Flutter Entertainment (NYSE:FLUT) Coverage Initiated by Analysts at UBS Group

UBS Group started coverage on shares of Flutter Entertainment (NYSE:FLUT) in a research note issued to investors on Friday morning, Marketbeat reports. The brokerage issued a buy rating and a $306.00 target price on the stock.

Other research analysts have also recently issued reports about the stock. Susquehanna raised their target price on shares of Flutter Entertainment from $230.00 to $273.00 and gave the stock a “positive” rating in a report on Monday, October 7th. Oppenheimer lifted their price target on shares of Flutter Entertainment from $255.00 to $300.00 and gave the stock an “outperform” rating in a report on Thursday, September 26th. Barclays lifted their target price on shares of Flutter Entertainment from $263.00 to $275.00 and gave the stock an “overweight” rating in a research note on Thursday, September 26th. Moffett Nathanson lifted their price target on shares of Flutter Entertainment from $245.00 to $275.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Finally, BTIG Research lifted their price objective on shares of Flutter Entertainment from $245.00 to $249.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Fourteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $282.54.

Flutter Entertainment Stock Performance

Flutter Entertainment stock opened at $251.13 on Friday. The firm has a 50-day moving average of $229.28 and a 200-day moving average of $207.78. Flutter Entertainment has a one year low of $148.30 and a one year high of $252.84.

Flutter Entertainment (NYSE:FLUT) last released its quarterly earnings results on Tuesday, August 13th. The company reported $2.33 earnings per share for the quarter, beating the consensus estimate 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. Analysts forecast that Flutter Entertainment will post 4.72 EPS for the current year.

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

Hedge Funds Weigh In On Flutter Entertainment

Several institutional investors and hedge funds have recently made changes to their positions in FLUT. Capital World Investors purchased a new position in Flutter Entertainment in the first quarter worth about $2,880,796,000. Capital Research Global Investors purchased a new position in shares of Flutter Entertainment in the first quarter worth $2,418,032,000. Vanguard Group Inc. purchased a new stake in Flutter Entertainment during the first quarter valued at $1,578,442,000. Capital International Investors purchased a new stake in shares of Flutter Entertainment in the first quarter valued at $507,170,000. Finally, Cantillon Capital Management LLC raised its stake in shares of Flutter Entertainment by 3,827.8% in the third quarter. Cantillon Capital Management LLC now owns 2,397,384 shares of the company’s stock valued at $568,851,000 after acquiring an additional 2,336,347 shares during the period.

Flutter Entertainment Company Profile

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.