Shares of Flutter Entertainment (NYSE: FLUT) were recently downgraded from a “buy” to a “hold” rating by Craig Hallum in a research report released on Wednesday morning. The firm has established a target price of $200.00 for the stock. This change reflects a shift in market sentiment as analysts reassess the company’s performance and outlook.
Several other financial institutions have also updated their ratings for Flutter Entertainment. On October 14, 2023, Oppenheimer reduced its target price from $350.00 to $330.00 while maintaining an “outperform” rating. Following closely, Stifel Nicolaus lowered its target price from $339.00 to $330.00 and reiterated a “buy” rating on November 13, 2023.
In addition, Citizens JMP raised its target from $311.00 to $313.00 with a “market outperform” rating on January 5, 2024. Wells Fargo & Company has confirmed an “equal weight” rating, adjusting its price target down from $248.00 to $228.00 as of January 14, 2024. Finally, JMP Securities decreased their price objective from $345.00 to $340.00 in a report dated October 1, 2023.
Investor sentiment towards Flutter Entertainment remains varied. Currently, three analysts have issued a “Strong Buy” rating, while seventeen analysts recommend a “Buy.” Five have rated the stock as a “Hold,” and two have given it a “Sell” rating. According to data from MarketBeat.com, the average rating for Flutter Entertainment stands at “Moderate Buy,” with a consensus target price of approximately $289.81.
Institutional Investor Activity
Recent months have seen notable changes in institutional holdings of Flutter Entertainment’s stock. Farther Finance Advisors LLC increased its stake by 54.1% in the fourth quarter, now owning 926 shares valued at around $199,000 after acquiring an additional 325 shares. Similarly, Elevate Capital Advisors LLC boosted its holdings by 30.0%, bringing its total to 2,864 shares valued at $616,000 following the purchase of an extra 661 shares.
Furthermore, Massachusetts Financial Services Co. MA raised its stake by 3.4%, now owning 2,961,244 shares valued at approximately $636.8 million after buying an additional 96,563 shares. Other firms, such as V Square Quantitative Management LLC, entered the field with a new stake worth around $85,000, while Rathbones Group PLC increased its position by 2.8% to hold 7,017 shares valued at $1.5 million.
Understanding Flutter Entertainment
Founded in 2016, Flutter Entertainment plc is a prominent global sports betting and gaming company. It operates a diverse portfolio of consumer-facing brands and digital platforms, offering services ranging from online sports betting to casino gaming and daily fantasy sports. The company emphasizes product development, customer acquisition, and compliance with local gambling regulations across its markets.
Flutter’s brand roster includes well-known names such as FanDuel in the United States, alongside PokerStars, Betfair, Paddy Power, and Sky Betting & Gaming in Europe and beyond. This extensive reach and focus on innovation position Flutter as a significant player in the global gaming landscape.
Investors and analysts alike will be monitoring how these changes in ratings and institutional holdings affect Flutter Entertainment’s performance in the coming months, particularly as the sports betting market continues to evolve.
