Stifel Nicolaus Has Lowered Expectations for Flutter Entertainment (NYSE:FLUT) Stock Price
by Michael Walen · The Markets DailyFlutter Entertainment (NYSE:FLUT – Get Free Report) had its price objective dropped by Stifel Nicolaus from $216.00 to $189.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Stifel Nicolaus’ target price would indicate a potential upside of 82.54% from the company’s previous close.
Several other brokerages also recently issued reports on FLUT. Susquehanna lowered their price target on shares of Flutter Entertainment from $160.00 to $143.00 and set a “positive” rating for the company in a report on Tuesday, March 31st. UBS Group lowered their price objective on shares of Flutter Entertainment from $300.00 to $160.00 and set a “buy” rating for the company in a research note on Wednesday, March 25th. Zacks Research cut Flutter Entertainment from a “hold” rating to a “strong sell” rating in a research report on Monday, January 19th. Texas Capital upgraded Flutter Entertainment to a “strong-buy” rating in a research note on Thursday, January 8th. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating and set a $170.00 price objective on shares of Flutter Entertainment in a report on Friday, February 6th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $219.40.
Check Out Our Latest Stock Analysis on FLUT
Flutter Entertainment Stock Down 5.5%
FLUT stock opened at $103.54 on Thursday. The company has a market cap of $18.15 billion, a price-to-earnings ratio of -57.49, a P/E/G ratio of 0.72 and a beta of 1.93. 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 twelve month low of $98.88 and a twelve month high of $313.68. The business has a 50 day moving average price of $120.31 and a two-hundred day moving average price of $186.84.
Flutter Entertainment (NYSE:FLUT – Get Free Report) last released its quarterly earnings data on Friday, February 27th. The company reported $1.74 earnings per share for the quarter, missing the consensus estimate of $2.11 by ($0.37). The firm had revenue of $4.76 billion for the quarter, compared to analyst estimates of $4.87 billion. Flutter Entertainment had a positive return on equity of 12.12% and a negative net margin of 1.89%.The firm’s revenue for the quarter was up 24.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.94 earnings per share. Analysts anticipate that Flutter Entertainment will post 4.17 EPS for the current fiscal year.
Flutter Entertainment announced that its Board of Directors has authorized a stock buyback plan on Wednesday, March 11th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 1.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.
Insider Buying and Selling
In other news, CEO Jeremy Peter Jackson sold 4,326 shares of the business’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $108.00, for a total transaction of $467,208.00. Following the completion of the transaction, the chief executive officer directly owned 36,788 shares in the company, valued at $3,973,104. The trade was a 10.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Robert Coldrake sold 4,613 shares of the stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $106.45, for a total transaction of $491,053.85. Following the completion of the transaction, the chief financial officer directly owned 10,006 shares in the company, valued at $1,065,138.70. The trade was a 31.55% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 17,834 shares of company stock valued at $1,900,331. Company insiders own 0.09% of the company’s stock.
Institutional Inflows and Outflows
Several large investors have recently modified their holdings of FLUT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Flutter Entertainment by 5.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,311 shares of the company’s stock worth $290,000 after acquiring an additional 69 shares during the last quarter. Sivia Capital Partners LLC purchased a new position in shares of Flutter Entertainment in the second quarter valued at about $405,000. Creative Planning purchased a new stake in shares of Flutter Entertainment during the second quarter worth about $296,000. Northwestern Mutual Wealth Management Co. increased its holdings in Flutter Entertainment by 246.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 187 shares of the company’s stock valued at $53,000 after purchasing an additional 133 shares during the period. Finally, EverSource Wealth Advisors LLC raised its position in Flutter Entertainment by 74.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 248 shares of the company’s stock valued at $71,000 after purchasing an additional 106 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.