Citizens Jmp Issues Pessimistic Forecast for Flutter Entertainment (NYSE:FLUT) Stock Price

Flutter Entertainment (NYSE:FLUT) had its price objective lowered by equities research analysts at Citizens Jmp from $165.00 to $159.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “market outperform” rating on the stock. Citizens Jmp’s price objective points to a potential upside of 46.94% from the stock’s current price.

A number of other equities research analysts have also issued reports on FLUT. Weiss Ratings reiterated a “sell (d)” rating on shares of Flutter Entertainment in a research note on Wednesday, May 27th. Susquehanna decreased their price target on Flutter Entertainment from $160.00 to $143.00 and set a “positive” rating for the company in a report on Tuesday, March 31st. Wells Fargo & Company increased their price objective on shares of Flutter Entertainment from $161.00 to $168.00 and gave the company an “equal weight” rating in a research report on Friday, June 12th. Moffett Nathanson lowered shares of Flutter Entertainment from a “buy” rating to a “neutral” rating and set a $127.00 price objective on the stock. in a research note on Friday, April 24th. Finally, Stifel Nicolaus reduced their target price 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. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $178.78.

Flutter Entertainment Stock Performance

Shares of FLUT stock opened at $108.21 on Wednesday. The firm has a market capitalization of $18.82 billion, a price-to-earnings ratio of -50.56, a price-to-earnings-growth ratio of 1.39 and a beta of 1.31. The company has a 50 day moving average price of $101.88 and a 200 day moving average price of $130.57. Flutter Entertainment has a one year low of $91.52 and a one year 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.

Flutter Entertainment (NYSE:FLUT) last issued its earnings results on Wednesday, May 6th. The company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.13. The business had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.24 billion. Flutter Entertainment had a positive return on equity of 11.60% and a negative net margin of 2.20%.The business’s quarterly revenue was up 17.4% on a year-over-year basis. During the same period last year, the company posted $1.59 EPS. Sell-side analysts anticipate that Flutter Entertainment will post 5 EPS for the current year.

Flutter Entertainment declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, March 11th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to buy up to 1.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Flutter Entertainment

In other news, CEO Daniel Mark Taylor bought 1,611 shares of Flutter Entertainment stock in a transaction on Tuesday, May 12th. The stock was purchased at an average cost of $94.29 per share, with a total value of $151,901.19. Following the purchase, the chief executive officer directly owned 34,584 shares of the company’s stock, valued at approximately $3,260,925.36. This trade represents a 4.89% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Carolan Lennon sold 439 shares of the business’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $94.63, for a total value of $41,542.57. Following the transaction, the director owned 1,688 shares of the company’s stock, valued at approximately $159,735.44. This represents a 20.64% 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. Over the last 90 days, insiders purchased 10,453 shares of company stock worth $1,045,526 and sold 5,994 shares worth $577,293. 0.13% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FLUT. Norges Bank acquired a new stake in shares of Flutter Entertainment in the fourth quarter valued at $694,009,000. Peregrine Capital Management LLC grew its holdings in Flutter Entertainment by 34.2% during the fourth quarter. Peregrine Capital Management LLC now owns 150,979 shares of the company’s stock worth $32,467,000 after acquiring an additional 38,469 shares during the period. Capricorn Fund Managers Ltd bought a new stake in Flutter Entertainment in the first quarter worth about $3,670,000. Hudson Bay Capital Management LP raised its position in Flutter Entertainment by 6.2% in the third quarter. Hudson Bay Capital Management LP now owns 395,120 shares of the company’s stock worth $100,360,000 after acquiring an additional 23,237 shares in the last quarter. Finally, TimesSquare Capital Management LLC lifted its holdings in Flutter Entertainment by 5.3% in the 4th quarter. TimesSquare Capital Management LLC now owns 399,081 shares of the company’s stock valued at $85,818,000 after acquiring an additional 20,203 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.