Needham & Company LLC Reiterates Buy Rating for Flutter Entertainment (NYSE:FLUT)

Flutter Entertainment (NYSE:FLUT)‘s stock had its “buy” rating reiterated by stock analysts at Needham & Company LLC in a report issued on Wednesday,Benzinga reports. They presently have a $300.00 price target on the stock. Needham & Company LLC’s target price would indicate a potential upside of 17.38% from the stock’s previous close.

FLUT has been the subject of a number of other research reports. Moffett Nathanson raised their target price on Flutter Entertainment from $245.00 to $275.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Bank of America initiated coverage on shares of Flutter Entertainment in a research note on Monday, October 14th. They issued a “buy” rating and a $300.00 price objective for the company. JMP Securities upped their target price on shares of Flutter Entertainment from $299.00 to $311.00 and gave the stock a “market outperform” rating in a research report on Monday. UBS Group lifted their price target on shares of Flutter Entertainment from $308.00 to $320.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Finally, The Goldman Sachs Group assumed coverage on Flutter Entertainment in a report on Friday, November 22nd. They issued a “buy” rating and a $320.00 price target on the stock. Sixteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $303.40.

Flutter Entertainment Price Performance

Shares of FLUT stock opened at $255.58 on Wednesday. The stock has a 50 day simple moving average of $263.10 and a 200-day simple moving average of $229.80. Flutter Entertainment has a 12-month low of $158.43 and a 12-month high of $284.79.

Flutter Entertainment announced that its board has initiated a stock 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 purchase up to 11.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Flutter Entertainment

Institutional investors have recently modified their holdings of the company. Vestcor Inc acquired a new stake in Flutter Entertainment during the third quarter worth approximately $815,000. Sanctuary Advisors LLC acquired a new stake in shares of Flutter Entertainment during the third quarter worth $802,000. Raymond James & Associates grew its position in shares of Flutter Entertainment by 10.0% in the third quarter. Raymond James & Associates now owns 18,348 shares of the company’s stock valued at $4,354,000 after purchasing an additional 1,663 shares during the period. Geode Capital Management LLC purchased a new stake in shares of Flutter Entertainment in the third quarter valued at $436,599,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd acquired a new position in Flutter Entertainment in the third quarter valued at $3,888,000.

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.