Flutter Entertainment (NYSE:FLUT) Research Coverage Started at Macquarie

Macquarie started coverage on shares of Flutter Entertainment (NYSE:FLUT) in a report issued on Wednesday morning, MarketBeat reports. The firm issued an outperform rating and a $340.00 target price on the stock.

A number of other analysts have also recently issued reports on the company. UBS Group raised their price objective on Flutter Entertainment from $308.00 to $320.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Moffett Nathanson raised their price target on Flutter Entertainment from $245.00 to $275.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Morgan Stanley began coverage on shares of Flutter Entertainment in a report on Thursday, August 22nd. They issued an “overweight” rating and a $247.00 price objective on the stock. Benchmark raised their target price on shares of Flutter Entertainment from $265.00 to $275.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, Barclays upped their price target on shares of Flutter Entertainment from $275.00 to $301.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Sixteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $301.53.

Flutter Entertainment Stock Down 1.3 %

Shares of FLUT stock opened at $277.51 on Wednesday. Flutter Entertainment has a 52-week low of $158.43 and a 52-week high of $284.79. The firm’s 50-day moving average is $250.99 and its 200-day moving average is $219.56.

Flutter Entertainment declared that its Board of Directors has approved a share buyback program 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 programs are usually a sign that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Flutter Entertainment

Institutional investors and hedge funds have recently bought and sold shares of the company. Hsbc Holdings PLC lifted its stake in Flutter Entertainment by 10.9% during the second quarter. Hsbc Holdings PLC now owns 6,189,639 shares of the company’s stock worth $1,131,079,000 after purchasing an additional 608,003 shares during the last quarter. Massachusetts Financial Services Co. MA bought a new stake in shares of Flutter Entertainment during the 3rd quarter worth $849,474,000. FMR LLC boosted its stake in Flutter Entertainment by 13.2% in the third quarter. FMR LLC now owns 3,375,670 shares of the company’s stock valued at $794,362,000 after buying an additional 393,122 shares in the last quarter. Bank of Montreal Can grew its position in Flutter Entertainment by 868.5% in the third quarter. Bank of Montreal Can now owns 3,367,022 shares of the company’s stock valued at $798,927,000 after acquiring an additional 3,019,376 shares during the last quarter. Finally, Cantillon Capital Management LLC raised its stake in Flutter Entertainment by 3,827.8% during the third quarter. Cantillon Capital Management LLC now owns 2,397,384 shares of the company’s stock worth $568,851,000 after acquiring an additional 2,336,347 shares in the last quarter.

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.