Flutter Entertainment (NYSE:FLUT) Stock Rating Lowered by Wells Fargo & Company

Flutter Entertainment (NYSE:FLUT) was downgraded by analysts at Wells Fargo & Company from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

Several other brokerages have also recently commented on FLUT. Oppenheimer dropped their price target on Flutter Entertainment from $350.00 to $330.00 and set an “outperform” rating for the company in a research report on Tuesday, October 14th. Citizens Jmp upped their price objective on shares of Flutter Entertainment from $311.00 to $313.00 and gave the company a “market outperform” rating in a research note on Monday, January 5th. HSBC raised shares of Flutter Entertainment from a “hold” rating to a “buy” rating and decreased their target price for the stock from $265.00 to $228.00 in a research note on Monday, November 24th. Citigroup restated an “outperform” rating on shares of Flutter Entertainment in a research report on Monday, January 5th. Finally, Sanford C. Bernstein decreased their price target on Flutter Entertainment from $245.00 to $225.00 and set a “market perform” rating on the stock in a research note on Thursday. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $298.35.

Flutter Entertainment Stock Up 0.6%

FLUT stock opened at $201.00 on Wednesday. Flutter Entertainment has a 52 week low of $189.33 and a 52 week high of $313.68. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.27. The firm has a 50-day simple moving average of $211.91 and a 200-day simple moving average of $255.24. The stock has a market capitalization of $35.22 billion, a P/E ratio of -154.62 and a beta of 1.88.

Institutional Trading of Flutter Entertainment

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in shares of Flutter Entertainment by 1.7% during the 3rd quarter. Vanguard Group Inc. now owns 17,559,354 shares of the company’s stock worth $4,460,076,000 after buying an additional 301,879 shares in the last quarter. Parvus Asset Management Jersey Ltd acquired a new stake in Flutter Entertainment in the second quarter worth approximately $2,231,266,000. Wellington Management Group LLP boosted its stake in Flutter Entertainment by 5.5% during the 3rd quarter. Wellington Management Group LLP now owns 3,519,434 shares of the company’s stock valued at $903,694,000 after purchasing an additional 182,594 shares in the last quarter. Capital International Investors increased its position in shares of Flutter Entertainment by 4.9% during the 3rd quarter. Capital International Investors now owns 3,256,764 shares of the company’s stock valued at $827,841,000 after purchasing an additional 153,390 shares during the period. Finally, Norges Bank bought a new stake in shares of Flutter Entertainment in the 2nd quarter worth $930,349,000.

About Flutter Entertainment

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.