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

Flutter Entertainment (NYSE:FLUT) had its price objective trimmed by UBS Group from $300.00 to $160.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Other analysts have also issued research reports about the stock. Benchmark dropped their target price on shares of Flutter Entertainment from $285.00 to $175.00 and set a “buy” rating on the stock in a research report on Friday, February 27th. Stifel Nicolaus cut their price objective on Flutter Entertainment from $304.00 to $259.00 and set a “buy” rating for the company in a research note on Friday, January 30th. Barclays decreased their target price on Flutter Entertainment from $304.00 to $225.00 and set an “overweight” rating on the stock in a research report on Friday, February 27th. Kepler Capital Markets lowered Flutter Entertainment from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 16th. Finally, Needham & Company LLC dropped their price target on Flutter Entertainment from $300.00 to $150.00 and set a “buy” rating for the company in a research report on Friday, February 27th. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $227.50.

Flutter Entertainment Price Performance

NYSE:FLUT opened at $100.84 on Wednesday. The stock has a market capitalization of $17.68 billion, a PE ratio of -56.02, a price-to-earnings-growth ratio of 0.71 and a beta of 2.30. The stock’s 50-day moving average price is $132.02 and its 200-day moving average price is $197.54. 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 issued its quarterly earnings data on Friday, February 27th. The company reported $1.74 EPS for the quarter, missing the consensus estimate of $2.11 by ($0.37). Flutter Entertainment had a negative net margin of 1.89% and a positive return on equity of 12.12%. The business had revenue of $4.76 billion during the quarter, compared to analyst estimates of $4.87 billion. During the same period in the previous year, the business posted $2.94 earnings per share. The firm’s revenue for the quarter was up 24.9% on a year-over-year basis. As a group, equities analysts expect that Flutter Entertainment will post 4.17 EPS for the current fiscal year.

Flutter Entertainment announced that its board has authorized a stock repurchase plan on Wednesday, March 11th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to reacquire up to 1.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Flutter Entertainment

In other Flutter Entertainment news, CFO Robert Coldrake sold 4,613 shares of the company’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $106.45, for a total value of $491,053.85. Following the transaction, the chief financial officer owned 10,006 shares of the company’s stock, valued at $1,065,138.70. This represents a 31.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Jeremy Peter Jackson sold 4,326 shares of Flutter Entertainment stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $108.00, for a total transaction of $467,208.00. Following the sale, the chief executive officer owned 36,788 shares of the company’s stock, valued at approximately $3,973,104. This represents a 10.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 17,834 shares of company stock worth $1,900,331 in the last 90 days. Insiders own 0.09% of the company’s stock.

Hedge Funds Weigh In On Flutter Entertainment

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in Flutter Entertainment by 1.7% during the 3rd quarter. Vanguard Group Inc. now owns 17,559,354 shares of the company’s stock valued at $4,460,076,000 after acquiring an additional 301,879 shares during the period. Capital International Investors boosted its stake in shares of Flutter Entertainment by 146.8% in the fourth quarter. Capital International Investors now owns 8,039,066 shares of the company’s stock valued at $1,728,772,000 after purchasing an additional 4,782,302 shares during the period. Parvus Asset Management Jersey Ltd purchased a new position in shares of Flutter Entertainment in the second quarter valued at approximately $2,231,266,000. Cibc World Markets Corp purchased a new position in shares of Flutter Entertainment in the fourth quarter valued at approximately $1,678,841,000. Finally, Caledonia Private Investments Pty Ltd increased its stake in Flutter Entertainment by 3.8% during the 4th quarter. Caledonia Private Investments Pty Ltd now owns 7,191,861 shares of the company’s stock worth $1,546,538,000 after buying an additional 264,856 shares during the period.

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.