Flutter Entertainment (NYSE:FLUT) Upgraded by Freedom Capital to Hold Rating

Flutter Entertainment (NYSE:FLUT) was upgraded by research analysts at Freedom Capital to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

A number of other brokerages also recently issued reports on FLUT. Canaccord Genuity Group reduced their price objective on shares of Flutter Entertainment from $270.00 to $220.00 and set a “buy” rating for the company in a research report on Monday, March 2nd. Stifel Nicolaus dropped 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. Kepler Capital Markets downgraded Flutter Entertainment from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 16th. BTIG Research reduced their target price on Flutter Entertainment from $137.00 to $126.00 and set a “buy” rating for the company in a report on Thursday, May 7th. Finally, Wells Fargo & Company increased their price target on Flutter Entertainment from $161.00 to $168.00 and gave the company an “equal weight” rating in a research report on Friday, June 12th. Three analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eight have assigned a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, Flutter Entertainment currently has a consensus rating of “Moderate Buy” and an average price target of $187.42.

Flutter Entertainment Stock Performance

NYSE FLUT opened at $98.47 on Monday. Flutter Entertainment has a 1 year low of $91.52 and a 1 year high of $313.68. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market cap of $17.13 billion, a price-to-earnings ratio of -46.02, a PEG ratio of 1.27 and a beta of 1.40. The company has a fifty day moving average price of $102.71 and a 200-day moving average price of $137.72.

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

Flutter Entertainment declared that its board has authorized a stock buyback plan on Wednesday, March 11th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to reacquire up to 1.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Flutter Entertainment

In related news, CEO Daniel Mark Taylor bought 1,611 shares of Flutter Entertainment stock in a transaction dated 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 transaction, the chief executive officer directly owned 34,584 shares of the company’s stock, valued at approximately $3,260,925.36. The trade was a 4.89% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Carolan Lennon sold 439 shares of the stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $94.63, for a total transaction of $41,542.57. Following the transaction, the director directly owned 1,688 shares of the company’s stock, valued at $159,735.44. This represents a 20.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have bought 10,453 shares of company stock valued at $1,045,526 and have sold 5,994 shares valued at $577,293. 0.13% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Flutter Entertainment

Institutional investors have recently bought and sold shares of the company. MassMutual Private Wealth & Trust FSB grew its holdings in Flutter Entertainment by 219.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 115 shares of the company’s stock valued at $25,000 after purchasing an additional 79 shares during the period. JFS Wealth Advisors LLC purchased a new stake in Flutter Entertainment in the third quarter worth $27,000. Zions Bancorporation National Association UT raised its stake in shares of Flutter Entertainment by 1,685.7% in the fourth quarter. Zions Bancorporation National Association UT now owns 125 shares of the company’s stock valued at $27,000 after buying an additional 118 shares during the period. EFG International AG bought a new stake in shares of Flutter Entertainment in the fourth quarter valued at $36,000. Finally, IFP Advisors Inc lifted its position in shares of Flutter Entertainment by 93.8% during the 4th quarter. IFP Advisors Inc now owns 186 shares of the company’s stock valued at $40,000 after buying an additional 90 shares during the last quarter.

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.