutter Entertainment Price Performance

Shares of NYSE FLUT opened at $106.73 on Monday. Flutter Entertainment has a fifty-two week low of $91.52 and a fifty-two week high of $313.68. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market cap of $18.57 billion, a PE ratio of -49.87, a P/E/G ratio of 1.43 and a beta of 1.31. The business has a 50-day simple moving average of $102.66 and a two-hundred day simple moving average of $124.33.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported $1.22 EPS for the quarter, topping analysts' consensus estimates 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 period last year, the business earned $1.59 EPS. Flutter Entertainment's revenue for the quarter was up 17.4% on a year-over-year basis. As a group, equities analysts expect that Flutter Entertainment will post 4.83 EPS for the current fiscal year.

Insider Activity

In other Flutter Entertainment news, CEO Jeremy Peter Jackson sold 3,084 shares of the business's stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $98.13, for a total transaction of $302,632.92. Following the completion of the sale, the chief executive officer directly owned 74,326 shares in the company, valued at approximately $7,293,610.38. The trade was a 3.98% decrease in their position. 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, insider Don H. Liu bought 1,459 shares of the firm's stock in a transaction dated Friday, May 8th. The stock was purchased at an average price of $102.78 per share, for a total transaction of $149,956.02. Following the transaction, the insider owned 22,265 shares of the company's stock, valued at approximately $2,288,396.70. This represents a 7.01% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have acquired 10,453 shares of company stock worth $1,045,526 and have sold 5,994 shares worth $577,293. Company insiders own 0.13% of the company's stock.

Institutional Investors Weigh In On Flutter Entertainment

A number of large investors have recently modified their holdings of FLUT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Flutter Entertainment by 5.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,311 shares of the company's stock worth $290,000 after acquiring an additional 69 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in shares of Flutter Entertainment during the 2nd quarter worth approximately $405,000. Creative Planning purchased a new stake in shares of Flutter Entertainment in the second quarter valued at approximately $296,000. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Flutter Entertainment by 246.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 187 shares of the company's stock valued at $53,000 after purchasing an additional 133 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Flutter Entertainment by 74.6% in the second quarter. EverSource Wealth Advisors LLC now owns 248 shares of the company's stock valued at $71,000 after purchasing an additional 106 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.