Flutter Entertainment (NYSE:FLUT) Reaches New 52-Week Low on Analyst Downgrade

Flutter Entertainment PLC (NYSE:FLUT)’s share price reached a new 52-week low during mid-day trading on Wednesday after BTIG Research lowered their price target on the stock from $281.00 to $230.00. BTIG Research currently has a buy rating on the stock. Flutter Entertainment traded as low as $167.23 and last traded at $168.1850, with a volume of 3170642 shares changing hands. The stock had previously closed at $174.70.

Several other equities analysts have also commented on the stock. HSBC upgraded shares of Flutter Entertainment from a “hold” rating to a “buy” rating and lowered their price objective for the company from $265.00 to $228.00 in a research report on Monday, November 24th. Stifel Nicolaus lowered their price target on shares of Flutter Entertainment from $339.00 to $330.00 and set a “buy” rating for the company in a report on Thursday, November 13th. Benchmark reduced their price objective on Flutter Entertainment from $310.00 to $285.00 and set a “buy” rating on the stock in a research note on Monday, December 1st. Barclays lowered their price objective on Flutter Entertainment from $307.00 to $304.00 and set an “overweight” rating for the company in a research note on Friday, January 23rd. Finally, Craig Hallum lowered Flutter Entertainment from a “buy” rating to a “hold” rating and set a $200.00 price target on the stock. in a report on Wednesday, January 21st. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Flutter Entertainment currently has an average rating of “Moderate Buy” and a consensus target price of $283.24.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in Flutter Entertainment by 402.4% in the 2nd quarter. Vanguard Group Inc. now owns 17,257,475 shares of the company’s stock worth $4,931,496,000 after acquiring an additional 13,822,673 shares in the last quarter. Parvus Asset Management Jersey Ltd bought a new position in Flutter Entertainment in the second quarter worth approximately $2,231,266,000. Norges Bank purchased a new position in Flutter Entertainment during the 2nd quarter worth $930,349,000. State Street Corp raised its position in Flutter Entertainment by 120.3% during the 2nd quarter. State Street Corp now owns 3,086,730 shares of the company’s stock valued at $882,064,000 after purchasing an additional 1,685,556 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Flutter Entertainment by 57.4% during the 2nd quarter. Geode Capital Management LLC now owns 3,080,848 shares of the company’s stock worth $877,583,000 after buying an additional 1,122,892 shares in the last quarter.

Flutter Entertainment Stock Performance

The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.27. The firm has a 50 day moving average price of $206.17 and a 200 day moving average price of $248.40. The stock has a market cap of $29.26 billion, a PE ratio of -128.46 and a beta of 1.88.

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.