Flutter Entertainment (NYSE:FLUT) Stock Price Expected to Rise, JMP Securities Analyst Says

Flutter Entertainment (NYSE:FLUT) had its price objective increased by equities research analysts at JMP Securities from $287.00 to $299.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. JMP Securities’ target price would suggest a potential upside of 11.99% from the stock’s previous close.

FLUT has been the subject of a number of other reports. Morgan Stanley initiated coverage on shares of Flutter Entertainment in a report on Thursday, August 22nd. They issued an “overweight” rating and a $247.00 price objective for the company. Susquehanna upped their price target on shares of Flutter Entertainment from $273.00 to $286.00 and gave the company a “positive” rating in a research report on Wednesday. Oppenheimer lifted their price objective on Flutter Entertainment from $300.00 to $305.00 and gave the stock an “outperform” rating in a report on Wednesday. Moffett Nathanson increased their target price on Flutter Entertainment from $245.00 to $275.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Finally, 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 price target on the stock. Fourteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $296.08.

Flutter Entertainment Stock Performance

Flutter Entertainment stock opened at $267.00 on Wednesday. Flutter Entertainment has a fifty-two week low of $149.00 and a fifty-two week high of $269.90. The firm’s fifty day moving average price is $231.87 and its 200-day moving average price is $209.07.

Flutter Entertainment (NYSE:FLUT) last announced its quarterly earnings data 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 firm had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $3.41 billion. On average, equities analysts forecast that Flutter Entertainment will post 4.65 earnings per share for the current year.

Flutter Entertainment announced that its board has approved a stock buyback program on Wednesday, September 25th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 11.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in FLUT. Capital World Investors bought a new stake in Flutter Entertainment during the first quarter worth about $2,880,796,000. Capital Research Global Investors bought a new stake in shares of Flutter Entertainment in the 1st quarter worth approximately $2,418,032,000. Vanguard Group Inc. purchased a new stake in shares of Flutter Entertainment in the 1st quarter worth approximately $1,578,442,000. Massachusetts Financial Services Co. MA bought a new position in Flutter Entertainment during the 3rd quarter valued at approximately $849,474,000. Finally, Bank of Montreal Can raised its stake in Flutter Entertainment by 868.5% during the third quarter. Bank of Montreal Can now owns 3,367,022 shares of the company’s stock valued at $798,927,000 after buying an additional 3,019,376 shares during the last quarter.

Flutter Entertainment Company Profile

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.