Needham & Company LLC Forecasts Strong Price Appreciation for Flutter Entertainment (NYSE:FLUT) Stock

Flutter Entertainment (NYSE:FLUT) had its target price raised by stock analysts at Needham & Company LLC from $270.00 to $300.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 12.36% from the company’s current price.

FLUT has been the subject of a number of other research reports. UBS Group assumed coverage on Flutter Entertainment in a research note on Friday, November 8th. They issued a “buy” rating and a $306.00 target price for the company. Moffett Nathanson raised their price objective on Flutter Entertainment from $245.00 to $275.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Oppenheimer upped their target price on shares of Flutter Entertainment from $300.00 to $305.00 and gave the stock an “outperform” rating in a research report on Wednesday. JMP Securities lifted their price target on shares of Flutter Entertainment from $287.00 to $299.00 and gave the company a “market outperform” rating in a research report on Wednesday. Finally, Craig Hallum boosted their price objective on shares of Flutter Entertainment from $275.00 to $350.00 and gave the stock a “buy” rating in a research note on Wednesday. Fourteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Flutter Entertainment currently has a consensus rating of “Buy” and an average target price of $296.08.

Flutter Entertainment Price Performance

Shares of Flutter Entertainment stock opened at $267.00 on Wednesday. Flutter Entertainment has a 12-month low of $149.00 and a 12-month high of $269.90. The company’s fifty day simple moving average is $231.87 and its two-hundred day simple moving average is $209.07.

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, beating the consensus estimate of $1.07 by $1.26. The company had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $3.41 billion. On average, equities analysts expect that Flutter Entertainment will post 4.72 earnings per share for the current fiscal year.

Flutter Entertainment declared that its Board of Directors has authorized a share buyback program on Wednesday, September 25th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the company to reacquire up to 11.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Flutter Entertainment

A number of large investors have recently added to or reduced their stakes in the stock. Rothschild Investment LLC bought a new position in shares of Flutter Entertainment during the 2nd quarter valued at $37,000. CWM LLC bought a new position in Flutter Entertainment in the second quarter valued at about $40,000. US Bancorp DE grew its stake in shares of Flutter Entertainment by 71.7% during the 3rd quarter. US Bancorp DE now owns 237 shares of the company’s stock valued at $56,000 after purchasing an additional 99 shares during the period. Venturi Wealth Management LLC purchased a new stake in shares of Flutter Entertainment during the 3rd quarter valued at about $82,000. Finally, Hilltop National Bank bought a new position in shares of Flutter Entertainment in the 2nd quarter worth approximately $101,000.

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.