The firm now has a "sell" rating on the stock. Barclays lowered their target price on Paddy Power Betfair from GBX 9,400 ($127.51) to GBX 9,200 ($124.80) and set an "overweight" rating on the stock in a report on Monday, March 12th.
Paddy Power Betfair (LON:PPB)'s stock had its "reduce" rating reiterated by equities research analysts at Peel Hunt in a research report issued to clients and investors on Monday, April 23rd. Finally, Credit Suisse Group lowered their price target on Paddy Power Betfair from GBX 8,700 ($121.34) to GBX 7,800 ($108.79) and set a neutral rating for the company in a research note on Thursday, March 8th. Paddy Power Betfair presently has a consensus rating of Hold and a consensus target price of GBX 7,627.50 ($103.47).
PPB stock traded up GBX 490 ($6.65) during midday trading on Wednesday, hitting GBX 8,250 ($111.91). 436,847 shares of the company's stock were exchanged, compared to its average volume of 192,747.
The company also recently announced a dividend, which will be paid on Tuesday, May 29th. This represents a yield of 1.77%.
Scott Arfield joins Rangers as Steven Gerrard's first signing
The 29-year-old has spent the last five years at Turf Moor, with 22 goals being scored in 193 appearances in all competitions. Rangers supporters will be hoping Arfield is the first of many signings in a much-needed squad overhaul at the club.
According to a report from the British Broadcasting Corporation (BBC), Dublin-headquartered Paddy Power Betfair entered the American daily fantasy sports market a year ago following its $48 million purchase of PlayDraft.com and stated earlier today that it is now considering a move for FanDuel Incorporated in order "to create a combined business to target the prospective United States sportsbetting market".
If a deal goes ahead, it is likely to be worth considerably more than the $48m (£35.6m) that Paddy Power paid for FanDuel's smaller rival Draft past year.
Under New Jersey's sports-betting laws, only casinos and racetracks will be able to take bets on sports.