Flutter Entertainment (NYSE:FLUT) Price Target Raised to $275.00 at Barclays

Flutter Entertainment (NYSE:FLUT) had its target price hoisted by investment analysts at Barclays from $263.00 to $275.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price target would suggest a potential upside of 11.03% from the stock’s current price.

A number of other research firms have also issued reports on FLUT. Susquehanna upped their target price on Flutter Entertainment from $222.00 to $230.00 and gave the company a “positive” rating in a research note on Wednesday, August 14th. BTIG Research upped their target price on Flutter Entertainment from $245.00 to $249.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Oppenheimer upped their target price on Flutter Entertainment from $255.00 to $300.00 and gave the company an “outperform” rating in a research note on Thursday. Berenberg Bank upgraded Flutter Entertainment to a “strong-buy” rating in a report on Tuesday, August 27th. Finally, Needham & Company LLC began coverage on Flutter Entertainment in a report on Monday. They issued a “buy” rating and a $270.00 price target for the company. One analyst has rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $259.00.

Flutter Entertainment Price Performance

Shares of NYSE:FLUT traded up $7.83 during trading on Thursday, hitting $247.69. 909,196 shares of the stock were exchanged, compared to its average volume of 1,016,372. The company has a fifty day moving average price of $207.75 and a two-hundred day moving average price of $200.69. Flutter Entertainment has a 12-month low of $148.00 and a 12-month 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 analysts’ expectations of $3.41 billion. As a group, equities analysts forecast that Flutter Entertainment will post 4.75 earnings per share for the current fiscal year.

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

Hedge Funds Weigh In On Flutter Entertainment

Several large investors have recently modified their holdings of the stock. Maven Securities LTD bought a new position in shares of Flutter Entertainment during the second quarter worth about $894,000. Susquehanna International Group Ltd. lifted its holdings in Flutter Entertainment by 124.2% in the second quarter. Susquehanna International Group Ltd. now owns 56,534 shares of the company’s stock worth $10,310,000 after acquiring an additional 31,322 shares during the last quarter. Scientech Research LLC acquired a new stake in shares of Flutter Entertainment in the second quarter valued at approximately $993,000. Sender Co & Partners Inc. acquired a new stake in shares of Flutter Entertainment in the second quarter valued at approximately $1,083,000. Finally, Mackenzie Financial Corp increased its stake in shares of Flutter Entertainment by 168.9% in the second quarter. Mackenzie Financial Corp now owns 11,918 shares of the company’s stock valued at $2,177,000 after purchasing an additional 7,486 shares during the period.

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.