Flutter Entertainment’s (FLUT) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Flutter Entertainment (NYSE:FLUT) in a report released on Wednesday,Benzinga reports. The firm currently has a $300.00 price objective on the stock.

FLUT has been the topic of several other reports. Barclays upped their price objective on shares of Flutter Entertainment from $275.00 to $301.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Susquehanna lifted their price objective on shares of Flutter Entertainment from $273.00 to $286.00 and gave the company a “positive” rating in a research note on Wednesday, November 13th. Moffett Nathanson raised their price target on Flutter Entertainment from $245.00 to $275.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Oppenheimer increased their price objective on Flutter Entertainment from $300.00 to $305.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Finally, Macquarie started coverage on Flutter Entertainment in a report on Wednesday, December 11th. They set an “outperform” rating and a $340.00 target price for the company. Sixteen investment 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.com, the stock presently has a consensus rating of “Buy” and an average price target of $303.40.

Flutter Entertainment Stock Performance

Shares of FLUT opened at $255.58 on Wednesday. Flutter Entertainment has a 1 year low of $158.43 and a 1 year high of $284.79. The stock’s fifty day moving average price is $262.65 and its two-hundred day moving average price is $229.62.

Flutter Entertainment declared that its Board of Directors has initiated a stock repurchase program on Wednesday, September 25th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 11.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Flutter Entertainment

Large investors have recently added to or reduced their stakes in the company. Hsbc Holdings PLC lifted its holdings in shares of Flutter Entertainment by 10.9% in the 2nd quarter. Hsbc Holdings PLC now owns 6,189,639 shares of the company’s stock worth $1,131,079,000 after acquiring an additional 608,003 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new position in Flutter Entertainment in the 3rd quarter worth $849,474,000. FMR LLC lifted its stake in Flutter Entertainment by 13.2% in the third quarter. FMR LLC now owns 3,375,670 shares of the company’s stock worth $794,362,000 after purchasing an additional 393,122 shares during the last quarter. Bank of Montreal Can boosted its position in Flutter Entertainment by 868.5% during the third quarter. Bank of Montreal Can now owns 3,367,022 shares of the company’s stock valued at $798,927,000 after buying an additional 3,019,376 shares during the period. Finally, Cantillon Capital Management LLC grew its stake in shares of Flutter Entertainment by 3,827.8% during the third quarter. Cantillon Capital Management LLC now owns 2,397,384 shares of the company’s stock valued at $568,851,000 after buying an additional 2,336,347 shares during 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.