Flutter Entertainment (NYSE:FLUT) Sets New 12-Month Low – What’s Next?

Flutter Entertainment PLC (NYSE:FLUT)’s share price hit a new 52-week low during trading on Wednesday. The stock traded as low as $74.38 and last traded at $74.5790, with a volume of 3848000 shares. The stock had previously closed at $76.63.

Flutter Entertainment News Roundup

Here are the key news stories impacting Flutter Entertainment this week:

• Positive Sentiment: BTIG maintains a Buy rating: BTIG reduced its price target modestly to $110 from $113, but the target still implies significant upside from current trading levels, signaling continued confidence in Flutter’s long-term prospects.
• Positive Sentiment: Leadership developments: Dan Taylor’s appointment as Flutter’s CEO was highlighted by Dunelm, while a former Target legal chief has joined the gambling company. These appointments could strengthen executive leadership and legal oversight. Dunelm notes Dan Taylor appointment as Flutter CEO Former Target Legal Chief Cashes-in Chips at Gambling Giant Flutter Entertainment
• Positive Sentiment: Valuation appeal: A market commentary argues that Flutter still looks undervalued after its roughly 70% slump, potentially attracting value-oriented investors if regulatory concerns ease. Flutter Entertainment Stock Still Looks Undervalued

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. JPMorgan Chase & Co. started coverage on Flutter Entertainment in a research note on Wednesday, August 12th. They issued a “neutral” rating and a $114.00 target price for the company. Barclays dropped their price target on Flutter Entertainment from $151.00 to $133.00 and set an “overweight” rating on the stock in a research report on Thursday, August 6th. Rothschild & Co Redburn reiterated a “neutral” rating and issued a $119.00 price objective (down from $169.00) on shares of Flutter Entertainment in a research report on Monday, September 21st. Citigroup reiterated an “outperform” rating on shares of Flutter Entertainment in a research report on Wednesday, July 8th. Finally, Wells Fargo & Company lowered their target price on Flutter Entertainment from $137.00 to $112.00 and set an “equal weight” rating for the company in a research note on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $155.37.

Flutter Entertainment Price Performance

The stock has a market cap of $13.30 billion, a price-to-earnings ratio of -17.82, a P/E/G ratio of 1.89 and a beta of 1.39. The company has a 50 day simple moving average of $96.30 and a 200-day simple moving average of $101.32. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 1.32.

Flutter Entertainment (NYSE:FLUT) last posted 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 positive return on equity of 7.27% and a negative net margin of 4.39%.The firm had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same period in the prior year, the company earned $2.95 earnings per share. The firm’s quarterly revenue was up 3.3% on a year-over-year basis. Research analysts expect that Flutter Entertainment PLC will post 3.48 EPS for the current year.

Insider Activity

In other Flutter Entertainment news, CEO Jeremy Jackson sold 2,112 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $93.32, for a total transaction of $197,091.84. Following the completion of the transaction, the chief executive officer owned 72,214 shares of the company’s stock, valued at $6,739,010.48. This represents a 2.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Don Liu sold 565 shares of the firm’s 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 $55,290.90. Following the transaction, the insider directly owned 20,441 shares of the company’s stock, valued at $2,000,356.26. This represents a 2.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 6,681 shares of company stock worth $644,214. 0.13% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Flutter Entertainment

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. LM Advisors LLC bought a new position in shares of Flutter Entertainment in the 4th quarter valued at about $46,000. Parallel Advisors LLC raised its holdings in Flutter Entertainment by 489.7% during the first quarter. Parallel Advisors LLC now owns 460 shares of the company’s stock worth $47,000 after acquiring an additional 382 shares in the last quarter. CX Institutional raised its holdings in Flutter Entertainment by 729.7% during the second quarter. CX Institutional now owns 531 shares of the company’s stock worth $54,000 after acquiring an additional 467 shares in the last quarter. Allworth Financial LP boosted its position in Flutter Entertainment by 167.8% during the second quarter. Allworth Financial LP now owns 557 shares of the company’s stock valued at $57,000 after purchasing an additional 349 shares during the last quarter. Finally, TD Waterhouse Canada Inc. boosted its position in Flutter Entertainment by 65.8% during the second quarter. TD Waterhouse Canada Inc. now owns 630 shares of the company’s stock valued at $67,000 after purchasing an additional 250 shares during the last quarter.

Flutter Entertainment Company Profile

Flutter Entertainment plc is a global sports betting and online gaming company headquartered in Dublin, Ireland. The company provides online and retail betting, casino, poker, bingo and lottery-related products through a portfolio of brands serving customers in multiple regulated markets.

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, Sisal in Italy and other markets, and tombola, an online bingo operator.