Flutter Entertainment (NYSE:FLUT) Hits New 52-Week High – Here’s What Happened

Flutter Entertainment plc (NYSE:FLUT)’s stock price reached a new 52-week high on Tuesday . The company traded as high as $281.30 and last traded at $280.90, with a volume of 227422 shares. The stock had previously closed at $278.00.

Analyst Ratings Changes

A number of brokerages recently weighed in on FLUT. UBS Group upped their price objective on Flutter Entertainment from $308.00 to $320.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Berenberg Bank upgraded shares of Flutter Entertainment to a “strong-buy” rating in a research note on Tuesday, August 27th. Oppenheimer increased their price target on shares of Flutter Entertainment from $300.00 to $305.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Bank of America initiated coverage on shares of Flutter Entertainment in a research report on Monday, October 14th. They set a “buy” rating and a $300.00 price objective for the company. Finally, BTIG Research increased their target price on shares of Flutter Entertainment from $249.00 to $305.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Fifteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Flutter Entertainment has a consensus rating of “Buy” and an average price target of $298.79.

Flutter Entertainment Price Performance

The firm has a 50-day moving average price of $244.29 and a 200 day moving average price of $215.69.

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

Institutional Trading of Flutter Entertainment

Institutional investors have recently modified their holdings of the company. Hilltop National Bank bought a new position in shares of Flutter Entertainment in the second quarter valued at $101,000. CWM LLC acquired a new position in shares of Flutter Entertainment in the second quarter worth about $40,000. Simplicity Wealth LLC increased its position in shares of Flutter Entertainment by 44.6% in the second quarter. Simplicity Wealth LLC now owns 2,959 shares of the company’s stock worth $540,000 after acquiring an additional 912 shares in the last quarter. Artemis Investment Management LLP raised its holdings in shares of Flutter Entertainment by 115.4% during the second quarter. Artemis Investment Management LLP now owns 319,944 shares of the company’s stock valued at $58,494,000 after acquiring an additional 171,414 shares during the period. Finally, Dnca Finance purchased a new stake in shares of Flutter Entertainment in the 2nd quarter valued at approximately $98,147,000.

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.