Flutter Entertainment (NYSE:FLUT) Price Target Cut to $100.00 by Analysts at Sanford C. Bernstein

Flutter Entertainment (NYSE:FLUT) had its target price reduced by analysts at Sanford C. Bernstein from $110.00 to $100.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has a “market perform” rating on the stock. Sanford C. Bernstein‘s target price would suggest a potential upside of 16.54% from the stock’s current price.

Several other research firms have also commented on FLUT. Oppenheimer reduced their price objective on shares of Flutter Entertainment from $120.00 to $110.00 and set an “outperform” rating for the company in a research note on Monday. Citigroup raised shares of Flutter Entertainment from a “neutral” rating to a “buy” rating and decreased their target price for the company from $93.00 to $91.00 in a research report on Wednesday, October 7th. JPMorgan Chase & Co. lowered their target price on shares of Flutter Entertainment from $114.00 to $110.00 and set a “neutral” rating for the company in a research note on Tuesday, October 20th. Benchmark cut their price target on shares of Flutter Entertainment from $132.00 to $113.00 and set a “buy” rating on the stock in a report on Thursday, August 6th. Finally, Stifel Nicolaus reduced their price target on Flutter Entertainment from $133.00 to $125.00 and set a “buy” rating on the stock in a research report on Monday, October 26th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $133.89.

Flutter Entertainment Trading Down 2.1%

FLUT stock traded down $1.85 during mid-day trading on Tuesday, reaching $85.81. The company had a trading volume of 1,255,218 shares, compared to its average volume of 3,240,723. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market capitalization of $14.89 billion, a PE ratio of -20.02, a price-to-earnings-growth ratio of 2.62 and a beta of 1.39. The firm has a 50 day moving average of $86.81 and a 200 day moving average of $107.10. Flutter Entertainment has a 12 month low of $72.56 and a 12 month high of $235.77.

Flutter Entertainment (NYSE:FLUT) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.05). Flutter Entertainment had a negative net margin of 4.39% and a positive return on equity of 7.27%. The firm had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the previous year, the firm earned $2.95 earnings per share. The business’s revenue was up 3.3% compared to the same quarter last year. On average, equities analysts predict that Flutter Entertainment will post 3.35 earnings per share for the current fiscal year.

Insider Buying and Selling at Flutter Entertainment

In other news, CFO Robert Coldrake sold 710 shares of the company’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $97.86, for a total transaction of $69,480.60. Following the transaction, the chief financial officer owned 22,778 shares in the company, valued at $2,229,055.08. This represents a 3.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Daniel Taylor sold 791 shares of Flutter Entertainment stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $97.86, for a total transaction of $77,407.26. Following the completion of the sale, the chief executive officer owned 52,467 shares of the company’s stock, valued at $5,134,420.62. This trade represents a 1.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 6,681 shares of company stock valued at $644,214. Insiders own 0.13% of the company’s stock.

Institutional Trading of Flutter Entertainment

Large investors have recently added to or reduced their stakes in the company. Parvus Asset Management Jersey Ltd purchased a new position in Flutter Entertainment during the 2nd quarter worth approximately $1,552,097,267. Hsbc Holdings PLC grew its holdings in Flutter Entertainment by 33,988.7% in the first quarter. Hsbc Holdings PLC now owns 5,605,543 shares of the company’s stock valued at $575,185,000 after purchasing an additional 5,589,099 shares during the period. Amundi increased its holdings in Flutter Entertainment by 463.7% in the 1st quarter. Amundi now owns 2,059,906 shares of the company’s stock worth $210,007,000 after acquiring an additional 1,694,474 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Flutter Entertainment during the first quarter worth about $40,562,000. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Flutter Entertainment in the second quarter valued at approximately $9,881,000.

About Flutter Entertainment

Flutter Entertainment plc is a global sports betting and online gaming company headquartered in Dublin, Ireland. The company operates a portfolio of betting, gaming, poker and daily fantasy sports brands, serving customers through online platforms, mobile applications and, in some markets, retail locations.

Its principal brands include FanDuel in the United States, Paddy Power and Betfair in the United Kingdom and Ireland, Sky Bet in the United Kingdom, PokerStars internationally, and Sisal and SNAI in Italy.