Flutter Entertainment plc (NYSE:FLUT) Receives Average Recommendation of “Buy” from Brokerages

Shares of Flutter Entertainment plc (NYSE:FLUT) have earned a consensus recommendation of “Buy” from the thirteen analysts that are currently covering the company, Marketbeat reports. One analyst has rated the stock with a hold recommendation, eleven have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $264.36.

FLUT has been the topic of several research reports. BTIG Research upped their price objective on shares of Flutter Entertainment from $245.00 to $249.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Benchmark upped their target price on shares of Flutter Entertainment from $255.00 to $265.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Berenberg Bank upgraded Flutter Entertainment to a “strong-buy” rating in a research note on Tuesday, August 27th. Oppenheimer increased their price objective on Flutter Entertainment from $255.00 to $300.00 and gave the stock an “outperform” rating in a research note on Thursday, September 26th. Finally, Morgan Stanley initiated coverage on Flutter Entertainment in a report on Thursday, August 22nd. They set an “overweight” rating and a $247.00 price target for the company.

Flutter Entertainment Price Performance

FLUT stock opened at $235.98 on Wednesday. The company’s 50-day moving average is $213.89 and its 200-day moving average is $201.58. Flutter Entertainment has a 1 year low of $148.00 and a 1 year high of $252.84.

Flutter Entertainment (NYSE:FLUT) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $1.26. The firm had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $3.41 billion. As a group, equities analysts predict that Flutter Entertainment will post 4.75 EPS for the current fiscal year.

Flutter Entertainment announced that its Board of Directors has initiated a stock buyback plan on Wednesday, September 25th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 11.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Capital World Investors bought a new stake in Flutter Entertainment in the 1st quarter valued at about $2,880,796,000. Capital Research Global Investors purchased a new position in shares of Flutter Entertainment in the first quarter worth about $2,418,032,000. Vanguard Group Inc. bought a new stake in shares of Flutter Entertainment in the first quarter valued at approximately $1,578,442,000. Capital International Investors purchased a new stake in shares of Flutter Entertainment during the 1st quarter valued at approximately $507,170,000. Finally, Marshall Wace LLP boosted its holdings in Flutter Entertainment by 339.2% in the 2nd quarter. Marshall Wace LLP now owns 1,076,739 shares of the company’s stock worth $196,354,000 after buying an additional 831,585 shares during the period.

Flutter Entertainment Company Profile

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.