Benchmark Reaffirms Buy Rating for Flutter Entertainment (NYSE:FLUT)

Benchmark reaffirmed their buy rating on shares of Flutter Entertainment (NYSE:FLUT) in a research note published on Monday morning, Benzinga reports. Benchmark currently has a $265.00 price objective on the stock.

Other equities analysts have also issued research reports about the stock. Barclays lifted their target price on shares of Flutter Entertainment from $263.00 to $275.00 and gave the company an “overweight” rating in a report on Thursday, September 26th. Craig Hallum lifted their price target on shares of Flutter Entertainment from $240.00 to $275.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Oppenheimer lifted their price target on shares of Flutter Entertainment from $255.00 to $300.00 and gave the stock an “outperform” rating in a research note on Thursday, September 26th. Morgan Stanley initiated coverage on shares of Flutter Entertainment in a research note on Thursday, August 22nd. They set an “overweight” rating and a $247.00 price target on the stock. Finally, BTIG Research lifted their price target on shares of Flutter Entertainment from $245.00 to $249.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $275.92.

Flutter Entertainment Stock Performance

Shares of NYSE FLUT opened at $227.97 on Monday. Flutter Entertainment has a 1 year low of $148.00 and a 1 year high of $252.84. The firm’s 50 day moving average price is $219.93 and its 200 day moving average price is $202.74.

Flutter Entertainment (NYSE:FLUT) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $2.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.07 by $1.26. The company had revenue of $3.61 billion during the quarter, compared to analyst estimates of $3.41 billion. On average, equities research analysts forecast that Flutter Entertainment will post 4.75 earnings per share for the current fiscal year.

Flutter Entertainment declared that its board has authorized a stock buyback plan on Wednesday, September 25th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 11.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC bought a new stake in Flutter Entertainment in the first quarter worth approximately $1,272,000. Nordea Investment Management AB bought a new stake in Flutter Entertainment in the first quarter worth approximately $1,656,000. Capital International Ltd. CA bought a new stake in Flutter Entertainment in the first quarter worth approximately $2,180,000. Swiss National Bank bought a new stake in Flutter Entertainment in the first quarter worth approximately $119,485,000. Finally, Vanguard Group Inc. bought a new stake in Flutter Entertainment in the first quarter worth approximately $1,578,442,000.

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.