Flutter Entertainment (NYSE:FLUT) Upgraded to Strong-Buy at Wedbush

Wedbush upgraded shares of Flutter Entertainment (NYSE:FLUT) to a strong-buy rating in a report published on Monday,Zacks.com reports.

Several other brokerages have also recently issued reports on FLUT. UBS Group lowered their target price on shares of Flutter Entertainment from $300.00 to $160.00 and set a “buy” rating for the company in a report on Wednesday, March 25th. Wells Fargo & Company upped their target price on shares of Flutter Entertainment from $161.00 to $168.00 and gave the company an “equal weight” rating in a report on Friday. Canaccord Genuity Group lowered their target price on shares of Flutter Entertainment from $270.00 to $220.00 and set a “buy” rating for the company in a report on Monday, March 2nd. Barclays lowered their target price on shares of Flutter Entertainment from $175.00 to $150.00 and set an “overweight” rating for the company in a report on Friday, May 8th. Finally, Kepler Capital Markets cut shares of Flutter Entertainment from a “strong-buy” rating to a “hold” rating in a report on Monday, March 16th. Three analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $187.42.

Flutter Entertainment Trading Down 0.1%

Shares of Flutter Entertainment stock opened at $108.92 on Monday. The company has a fifty day simple moving average of $103.35 and a 200-day simple moving average of $142.26. Flutter Entertainment has a 12-month low of $91.52 and a 12-month high of $313.68. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.27. The stock has a market cap of $18.95 billion, a price-to-earnings ratio of -50.90, a PEG ratio of 1.41 and a beta of 1.40.

Flutter Entertainment (NYSE:FLUT) last issued its earnings results on Wednesday, May 6th. The company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $4.30 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter in the prior year, the business posted $1.59 EPS. The company’s revenue for the quarter was up 17.4% on a year-over-year basis. On average, equities analysts forecast that Flutter Entertainment will post 5 EPS for the current fiscal year.

Flutter Entertainment announced that its Board of Directors has authorized 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 reacquire 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 shares are undervalued.

Insider Activity

In related news, CEO Jeremy Peter Jackson sold 3,084 shares of the stock in a transaction on Monday, May 11th. The shares were 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 owned 74,326 shares in the company, valued at $7,293,610.38. This represents a 3.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Daniel Mark Taylor purchased 1,611 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The shares were acquired at an average price of $94.29 per share, with a total value of $151,901.19. Following the purchase, the chief executive officer owned 34,584 shares in the company, valued at $3,260,925.36. This trade represents a 4.89% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 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. 0.13% of the stock is currently owned by company insiders.

Institutional Trading of Flutter Entertainment

Large investors have recently bought and sold shares of the business. JFS Wealth Advisors LLC acquired a new stake in Flutter Entertainment during the 3rd quarter worth $27,000. MassMutual Private Wealth & Trust FSB boosted its stake in Flutter Entertainment by 219.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 115 shares of the company’s stock worth $25,000 after purchasing an additional 79 shares during the period. Zions Bancorporation National Association UT boosted its stake in Flutter Entertainment by 1,685.7% during the 4th quarter. Zions Bancorporation National Association UT now owns 125 shares of the company’s stock worth $27,000 after purchasing an additional 118 shares during the period. Towarzystwo Funduszy Inwestycyjnych PZU SA raised its position in Flutter Entertainment by 83.3% during the 3rd quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 165 shares of the company’s stock worth $42,000 after buying an additional 75 shares during the last quarter. Finally, EFG International AG purchased a new position in Flutter Entertainment during the 4th quarter worth $36,000.

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.