Flutter Entertainment plc (NYSE:FLUT) Short Interest Update

Flutter Entertainment plc (NYSE:FLUT) was the recipient of a significant decrease in short interest during the month of December. As of December 31st, there was short interest totalling 3,330,000 shares, a decrease of 14.0% from the December 15th total of 3,870,000 shares. Approximately 1.9% of the company’s shares are short sold. Based on an average trading volume of 1,570,000 shares, the short-interest ratio is currently 2.1 days.

Institutional Trading of Flutter Entertainment

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vestcor Inc acquired a new position in Flutter Entertainment in the 3rd quarter valued at about $815,000. Benson Investment Management Company Inc. acquired a new position in Flutter Entertainment in the 4th quarter valued at about $5,116,000. Sanctuary Advisors LLC acquired a new position in Flutter Entertainment in the 3rd quarter valued at about $802,000. Raymond James & Associates increased its position in Flutter Entertainment by 10.0% in the 3rd quarter. Raymond James & Associates now owns 18,348 shares of the company’s stock valued at $4,354,000 after acquiring an additional 1,663 shares during the period. Finally, Geode Capital Management LLC acquired a new position in Flutter Entertainment in the 3rd quarter valued at about $436,599,000.

Analyst Upgrades and Downgrades

A number of research analysts have commented on FLUT shares. Craig Hallum upped their price target on Flutter Entertainment from $275.00 to $350.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Moffett Nathanson upped their price target on Flutter Entertainment from $245.00 to $275.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Barclays upped their price target on Flutter Entertainment from $275.00 to $301.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Macquarie started coverage on Flutter Entertainment in a research note on Wednesday, December 11th. They set an “outperform” rating and a $340.00 price target on the stock. Finally, Needham & Company LLC restated a “buy” rating and set a $300.00 price target on shares of Flutter Entertainment in a research note on Wednesday, January 8th. Seventeen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $304.44.

Flutter Entertainment Stock Performance

Shares of FLUT traded up $5.47 during midday trading on Friday, reaching $263.03. 1,200,603 shares of the stock were exchanged, compared to its average volume of 1,033,112. The business’s 50-day moving average price is $265.79 and its 200 day moving average price is $233.43. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.66. Flutter Entertainment has a twelve month low of $174.03 and a twelve month high of $284.79.

Flutter Entertainment announced that its board has approved a share buyback program on Wednesday, September 25th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 11.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board 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.