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

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

FLUT has been the topic of several other reports. Citizens Jmp decreased their price objective on shares of Flutter Entertainment from $188.00 to $165.00 and set a “market outperform” rating on the stock in a research note on Thursday, May 7th. Kepler Capital Markets lowered Flutter Entertainment from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 16th. Oppenheimer decreased their price objective on shares of Flutter Entertainment from $210.00 to $160.00 and set an “outperform” rating on the stock in a report on Monday, April 13th. Weiss Ratings reiterated a “sell (d)” rating on shares of Flutter Entertainment in a research report on Wednesday, May 27th. Finally, Moffett Nathanson lowered shares of Flutter Entertainment from a “buy” rating to a “neutral” rating and set a $127.00 price target for the company. in a report on Friday, April 24th. Three analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Flutter Entertainment has a consensus rating of “Moderate Buy” and an average target price of $179.04.

Flutter Entertainment Price Performance

Shares of FLUT opened at $108.21 on Monday. Flutter Entertainment has a twelve month low of $91.52 and a twelve month high of $313.68. The firm’s 50 day moving average price is $101.88 and its 200 day moving average price is $130.57. The firm has a market cap of $18.82 billion, a PE ratio of -50.56, a PEG ratio of 1.39 and a beta of 1.31. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.90 and a current ratio of 0.90.

Flutter Entertainment (NYSE:FLUT) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $1.22 earnings per share for the quarter, topping the consensus estimate 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 previous year, the firm earned $1.59 EPS. The firm’s revenue was up 17.4% compared to the same quarter last year. As a group, research 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 allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, Director John A. Bryant purchased 1,950 shares of the firm’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 in the company, valued at $949,912.10. This trade represents a 26.77% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Daniel Mark Taylor purchased 1,611 shares of the stock in a transaction on Tuesday, May 12th. The shares were bought at an average cost of $94.29 per share, for a total transaction of $151,901.19. Following the transaction, the chief executive officer directly owned 34,584 shares in the company, valued at approximately $3,260,925.36. The trade was a 4.89% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, 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 currently owned by insiders.

Institutional Trading of Flutter Entertainment

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB increased its stake in shares of Flutter Entertainment by 219.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 115 shares of the company’s stock worth $25,000 after purchasing an additional 79 shares during the last quarter. Zions Bancorporation National Association UT increased its position in Flutter Entertainment by 1,685.7% during the fourth quarter. Zions Bancorporation National Association UT now owns 125 shares of the company’s stock worth $27,000 after buying an additional 118 shares during the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its position in Flutter Entertainment by 83.3% during the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 165 shares of the company’s stock worth $42,000 after buying an additional 75 shares during the last quarter. EFG International AG bought a new stake in Flutter Entertainment in the fourth quarter valued at approximately $36,000. Finally, IFP Advisors Inc lifted its position 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 during 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.