Flutter Entertainment plc (NYSE:FLUT) Sees Significant Decrease in Short Interest

Flutter Entertainment plc (NYSE:FLUT) was the recipient of a significant decrease in short interest in the month of October. As of October 15th, there was short interest totalling 3,280,000 shares, a decrease of 7.9% from the September 30th total of 3,560,000 shares. Based on an average daily trading volume, of 2,080,000 shares, the short-interest ratio is presently 1.6 days. Currently, 4.2% of the shares of the company are short sold.

Hedge Funds Weigh In On Flutter Entertainment

Large investors have recently bought and sold shares of the company. Hollencrest Capital Management acquired a new position in shares of Flutter Entertainment in the first quarter valued at approximately $28,000. Rothschild Investment LLC bought a new position in shares of Flutter Entertainment during the second quarter valued at $37,000. CWM LLC bought a new position in shares of Flutter Entertainment during the second quarter valued at $40,000. US Bancorp DE lifted its holdings in shares of Flutter Entertainment by 71.7% during the third quarter. US Bancorp DE now owns 237 shares of the company’s stock worth $56,000 after purchasing an additional 99 shares during the period. Finally, Hilltop National Bank bought a new stake in shares of Flutter Entertainment in the second quarter worth $101,000.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. JMP Securities raised their price target on Flutter Entertainment from $255.00 to $287.00 and gave the company a “market outperform” rating in a report on Monday, October 14th. Craig Hallum lifted their target price on shares of Flutter Entertainment from $240.00 to $275.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. BTIG Research increased their price target on shares of Flutter Entertainment from $245.00 to $249.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Benchmark restated a “buy” rating and set a $265.00 price objective on shares of Flutter Entertainment in a report on Monday, October 14th. Finally, Needham & Company LLC began coverage on Flutter Entertainment in a research note on Monday, September 23rd. They set a “buy” rating and a $270.00 target price on the stock. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $275.92.

Flutter Entertainment Stock Down 1.7 %

Shares of NYSE FLUT traded down $4.06 during mid-day trading on Thursday, reaching $232.75. The company had a trading volume of 1,329,636 shares, compared to its average volume of 1,086,362. The business’s 50-day simple moving average is $226.23 and its 200 day simple moving average is $205.35. Flutter Entertainment has a one year low of $148.00 and a one year high of $252.84.

Flutter Entertainment (NYSE:FLUT) last announced its quarterly earnings data on Tuesday, August 13th. The company reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.07 by $1.26. The firm had revenue of $3.61 billion for the quarter, compared to analyst estimates of $3.41 billion. Sell-side analysts forecast that Flutter Entertainment will post 4.75 earnings per share for the current fiscal year.

Flutter Entertainment announced that its board has authorized a stock repurchase plan on Wednesday, September 25th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 11.7% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is 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.