Zacks Research Upgrades Flutter Entertainment (NYSE:FLUT) to Hold

by · The Cerbat Gem

Flutter Entertainment (NYSE:FLUT – Get Free Report) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other research analysts have also issued reports on FLUT. Citizens Jmp dropped their price objective on shares of Flutter Entertainment from $188.00 to $165.00 and set a “market outperform” rating for the company in a report on Thursday, May 7th. Citigroup reaffirmed a “sell” rating on shares of Flutter Entertainment in a report on Monday, June 29th. Moffett Nathanson cut Flutter Entertainment from a “buy” rating to a “neutral” rating and set a $127.00 price target for the company. in a research note on Friday, April 24th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $167.00 price objective on shares of Flutter Entertainment in a research note on Friday, May 8th. Finally, Benchmark lowered their price target on shares of Flutter Entertainment from $175.00 to $132.00 and set a “buy” rating for the company in a report on Thursday, May 7th. Three analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $179.04.

Check Out Our Latest Stock Report on Flutter Entertainment

Flutter Entertainment Trading Up 0.7%

NYSE FLUT opened at $108.21 on Monday. The company has a market cap 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. Flutter Entertainment has a twelve month low of $91.52 and a twelve month high of $313.68. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.27. The business’s fifty day moving average is $101.88 and its 200 day moving average is $130.57.

Flutter Entertainment (NYSE:FLUT – Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.13. Flutter Entertainment had a positive return on equity of 11.60% and a negative net margin of 2.20%.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 firm earned $1.59 EPS. The business’s revenue for the quarter was up 17.4% compared to the same quarter last year. As a group, sell-side analysts expect that Flutter Entertainment will post 5 EPS for the current fiscal year.

Flutter Entertainment announced that its Board of Directors has approved a stock repurchase program on Wednesday, March 11th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to buy up to 1.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other Flutter Entertainment news, insider Don H. Liu sold 1,259 shares of Flutter Entertainment stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $93.37, for a total value of $117,552.83. Following the completion of the sale, the insider directly owned 21,006 shares of the company’s stock, valued at approximately $1,961,330.22. The trade was a 5.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Daniel Mark Taylor acquired 1,611 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were bought at an average price of $94.29 per share, for a total transaction of $151,901.19. Following the acquisition, 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 SEC filing for this purchase provides additional information. Over the last ninety days, insiders have purchased 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 owned by insiders.

Institutional Investors Weigh In On Flutter Entertainment

A number of hedge funds have recently added to or reduced their stakes in FLUT. Capital International Investors raised its position in shares of Flutter Entertainment by 146.8% during the fourth quarter. Capital International Investors now owns 8,039,066 shares of the company’s stock worth $1,728,772,000 after purchasing an additional 4,782,302 shares during the period. Cibc World Markets Corp bought a new stake in Flutter Entertainment during the 4th quarter valued at $1,678,841,000. Caledonia Private Investments Pty Ltd raised its holdings in Flutter Entertainment by 3.8% during the fourth 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 last quarter. Hsbc Holdings PLC grew its holdings in shares of Flutter Entertainment by 33,988.7% during the first quarter. Hsbc Holdings PLC now owns 5,605,543 shares of the company’s stock valued at $575,185,000 after buying an additional 5,589,099 shares during the last quarter. Finally, Tiger Global Management LLC grew its holdings in shares of Flutter Entertainment by 9.4% during the fourth quarter. Tiger Global Management LLC now owns 4,003,542 shares of the company’s stock valued at $860,922,000 after buying an additional 345,350 shares during the last quarter.

Flutter Entertainment Company Profile

(Get Free Report)

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.

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