Wells Fargo & Company Reiterates Overweight Rating for Flutter Entertainment (NYSE:FLUT)

Flutter Entertainment (NYSE:FLUT)‘s stock had its “overweight” rating reaffirmed by research analysts at Wells Fargo & Company in a research report issued on Wednesday, Benzinga reports. They presently have a $295.00 target price on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 25.30% from the company’s previous close.

Several other research analysts have also issued reports on FLUT. Moffett Nathanson lifted their price target on shares of Flutter Entertainment from $245.00 to $275.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Bank of America assumed coverage on Flutter Entertainment in a research report on Monday, October 14th. They set a “buy” rating and a $300.00 target price on the stock. BTIG Research upped their target price on Flutter Entertainment from $245.00 to $249.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Needham & Company LLC initiated coverage on Flutter Entertainment in a research note on Monday, September 23rd. They issued a “buy” rating and a $270.00 price target on the stock. Finally, Oppenheimer boosted their price objective on Flutter Entertainment from $255.00 to $300.00 and gave the stock an “outperform” rating in a report on Thursday, September 26th. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $275.92.

Flutter Entertainment Trading Up 3.4 %

Shares of Flutter Entertainment stock traded up $7.82 during trading on Wednesday, hitting $235.44. The stock had a trading volume of 2,076,073 shares, compared to its average volume of 1,080,157. The business has a fifty day moving average of $225.23 and a two-hundred day moving average of $204.94. Flutter Entertainment has a fifty-two week low of $148.00 and a fifty-two week high of $252.84.

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

Flutter Entertainment declared that its board has authorized a stock buyback plan on Wednesday, September 25th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 11.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Flutter Entertainment

A number of hedge funds have recently modified their holdings of FLUT. Capital World Investors bought a new position in Flutter Entertainment during the first quarter valued at approximately $2,880,796,000. Capital Research Global Investors bought a new position in shares of Flutter Entertainment during the 1st quarter valued at $2,418,032,000. Vanguard Group Inc. acquired a new stake in shares of Flutter Entertainment in the 1st quarter valued at $1,578,442,000. Capital International Investors bought a new stake in Flutter Entertainment in the first quarter worth $507,170,000. Finally, Marathon Asset Management Ltd acquired a new position in Flutter Entertainment during the third quarter worth $451,631,000.

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.