Flutter Entertainment plc (NYSE:FLUT) Receives Average Rating of “Buy” from Brokerages

Shares of Flutter Entertainment plc (NYSE:FLUT) have earned an average recommendation of “Buy” from the seventeen brokerages that are presently covering the company, MarketBeat reports. Sixteen analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $301.53.

Several analysts recently weighed in on the stock. Macquarie initiated coverage on shares of Flutter Entertainment in a research note on Wednesday, December 11th. They issued an “outperform” rating and a $340.00 price objective on the stock. The Goldman Sachs Group began coverage on Flutter Entertainment in a research report on Friday, November 22nd. They issued a “buy” rating and a $320.00 price target on the stock. BTIG Research raised their price objective on Flutter Entertainment from $249.00 to $305.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Susquehanna lifted their price objective on Flutter Entertainment from $273.00 to $286.00 and gave the stock a “positive” rating in a research note on Wednesday, November 13th. Finally, UBS Group increased their target price on shares of Flutter Entertainment from $308.00 to $320.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th.

Flutter Entertainment Price Performance

FLUT opened at $261.80 on Monday. Flutter Entertainment has a fifty-two week low of $158.43 and a fifty-two week high of $284.79. The company’s 50 day moving average price is $258.33 and its two-hundred day moving average price is $225.32.

Flutter Entertainment announced that its Board of Directors has approved a share repurchase plan on Wednesday, September 25th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the company to repurchase up to 11.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Lord Abbett & CO. LLC acquired a new position in shares of Flutter Entertainment during the third quarter worth approximately $24,464,000. Sanctuary Advisors LLC acquired a new position in Flutter Entertainment during the third quarter worth $802,000. Virtu Financial LLC lifted its stake in shares of Flutter Entertainment by 56.2% in the third quarter. Virtu Financial LLC now owns 7,371 shares of the company’s stock valued at $1,749,000 after buying an additional 2,652 shares in the last quarter. Hohimer Wealth Management LLC grew its holdings in shares of Flutter Entertainment by 3.4% during the third quarter. Hohimer Wealth Management LLC now owns 5,506 shares of the company’s stock valued at $1,306,000 after buying an additional 181 shares during the last quarter. Finally, Geode Capital Management LLC acquired a new position in shares of Flutter Entertainment during the third quarter valued at about $436,599,000.

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.