Flutter Entertainment (NYSE:FLUT) Sets New 1-Year High on Analyst Upgrade

Flutter Entertainment plc (NYSE:FLUT)’s stock price hit a new 52-week high during mid-day trading on Wednesday after Needham & Company LLC raised their price target on the stock from $270.00 to $300.00. Needham & Company LLC currently has a buy rating on the stock. Flutter Entertainment traded as high as $263.75 and last traded at $263.75, with a volume of 54091 shares changing hands. The stock had previously closed at $248.17.

A number of other equities analysts also recently commented on the stock. Susquehanna boosted their target price on shares of Flutter Entertainment from $273.00 to $286.00 and gave the stock a “positive” rating in a research note on Wednesday. Oppenheimer upped their price target on Flutter Entertainment from $300.00 to $305.00 and gave the stock an “outperform” rating in a research note on Wednesday. Moffett Nathanson lifted their price objective on Flutter Entertainment from $245.00 to $275.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Craig Hallum upped their target price on shares of Flutter Entertainment from $275.00 to $350.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, BTIG Research increased their price target on shares of Flutter Entertainment from $249.00 to $305.00 and gave the company a “buy” rating in a research report on Monday. Fourteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $296.08.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Capital World Investors acquired a new position in shares of Flutter Entertainment in the first quarter valued at $2,880,796,000. Capital Research Global Investors acquired a new position in Flutter Entertainment in the 1st quarter valued at about $2,418,032,000. Vanguard Group Inc. bought a new position in Flutter Entertainment in the 1st quarter valued at about $1,578,442,000. Massachusetts Financial Services Co. MA acquired a new stake in Flutter Entertainment during the third quarter worth approximately $849,474,000. Finally, Bank of Montreal Can boosted its holdings in shares of Flutter Entertainment by 868.5% during the third quarter. Bank of Montreal Can now owns 3,367,022 shares of the company’s stock worth $798,927,000 after acquiring an additional 3,019,376 shares during the period.

Flutter Entertainment Price Performance

The firm has a 50-day moving average price of $230.80 and a 200 day moving average price of $208.67.

Flutter Entertainment (NYSE:FLUT) last posted its quarterly earnings data on Tuesday, August 13th. The company reported $2.33 earnings per share for the quarter, topping the consensus estimate of $1.07 by $1.26. The firm had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $3.41 billion. Sell-side analysts expect that Flutter Entertainment plc will post 4.72 EPS for the current fiscal year.

Flutter Entertainment announced that its board has authorized a share repurchase plan on Wednesday, September 25th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows 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 management believes its shares are undervalued.

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.