Flutter Entertainment (NYSE:FLUT) to Buyback $5.00 billion in Shares

Flutter Entertainment (NYSE:FLUT) declared that its board has initiated a share repurchase program on Wednesday, September 25th, RTT News reports. The company plans to repurchase $5.00 billion in shares. This repurchase authorization permits the company to repurchase up to 11.7% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages recently weighed in on FLUT. Berenberg Bank raised Flutter Entertainment to a “strong-buy” rating in a report on Tuesday, August 27th. JMP Securities restated a “market outperform” rating and issued a $255.00 price objective on shares of Flutter Entertainment in a report on Wednesday, September 18th. Wells Fargo & Company upped their price objective on shares of Flutter Entertainment from $218.00 to $224.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 14th. Needham & Company LLC assumed coverage on Flutter Entertainment in a report on Monday. They issued a “buy” rating and a $270.00 price objective on the stock. Finally, Morgan Stanley began coverage on shares of Flutter Entertainment in a research note on Thursday, August 22nd. They issued an “overweight” rating and a $247.00 target price on the stock. One equities research analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Flutter Entertainment has a consensus rating of “Buy” and an average price target of $248.80.

Flutter Entertainment Stock Performance

Shares of FLUT traded up $11.67 during mid-day trading on Wednesday, reaching $239.84. The company had a trading volume of 4,320,157 shares, compared to its average volume of 1,017,519. Flutter Entertainment has a 52 week low of $148.00 and a 52 week high of $252.84. The firm has a 50-day moving average price of $207.75 and a 200 day moving average price of $200.69.

Flutter Entertainment (NYSE:FLUT) last announced its quarterly earnings data on Tuesday, August 13th. The company reported $2.33 EPS for the quarter, beating the consensus estimate of $1.07 by $1.26. The firm had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $3.41 billion. Equities research analysts anticipate that Flutter Entertainment will post 4.75 earnings per share for the current fiscal year.

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.