Flutter Entertainment (NYSE:FLUT) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Flutter Entertainment (NYSE:FLUT) had its price objective hoisted by Needham & Company LLC from $270.00 to $300.00 in a report issued on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other brokerages have also weighed in on FLUT. Bank of America began coverage on Flutter Entertainment in a research report on Monday, October 14th. They issued a “buy” rating and a $300.00 price objective for the company. Susquehanna raised their price objective on Flutter Entertainment from $273.00 to $286.00 and gave the stock a “positive” rating in a research report on Wednesday. Wells Fargo & Company upped their target price on shares of Flutter Entertainment from $295.00 to $300.00 and gave the company an “overweight” rating in a research report on Wednesday. Barclays lifted their price target on shares of Flutter Entertainment from $275.00 to $301.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Benchmark upped their price objective on shares of Flutter Entertainment from $265.00 to $275.00 and gave the stock a “buy” rating in a report on Wednesday. Fourteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $296.08.

Flutter Entertainment Price Performance

Shares of FLUT opened at $265.44 on Wednesday. The firm has a 50-day moving average price of $233.95 and a 200 day moving average price of $210.01. Flutter Entertainment has a 12-month low of $149.00 and a 12-month high of $269.90.

Flutter Entertainment (NYSE:FLUT) last announced its quarterly earnings results 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. On average, sell-side analysts anticipate that Flutter Entertainment will post 4.65 earnings per share for the current year.

Flutter Entertainment announced that its Board of Directors has authorized a stock buyback program on Wednesday, September 25th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 11.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Flutter Entertainment

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Rothschild Investment LLC acquired a new stake in Flutter Entertainment in the second quarter valued at approximately $37,000. CWM LLC purchased a new stake in shares of Flutter Entertainment in the 2nd quarter valued at approximately $40,000. US Bancorp DE lifted its position in shares of Flutter Entertainment by 71.7% during the 3rd quarter. US Bancorp DE now owns 237 shares of the company’s stock worth $56,000 after purchasing an additional 99 shares during the last quarter. Venturi Wealth Management LLC purchased a new stake in shares of Flutter Entertainment during the 3rd quarter worth $82,000. Finally, Hilltop National Bank acquired a new position in shares of Flutter Entertainment during the second quarter worth $101,000.

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.