Flutter Entertainment (NYSE:FLUT) Research Coverage Started at Bank of America

Bank of America assumed coverage on shares of Flutter Entertainment (NYSE:FLUT) in a report issued on Monday morning, MarketBeat reports. The firm issued a buy rating and a $300.00 price target on the stock.

FLUT has been the subject of several other research reports. JMP Securities reaffirmed a “market outperform” rating and issued a $255.00 price target on shares of Flutter Entertainment in a report on Thursday, September 26th. Needham & Company LLC started coverage on Flutter Entertainment in a research report on Monday, September 23rd. They issued a “buy” rating and a $270.00 target price for the company. Craig Hallum lifted their price target on shares of Flutter Entertainment from $240.00 to $275.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Benchmark increased their price objective on shares of Flutter Entertainment from $255.00 to $265.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Finally, Susquehanna lifted their target price on shares of Flutter Entertainment from $230.00 to $273.00 and gave the company a “positive” rating in a research report on Monday, October 7th. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Flutter Entertainment currently has a consensus rating of “Buy” and a consensus target price of $275.92.

Flutter Entertainment Stock Performance

Shares of Flutter Entertainment stock opened at $227.97 on Monday. Flutter Entertainment has a 1 year low of $148.00 and a 1 year high of $252.84. The company’s fifty day simple moving average is $219.93 and its 200-day simple moving average is $202.74.

Flutter Entertainment (NYSE:FLUT) last posted its quarterly earnings results on Tuesday, August 13th. The company reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $1.26. The company had revenue of $3.61 billion during the quarter, compared to analyst estimates of $3.41 billion. Equities 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 initiated a stock buyback program on Wednesday, September 25th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 11.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Flutter Entertainment

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Capital World Investors bought a new position in Flutter Entertainment in the first quarter valued at approximately $2,880,796,000. Capital Research Global Investors acquired a new stake in shares of Flutter Entertainment during the first quarter worth $2,418,032,000. Vanguard Group Inc. bought a new stake in Flutter Entertainment in the first quarter valued at about $1,578,442,000. Capital International Investors acquired a new stake in shares of Flutter Entertainment in the 1st quarter valued at approximately $507,170,000. Finally, Marshall Wace LLP boosted its position in shares of Flutter Entertainment by 339.2% during the second quarter. Marshall Wace LLP now owns 1,076,739 shares of the company’s stock worth $196,354,000 after purchasing an additional 831,585 shares in the last quarter.

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.