UBS Group Cuts Flutter Entertainment (NYSE:FLUT) Price Target to $160.00

Flutter Entertainment (NYSE:FLUT) had its target price cut by research analysts at UBS Group from $300.00 to $160.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. UBS Group’s target price indicates a potential upside of 52.56% from the company’s previous close.

A number of other brokerages have also weighed in on FLUT. Susquehanna reaffirmed a “positive” rating and issued a $228.00 price target on shares of Flutter Entertainment in a research note on Tuesday, January 27th. Kepler Capital Markets cut Flutter Entertainment from a “strong-buy” rating to a “hold” rating in a report on Monday, March 16th. Bank of America cut their price target on Flutter Entertainment from $250.00 to $210.00 and set a “neutral” rating on the stock in a report on Thursday, January 22nd. Oppenheimer decreased their price objective on Flutter Entertainment from $280.00 to $210.00 and set an “outperform” rating for the company in a report on Thursday, February 26th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Flutter Entertainment in a research note on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Flutter Entertainment has a consensus rating of “Moderate Buy” and an average price target of $227.65.

Flutter Entertainment Trading Down 2.7%

Flutter Entertainment stock traded down $2.95 during midday trading on Wednesday, hitting $104.88. 1,309,139 shares of the stock were exchanged, compared to its average volume of 4,101,668. The stock has a market capitalization of $18.38 billion, a PE ratio of -58.56, a P/E/G ratio of 0.74 and a beta of 2.30. The company has a fifty day simple moving average of $137.65 and a two-hundred day simple moving average of $200.18. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.31. Flutter Entertainment has a 52 week low of $99.96 and a 52 week high of $313.68.

Flutter Entertainment (NYSE:FLUT) last announced its quarterly earnings results on Thursday, February 26th. The company reported $1.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.11 by ($0.37). The firm had revenue of $4.74 billion during the quarter, compared to analyst estimates of $4.87 billion. Flutter Entertainment had a negative net margin of 1.89% and a positive return on equity of 12.12%. Flutter Entertainment’s quarterly revenue was up 24.9% on a year-over-year basis. During the same period last year, the firm earned $2.94 EPS. Equities research analysts anticipate that Flutter Entertainment will post 4.17 EPS for the current fiscal year.

Flutter Entertainment declared that its board has approved a share buyback program on Wednesday, March 11th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to repurchase up to 1.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Flutter Entertainment

In related news, CFO Robert Coldrake sold 4,613 shares of Flutter Entertainment stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $106.45, for a total value of $491,053.85. Following the sale, the chief financial officer owned 10,006 shares of the company’s stock, valued at approximately $1,065,138.70. The trade was a 31.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jeremy Peter Jackson sold 4,326 shares of the company’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $108.00, for a total value of $467,208.00. Following the sale, the chief executive officer owned 36,788 shares in the company, valued at $3,973,104. The trade was a 10.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 17,834 shares of company stock valued at $1,900,331. 0.09% of the stock is owned by insiders.

Institutional Investors Weigh In On Flutter Entertainment

Institutional investors and hedge funds have recently made changes to their positions in the stock. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Flutter Entertainment by 219.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 115 shares of the company’s stock valued at $25,000 after buying an additional 79 shares during the last quarter. JFS Wealth Advisors LLC acquired a new position in Flutter Entertainment during the third quarter worth $27,000. Zions Bancorporation National Association UT raised its position in Flutter Entertainment by 1,685.7% during the fourth quarter. Zions Bancorporation National Association UT now owns 125 shares of the company’s stock worth $27,000 after acquiring an additional 118 shares in the last quarter. JCIC Asset Management Inc. bought a new stake in Flutter Entertainment during the third quarter worth $32,000. Finally, Atlantic Union Bankshares Corp acquired a new stake in Flutter Entertainment in the third quarter valued at $34,000.

Flutter Entertainment Company Profile

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.