Canaccord Genuity Group Initiates Coverage on Flutter Entertainment (NYSE:FLUT)

Equities research analysts at Canaccord Genuity Group assumed coverage on shares of Flutter Entertainment (NYSE:FLUT) in a research report issued to clients and investors on Wednesday, MarketBeat Ratings reports. The firm set a “buy” rating and a $330.00 price target on the stock. Canaccord Genuity Group’s price objective indicates a potential upside of 21.73% from the company’s previous close.

Several other equities research analysts have also recently weighed in on the company. BTIG Research reduced their price objective on Flutter Entertainment from $323.00 to $289.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. Hsbc Global Res raised Flutter Entertainment to a “hold” rating in a research report on Wednesday, June 18th. Sanford C. Bernstein started coverage on Flutter Entertainment in a research report on Wednesday, June 4th. They set a “market perform” rating and a $275.00 target price on the stock. UBS Group boosted their target price on Flutter Entertainment from $335.00 to $340.00 and gave the company a “buy” rating in a research report on Thursday, March 6th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $310.00 price objective on shares of Flutter Entertainment in a research report on Tuesday, June 10th. Two equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $305.10.

Flutter Entertainment Trading Up 1.2%

Shares of FLUT opened at $271.09 on Wednesday. The company’s fifty day moving average is $249.53 and its 200 day moving average is $253.31. Flutter Entertainment has a fifty-two week low of $175.59 and a fifty-two week high of $299.73. The stock has a market capitalization of $47.90 billion and a PE ratio of 93.80. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.95 and a current ratio of 0.95.

Flutter Entertainment (NYSE:FLUT) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $1.59 earnings per share for the quarter, missing the consensus estimate of $1.89 by ($0.30). Flutter Entertainment had a return on equity of 11.76% and a net margin of 4.17%. The business had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.06 billion. During the same quarter in the prior year, the firm posted $0.10 EPS. The company’s revenue for the quarter was up 7.9% on a year-over-year basis. Sell-side analysts expect that Flutter Entertainment will post 4.17 earnings per share for the current fiscal year.

Insider Buying and Selling at Flutter Entertainment

In related news, CEO Amy Howe sold 2,315 shares of the company’s stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $243.50, for a total value of $563,702.50. Following the completion of the sale, the chief executive officer now directly owns 73,947 shares of the company’s stock, valued at $18,006,094.50. This represents a 3.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO James Philip Bishop sold 3,000 shares of the company’s stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $243.20, for a total transaction of $729,600.00. Following the completion of the sale, the chief operating officer now directly owns 4,712 shares of the company’s stock, valued at approximately $1,145,958.40. This trade represents a 38.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 7,770 shares of company stock valued at $1,894,934 in the last three months.

Institutional Investors Weigh In On Flutter Entertainment

Hedge funds have recently modified their holdings of the business. PARUS FINANCE UK Ltd lifted its holdings in Flutter Entertainment by 1.5% during the first quarter. PARUS FINANCE UK Ltd now owns 3,350 shares of the company’s stock worth $742,000 after buying an additional 50 shares during the period. Sequoia Financial Advisors LLC lifted its holdings in Flutter Entertainment by 3.0% during the first quarter. Sequoia Financial Advisors LLC now owns 1,836 shares of the company’s stock worth $407,000 after buying an additional 53 shares during the period. Harbor Investment Advisory LLC lifted its stake in shares of Flutter Entertainment by 43.8% during the 1st quarter. Harbor Investment Advisory LLC now owns 184 shares of the company’s stock worth $41,000 after purchasing an additional 56 shares during the last quarter. Parallel Advisors LLC lifted its stake in shares of Flutter Entertainment by 78.9% during the 1st quarter. Parallel Advisors LLC now owns 136 shares of the company’s stock worth $30,000 after purchasing an additional 60 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. lifted its stake in shares of Flutter Entertainment by 1.4% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 4,783 shares of the company’s stock worth $1,060,000 after purchasing an additional 67 shares during the last quarter.

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.