Flutter Entertainment (NYSE:FLUT) Shares Gap Down After Analyst Downgrade

Flutter Entertainment PLC (NYSE:FLUT)’s share price gapped down before the market opened on Thursday after Needham & Company LLC lowered their price target on the stock from $325.00 to $300.00. The stock had previously closed at $234.45, but opened at $219.48. Needham & Company LLC currently has a buy rating on the stock. Flutter Entertainment shares last traded at $215.4670, with a volume of 1,024,219 shares changing hands.

Other analysts have also recently issued reports about the company. Citigroup cut Flutter Entertainment from a “buy” rating to a “hold” rating in a research report on Tuesday, November 4th. Barclays increased their target price on shares of Flutter Entertainment from $350.00 to $352.00 and gave the stock an “overweight” rating in a research report on Friday, August 8th. Oppenheimer decreased their price objective on Flutter Entertainment from $350.00 to $330.00 and set an “outperform” rating for the company in a report on Tuesday, October 14th. Peel Hunt lowered Flutter Entertainment from an “add” rating to a “hold” rating in a research report on Friday, August 8th. Finally, JMP Securities lowered their price objective on shares of Flutter Entertainment from $345.00 to $340.00 and set a “market outperform” rating on the stock in a research report on Wednesday, October 1st. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $323.56.

Insider Activity at Flutter Entertainment

In related news, CEO Jeremy Peter Jackson sold 2,112 shares of the business’s stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $292.42, for a total value of $617,591.04. Following the completion of the transaction, the chief executive officer directly owned 31,944 shares in the company, valued at $9,341,064.48. The trade was a 6.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Amy Howe sold 4,097 shares of the company’s stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $305.91, for a total value of $1,253,313.27. Following the completion of the sale, the chief executive officer owned 69,850 shares of the company’s stock, valued at $21,367,813.50. This trade represents a 5.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.09% of the company’s stock.

Institutional Trading of Flutter Entertainment

Institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp boosted its holdings in Flutter Entertainment by 120.1% in the second quarter. Bank of New York Mellon Corp now owns 454,660 shares of the company’s stock valued at $129,924,000 after acquiring an additional 248,109 shares during the last quarter. Jefferies Financial Group Inc. lifted its position in Flutter Entertainment by 5.4% during the first quarter. Jefferies Financial Group Inc. now owns 18,163 shares of the company’s stock worth $3,995,000 after purchasing an additional 928 shares during the period. Jupiter Asset Management Ltd. bought a new stake in shares of Flutter Entertainment during the first quarter worth about $1,700,000. Fortis Capital Advisors LLC bought a new stake in shares of Flutter Entertainment during the 2nd quarter valued at about $665,000. Finally, Corton Capital Inc. purchased a new position in shares of Flutter Entertainment during the second quarter valued at approximately $556,000.

Flutter Entertainment Stock Down 9.7%

The company has a market capitalization of $37.30 billion, a PE ratio of 106.40 and a beta of 1.84. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.95. The stock’s fifty day moving average is $257.11 and its two-hundred day moving average is $268.97.

Flutter Entertainment (NYSE:FLUT) last released its quarterly earnings results on Wednesday, November 12th. The company reported $1.64 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.87. The firm had revenue of $3.79 billion for the quarter, compared to analysts’ expectations of $2.92 billion. Flutter Entertainment had a return on equity of 12.15% and a net margin of 2.96%.The company’s revenue was up 16.8% compared to the same quarter last year. During the same quarter last year, the firm posted $1.27 EPS. Flutter Entertainment has set its FY 2025 guidance at EPS. As a group, analysts predict that Flutter Entertainment PLC will post 4.17 EPS for the current year.

Flutter Entertainment announced that its board has authorized a share repurchase program on Friday, August 8th that allows the company to repurchase $245.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 0.5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

About Flutter Entertainment

Flutter Entertainment plc operates as a sports betting and gaming company in the United Kingdom, Ireland, Australia, the United States, Italy, and internationally. The company operates through four segments: UK & Ireland, Australia, International, and US. It offers sports betting, iGaming, daily fantasy sports, online racing wagering, and TV broadcasting products; sportsbooks and exchange sports betting products, and gaming products; and online sports betting.