Flutter Entertainment’s (FLUT) “Market Outperform” Rating Reiterated at JMP Securities

JMP Securities reaffirmed their market outperform rating on shares of Flutter Entertainment (NYSE:FLUT) in a report issued on Thursday morning,Benzinga reports. JMP Securities currently has a $301.00 price objective on the stock.

FLUT has been the topic of several other reports. Needham & Company LLC restated a “buy” rating and set a $310.00 price objective on shares of Flutter Entertainment in a research note on Tuesday, June 10th. BTIG Research reduced their price target on shares of Flutter Entertainment from $323.00 to $289.00 and set a “buy” rating on the stock in a research report on Tuesday, April 22nd. Benchmark reaffirmed a “buy” rating and set a $300.00 price objective on shares of Flutter Entertainment in a research report on Monday, April 21st. Wells Fargo & Company increased their price objective on shares of Flutter Entertainment from $285.00 to $300.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 5th. Finally, Citizens Jmp decreased their target price on Flutter Entertainment from $328.00 to $317.00 and set an “outperform” rating for the company in a research note on Monday, April 14th. One investment analyst has rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $303.79.

Flutter Entertainment Trading Down 2.5%

NYSE FLUT opened at $264.66 on Thursday. The company has a market capitalization of $46.76 billion and a price-to-earnings ratio of 91.58. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.89 and a quick ratio of 0.89. Flutter Entertainment has a 12 month low of $175.59 and a 12 month high of $299.73. The company’s fifty day moving average price is $242.08 and its two-hundred day moving average price is $253.56.

Flutter Entertainment (NYSE:FLUT) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.59 EPS for the quarter, missing the consensus estimate of $1.89 by ($0.30). The company had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.06 billion. Flutter Entertainment had a negative return on equity of 4.52% and a negative net margin of 6.86%. The business’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.10 EPS. As a group, research analysts predict that Flutter Entertainment will post 4.17 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Atif Rafiq sold 265 shares of the firm’s stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $244.18, for a total transaction of $64,707.70. Following the completion of the transaction, the director now owns 2,474 shares of the company’s stock, valued at $604,101.32. This trade represents a 9.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Amy Howe sold 2,315 shares of the company’s stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $243.50, for a total transaction of $563,702.50. Following the completion of the sale, the chief executive officer now directly owns 73,947 shares of the company’s stock, valued at $18,006,094.50. The trade was a 3.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 7,770 shares of company stock worth $1,894,934 over the last three months.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Farther Finance Advisors LLC grew its holdings in shares of Flutter Entertainment by 585.7% in the 4th quarter. Farther Finance Advisors LLC now owns 96 shares of the company’s stock worth $25,000 after acquiring an additional 82 shares during the last quarter. Harvest Fund Management Co. Ltd acquired a new position in shares of Flutter Entertainment in the 4th quarter valued at $25,000. IFP Advisors Inc increased its stake in Flutter Entertainment by 244.1% in the 4th quarter. IFP Advisors Inc now owns 117 shares of the company’s stock worth $31,000 after purchasing an additional 83 shares in the last quarter. GPS Wealth Strategies Group LLC increased its stake in Flutter Entertainment by 1,375.0% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 118 shares of the company’s stock worth $26,000 after purchasing an additional 110 shares in the last quarter. Finally, SVB Wealth LLC acquired a new stake in Flutter Entertainment during the 1st quarter worth about $27,000.

Flutter Entertainment Company Profile

Flutter Entertainment plc operates as a sports betting and gaming company in the United Kingdom, Ireland, Australia, the United States, Italy, and internationally. The company operates through four segments: UK & Ireland, Australia, International, and US. It offers sports betting, iGaming, daily fantasy sports, online racing wagering, and TV broadcasting products; sportsbooks and exchange sports betting products, and gaming products; and online sports betting.