Flutter Entertainment (NYSE:FLUT) Raised to Strong-Buy at Wedbush

Flutter Entertainment (NYSE:FLUT) was upgraded by analysts at Wedbush to a “strong-buy” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Other research analysts have also issued reports about the company. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $167.00 target price on shares of Flutter Entertainment in a research note on Friday, May 8th. Truist Financial cut their target price on Flutter Entertainment from $140.00 to $130.00 and set a “buy” rating for the company in a research note on Thursday, May 7th. BNP Paribas Exane assumed coverage on Flutter Entertainment in a research note on Thursday, May 14th. They issued an “underperform” rating and a $80.00 target price for the company. UBS Group cut their target price on Flutter Entertainment from $300.00 to $160.00 and set a “buy” rating for the company in a research note on Wednesday, March 25th. Finally, Barclays cut their target price on Flutter Entertainment from $175.00 to $150.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, Flutter Entertainment has an average rating of “Moderate Buy” and a consensus price target of $187.42.

Flutter Entertainment Stock Performance

Shares of NYSE FLUT opened at $108.92 on Monday. The business has a fifty day simple moving average of $103.35 and a 200 day simple moving average of $142.26. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.27. The firm has a market capitalization of $18.95 billion, a price-to-earnings ratio of -50.90, a PEG ratio of 1.41 and a beta of 1.40. Flutter Entertainment has a one year low of $91.52 and a one year high of $313.68.

Flutter Entertainment (NYSE:FLUT) last issued its earnings results on Wednesday, May 6th. The company reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.13. The business had revenue of $4.30 billion during the quarter, compared to analyst estimates of $4.24 billion. Flutter Entertainment had a positive return on equity of 11.60% and a negative net margin of 2.20%.Flutter Entertainment’s revenue was up 17.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.59 earnings per share. Sell-side analysts expect that Flutter Entertainment will post 5 EPS for the current year.

Flutter Entertainment declared that its board has initiated 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 repurchase up to 1.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In related news, Director John A. Bryant acquired 1,950 shares of the company’s stock in a transaction on Friday, May 8th. The stock was purchased at an average cost of $102.86 per share, for a total transaction of $200,577.00. Following the completion of the purchase, the director directly owned 9,235 shares of the company’s stock, valued at $949,912.10. The trade was a 26.77% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO James Philip Bishop acquired 1,000 shares of the company’s stock in a transaction on Monday, May 11th. The shares were bought at an average price of $99.75 per share, with a total value of $99,750.00. Following the completion of the purchase, the chief operating officer directly owned 17,605 shares of the company’s stock, valued at approximately $1,756,098.75. This represents a 6.02% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders acquired 10,453 shares of company stock valued at $1,045,526 and sold 5,994 shares valued at $577,293. 0.13% of the stock is owned by insiders.

Institutional Trading of Flutter Entertainment

A number of hedge funds and other institutional investors have recently made changes to their positions in FLUT. MassMutual Private Wealth & Trust FSB increased its stake in shares of Flutter Entertainment by 219.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 115 shares of the company’s stock valued at $25,000 after buying an additional 79 shares in the last quarter. JFS Wealth Advisors LLC acquired a new stake in shares of Flutter Entertainment in the third quarter valued at $27,000. Zions Bancorporation National Association UT increased 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 in the last quarter. EFG International AG acquired a new stake in shares of Flutter Entertainment in the fourth quarter valued at $36,000. Finally, IFP Advisors Inc increased its stake in shares of Flutter Entertainment by 93.8% in the fourth quarter. IFP Advisors Inc now owns 186 shares of the company’s stock valued at $40,000 after buying an additional 90 shares in 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.