Needham & Company LLC Initiates Coverage on Flutter Entertainment (NYSE:FLUT)

Equities researchers at Needham & Company LLC assumed coverage on shares of Flutter Entertainment (NYSE:FLUT) in a report released on Monday, Briefing.com reports. The firm set a “buy” rating and a $270.00 price target on the stock. Needham & Company LLC’s target price suggests a potential upside of 16.45% from the company’s current price.

A number of other research firms also recently commented on FLUT. BTIG Research lifted their target price on shares of Flutter Entertainment from $245.00 to $249.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Susquehanna upped their price objective on Flutter Entertainment from $222.00 to $230.00 and gave the company a “positive” rating in a research report on Wednesday, August 14th. Berenberg Bank raised Flutter Entertainment to a “strong-buy” rating in a report on Tuesday, August 27th. Wells Fargo & Company boosted their price target on Flutter Entertainment from $218.00 to $224.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 14th. Finally, Morgan Stanley initiated 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. One equities research analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Flutter Entertainment presently has a consensus rating of “Buy” and a consensus price target of $248.80.

Flutter Entertainment Stock Up 1.1 %

FLUT stock opened at $231.86 on Monday. The stock’s 50 day simple moving average is $206.17 and its 200 day simple moving average is $200.28. Flutter Entertainment has a 12-month low of $148.00 and a 12-month high of $234.54.

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, beating analysts’ consensus estimates of $1.07 by $1.26. The company had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $3.41 billion. As a group, equities research analysts anticipate that Flutter Entertainment will post 4.75 earnings per share for the current year.

Institutional Investors Weigh In On Flutter Entertainment

A number of institutional investors have recently bought and sold shares of the business. Capital World Investors purchased a new stake in shares of Flutter Entertainment during the first quarter worth about $2,880,796,000. Capital Research Global Investors bought a new position in Flutter Entertainment in the 1st quarter worth approximately $2,418,032,000. Vanguard Group Inc. bought a new stake in shares of Flutter Entertainment during the first quarter valued at approximately $1,578,442,000. Hsbc Holdings PLC lifted its holdings in shares of Flutter Entertainment by 10.9% in the second quarter. Hsbc Holdings PLC now owns 6,189,639 shares of the company’s stock worth $1,131,079,000 after buying an additional 608,003 shares in the last quarter. Finally, Capital International Investors bought a new position in shares of Flutter Entertainment during the first quarter worth $507,170,000.

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.