Flutter Entertainment (NYSE:FLUT) Coverage Initiated at Bank of America

Equities research analysts at Bank of America assumed coverage on shares of Flutter Entertainment (NYSE:FLUT) in a research note issued to investors on Monday, Marketbeat reports. The firm set a “buy” rating and a $300.00 price target on the stock. Bank of America‘s price objective would suggest a potential upside of 32.77% from the company’s previous close.

A number of other equities research analysts have also recently commented on FLUT. Susquehanna increased their target price on shares of Flutter Entertainment from $230.00 to $273.00 and gave the company a “positive” rating in a research report on Monday, October 7th. Moffett Nathanson raised their price objective on Flutter Entertainment from $245.00 to $275.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Wells Fargo & Company raised Flutter Entertainment from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $224.00 to $295.00 in a research report on Monday. Morgan Stanley started coverage on Flutter Entertainment in a report on Thursday, August 22nd. They issued an “overweight” rating and a $247.00 price target for the company. Finally, Needham & Company LLC assumed coverage on shares of Flutter Entertainment in a research report on Monday, September 23rd. They issued a “buy” rating and a $270.00 price objective for the company. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $275.92.

Flutter Entertainment Trading Down 1.8 %

NYSE:FLUT opened at $225.96 on Monday. The stock has a fifty day simple moving average of $218.99 and a 200-day simple moving average of $202.57. Flutter Entertainment has a twelve month low of $148.00 and a twelve month high of $252.84.

Flutter Entertainment (NYSE:FLUT) last posted its quarterly earnings results on Tuesday, August 13th. The company reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.07 by $1.26. The firm had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $3.41 billion. Research analysts forecast that Flutter Entertainment will post 4.75 earnings per share for the current fiscal year.

Flutter Entertainment declared that its board has authorized a share buyback program on Wednesday, September 25th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 11.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Flutter Entertainment

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

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.