Short Interest in Flutter Entertainment plc (NYSE:FLUT) Drops By 19.0%

Flutter Entertainment plc (NYSE:FLUT) was the target of a large drop in short interest in November. As of November 30th, there was short interest totalling 4,000,000 shares, a drop of 19.0% from the November 15th total of 4,940,000 shares. Based on an average daily volume of 2,010,000 shares, the days-to-cover ratio is presently 2.0 days. Currently, 2.3% of the company’s stock are short sold.

Analyst Ratings Changes

FLUT has been the topic of several research analyst reports. Moffett Nathanson increased their price target on Flutter Entertainment from $245.00 to $275.00 and gave the company a “buy” rating in a report on Thursday, September 26th. BTIG Research raised their target price on Flutter Entertainment from $249.00 to $305.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Susquehanna upped their price target on shares of Flutter Entertainment from $273.00 to $286.00 and gave the company a “positive” rating in a research report on Wednesday, November 13th. Wells Fargo & Company raised their price objective on shares of Flutter Entertainment from $295.00 to $300.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Finally, The Goldman Sachs Group initiated coverage on shares of Flutter Entertainment in a research report on Friday, November 22nd. They set a “buy” rating and a $320.00 target price for the company. Sixteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Flutter Entertainment has a consensus rating of “Buy” and an average price target of $301.53.

Institutional Trading of Flutter Entertainment

A number of large investors have recently made changes to their positions in FLUT. Lord Abbett & CO. LLC purchased a new stake in shares of Flutter Entertainment in the third quarter valued at approximately $24,464,000. Sanctuary Advisors LLC purchased a new stake in shares of Flutter Entertainment in the 3rd quarter worth $802,000. Virtu Financial LLC grew its position in shares of Flutter Entertainment by 56.2% during the 3rd quarter. Virtu Financial LLC now owns 7,371 shares of the company’s stock worth $1,749,000 after buying an additional 2,652 shares in the last quarter. Hohimer Wealth Management LLC increased its stake in shares of Flutter Entertainment by 3.4% during the third quarter. Hohimer Wealth Management LLC now owns 5,506 shares of the company’s stock valued at $1,306,000 after buying an additional 181 shares during the period. Finally, Geode Capital Management LLC bought a new stake in shares of Flutter Entertainment in the third quarter valued at about $436,599,000.

Flutter Entertainment Stock Down 1.2 %

NYSE FLUT traded down $3.44 on Friday, hitting $277.71. 1,224,678 shares of the stock were exchanged, compared to its average volume of 1,162,734. Flutter Entertainment has a 52-week low of $158.43 and a 52-week high of $284.79. The stock has a fifty day moving average price of $251.79 and a two-hundred day moving average price of $220.07.

Flutter Entertainment announced that its board has authorized a stock repurchase program on Wednesday, September 25th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the company to purchase up to 11.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

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.