Flutter Entertainment (NYSE:FLUT) Research Coverage Started at Bank of America

Bank of America assumed coverage on shares of Flutter Entertainment (NYSE:FLUT) in a research note issued to investors on Monday morning, MarketBeat reports. The brokerage issued a buy rating and a $300.00 price objective on the stock.

A number of other brokerages also recently weighed in on FLUT. Benchmark increased their price objective on shares of Flutter Entertainment from $255.00 to $265.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Morgan Stanley assumed coverage on Flutter Entertainment in a report on Thursday, August 22nd. They set an “overweight” rating and a $247.00 price target on the stock. Needham & Company LLC started coverage on Flutter Entertainment in a report on Monday, September 23rd. They issued a “buy” rating and a $270.00 price objective for the company. Susquehanna upped their price objective on Flutter Entertainment from $230.00 to $273.00 and gave the company a “positive” rating in a research report on Monday, October 7th. Finally, Oppenheimer raised their target price on Flutter Entertainment from $255.00 to $300.00 and gave the stock an “outperform” rating in a research report on Thursday, September 26th. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $275.92.

Flutter Entertainment Stock Up 2.9 %

Shares of NYSE:FLUT opened at $234.65 on Monday. Flutter Entertainment has a 1 year low of $148.00 and a 1 year high of $252.84. The stock’s fifty day moving average price is $220.80 and its 200-day moving average price is $202.97.

Flutter Entertainment (NYSE:FLUT) last posted its 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 the consensus estimate of $3.41 billion. On average, analysts forecast that Flutter Entertainment will post 4.75 EPS for the current year.

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

Institutional Investors Weigh In On Flutter Entertainment

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FLUT. Sumitomo Mitsui DS Asset Management Company Ltd bought a new position in Flutter Entertainment in the 3rd quarter worth $3,888,000. Marathon Asset Management Ltd bought a new stake in Flutter Entertainment during the third quarter valued at about $451,631,000. Bleakley Financial Group LLC lifted its position in shares of Flutter Entertainment by 4.6% in the third quarter. Bleakley Financial Group LLC now owns 3,105 shares of the company’s stock valued at $737,000 after acquiring an additional 136 shares in the last quarter. Inlet Private Wealth LLC boosted its stake in shares of Flutter Entertainment by 4.0% in the third quarter. Inlet Private Wealth LLC now owns 22,842 shares of the company’s stock worth $5,420,000 after acquiring an additional 875 shares during the period. Finally, Vontobel Holding Ltd. grew its position in shares of Flutter Entertainment by 3.2% during the third quarter. Vontobel Holding Ltd. now owns 1,696,636 shares of the company’s stock worth $399,614,000 after purchasing an additional 52,985 shares in the last quarter.

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.