Flutter Entertainment (NYSE:FLUT) Research Coverage Started at Needham & Company LLC

Needham & Company LLC initiated coverage on shares of Flutter Entertainment (NYSE:FLUT) in a research note released on Monday, MarketBeat.com reports. The brokerage issued a buy rating and a $270.00 price target on the stock.

FLUT has been the topic of a number of other reports. JMP Securities reaffirmed a market outperform rating and set a $255.00 price target on shares of Flutter Entertainment in a research report on Wednesday, September 18th. Berenberg Bank upgraded shares of Flutter Entertainment to a strong-buy rating in a report on Tuesday, August 27th. Benchmark reiterated a buy rating and issued a $255.00 price target on shares of Flutter Entertainment in a report on Wednesday, August 14th. Wells Fargo & Company boosted their price objective on Flutter Entertainment from $218.00 to $224.00 and gave the stock an equal weight rating in a research note on Wednesday, August 14th. Finally, BTIG Research upped their target price on Flutter Entertainment from $245.00 to $249.00 and gave the stock a buy rating in a research report on Wednesday, August 14th. One investment analyst has rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Flutter Entertainment currently has a consensus rating of Buy and a consensus target price of $248.80.

Flutter Entertainment Stock Performance

FLUT stock opened at $239.84 on Monday. The business has a fifty day simple moving average of $207.75 and a 200-day simple moving average of $200.69. Flutter Entertainment has a 52 week low of $148.00 and a 52 week high of $252.84.

Flutter Entertainment (NYSE:FLUT) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $2.33 EPS for the quarter, topping the consensus estimate 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. Research analysts expect that Flutter Entertainment will post 4.75 EPS for the current year.

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

Institutional Investors Weigh In On Flutter Entertainment

Several hedge funds and other institutional investors have recently bought and sold shares of FLUT. Capital World Investors bought a new stake in shares of Flutter Entertainment in the first quarter worth $2,880,796,000. Capital Research Global Investors bought a new stake in shares of Flutter Entertainment in the 1st quarter worth about $2,418,032,000. Vanguard Group Inc. acquired a new stake in shares of Flutter Entertainment in the 1st quarter valued at about $1,578,442,000. Hsbc Holdings PLC lifted its position in shares of Flutter Entertainment by 10.9% during the second quarter. Hsbc Holdings PLC now owns 6,189,639 shares of the company’s stock worth $1,131,079,000 after purchasing an additional 608,003 shares during the last quarter. Finally, Capital International Investors acquired a new position in Flutter Entertainment in the first quarter worth about $507,170,000.

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.