Short Interest in Flutter Entertainment plc (NYSE:FLUT) Increases By 6.6%

Flutter Entertainment plc (NYSE:FLUT) was the recipient of a significant increase in short interest in September. As of September 30th, there was short interest totalling 3,560,000 shares, an increase of 6.6% from the September 15th total of 3,340,000 shares. Currently, 4.5% of the company’s stock are short sold. Based on an average trading volume of 1,980,000 shares, the days-to-cover ratio is currently 1.8 days.

Wall Street Analyst Weigh In

FLUT has been the subject of several recent research reports. Barclays boosted their price objective on Flutter Entertainment from $263.00 to $275.00 and gave the company an “overweight” rating in a report on Thursday, September 26th. BTIG Research lifted their target price on Flutter Entertainment from $245.00 to $249.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Susquehanna lifted their target price on Flutter Entertainment from $230.00 to $273.00 and gave the company a “positive” rating in a research report on Monday, October 7th. Wells Fargo & Company raised Flutter Entertainment from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $224.00 to $295.00 in a research report on Monday. Finally, Morgan Stanley began coverage on Flutter Entertainment in a research report on Thursday, August 22nd. They issued an “overweight” rating and a $247.00 price objective on the stock. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $275.92.

Flutter Entertainment Trading Up 2.9 %

NYSE:FLUT opened at $234.65 on Friday. Flutter Entertainment has a 52-week low of $148.00 and a 52-week high of $252.84. The business’s fifty day moving average is $220.80 and its 200 day moving average is $202.97.

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

Flutter Entertainment declared that its Board of Directors has approved a stock repurchase plan on Wednesday, September 25th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 11.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Flutter Entertainment

Several institutional investors have recently modified their holdings of FLUT. Capital World Investors purchased a new stake in Flutter Entertainment during the 1st quarter valued at about $2,880,796,000. Capital Research Global Investors purchased a new stake in Flutter Entertainment in the 1st quarter worth approximately $2,418,032,000. Vanguard Group Inc. purchased a new stake in Flutter Entertainment in the 1st quarter worth approximately $1,578,442,000. Hsbc Holdings PLC lifted its holdings in 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 buying an additional 608,003 shares during the period. Finally, Capital International Investors purchased a new stake in Flutter Entertainment in the 1st quarter worth approximately $507,170,000.

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.