Flutter Entertainment (NYSE:FLUT) Shares Gap Up on Analyst Upgrade

Flutter Entertainment plc (NYSE:FLUT)’s stock price gapped up before the market opened on Monday after JMP Securities raised their price target on the stock from $255.00 to $287.00. The stock had previously closed at $219.50, but opened at $231.75. JMP Securities currently has a market outperform rating on the stock. Flutter Entertainment shares last traded at $228.75, with a volume of 940,704 shares.

Several other brokerages have also recently weighed in on FLUT. Morgan Stanley assumed coverage on Flutter Entertainment in a report on Thursday, August 22nd. They issued an “overweight” rating and a $247.00 price objective for the company. Needham & Company LLC started coverage on Flutter Entertainment in a report on Monday, September 23rd. They issued a “buy” rating and a $270.00 price objective for the company. Wells Fargo & Company raised Flutter Entertainment from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $224.00 to $295.00 in a report on Monday. Barclays boosted their price target on Flutter Entertainment from $263.00 to $275.00 and gave the stock an “overweight” rating in a report on Thursday, September 26th. Finally, Oppenheimer boosted their price target on Flutter Entertainment from $255.00 to $300.00 and gave the stock an “outperform” rating in a report on Thursday, September 26th. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $275.92.

Institutional Investors Weigh In On Flutter Entertainment

A number of hedge funds and other institutional investors have recently bought and sold shares of FLUT. Artemis Investment Management LLP bought a new stake in Flutter Entertainment during the 1st quarter worth $29,611,000. Allspring Global Investments Holdings LLC bought a new stake in Flutter Entertainment during the 1st quarter worth $7,319,000. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in Flutter Entertainment during the 1st quarter worth $70,371,000. Financial Perspectives Inc bought a new stake in shares of Flutter Entertainment in the 1st quarter valued at about $102,000. Finally, Yousif Capital Management LLC bought a new stake in shares of Flutter Entertainment in the 1st quarter valued at about $649,000.

Flutter Entertainment Price Performance

The business has a 50-day simple moving average of $218.99 and a 200 day simple moving average of $202.57.

Flutter Entertainment (NYSE:FLUT) last released its quarterly 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 the consensus estimate of $3.41 billion. On average, equities research analysts expect that Flutter Entertainment plc will post 4.75 earnings per share for the current fiscal year.

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

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.