Flutter Entertainment (NYSE:FLUT) Raised to “Overweight” at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Flutter Entertainment (NYSE:FLUT) from an equal weight rating to an overweight rating in a research report sent to investors on Monday, MarketBeat Ratings reports. They currently have $295.00 target price on the stock, up from their previous target price of $224.00.

A number of other equities research analysts have also recently issued reports on FLUT. 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 target price on the stock. BTIG Research boosted their target price on shares of Flutter Entertainment from $245.00 to $249.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Morgan Stanley initiated coverage on shares of Flutter Entertainment in a research note on Thursday, August 22nd. They issued an “overweight” rating and a $247.00 price target on the stock. Berenberg Bank upgraded Flutter Entertainment to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, Benchmark raised their target price on Flutter Entertainment from $255.00 to $265.00 and gave the company a “buy” rating in a research 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. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $275.92.

Flutter Entertainment Stock Up 0.9 %

NYSE FLUT opened at $227.97 on Monday. Flutter Entertainment has a one year low of $148.00 and a one year high of $252.84. The company has a 50-day simple moving average of $219.93 and a 200-day simple moving average of $202.74.

Flutter Entertainment (NYSE:FLUT) last issued its earnings results on Tuesday, August 13th. The company reported $2.33 EPS for the quarter, beating analysts’ consensus estimates 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. As a group, equities analysts anticipate that Flutter Entertainment will post 4.75 earnings per share for the current year.

Flutter Entertainment announced that its board has approved a share buyback program on Wednesday, September 25th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 11.7% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

Institutional Trading of Flutter Entertainment

Institutional investors have recently modified their holdings of the company. Capital World Investors bought a new stake in Flutter Entertainment in the first quarter worth about $2,880,796,000. Capital Research Global Investors acquired a new stake in Flutter Entertainment during the first quarter valued at approximately $2,418,032,000. Vanguard Group Inc. bought a new stake in Flutter Entertainment during the first quarter worth approximately $1,578,442,000. Capital International Investors acquired a new position in Flutter Entertainment in the first quarter worth approximately $507,170,000. Finally, Marshall Wace LLP increased its holdings in shares of Flutter Entertainment by 339.2% in the second quarter. Marshall Wace LLP now owns 1,076,739 shares of the company’s stock valued at $196,354,000 after buying 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.