The Goldman Sachs Group Begins Coverage on Flutter Entertainment (NYSE:FLUT)

Research analysts at The Goldman Sachs Group assumed coverage on shares of Flutter Entertainment (NYSE:FLUT) in a research report issued to clients and investors on Friday, MarketBeat.com reports. The firm set a “buy” rating and a $320.00 price target on the stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 16.14% from the company’s previous close.

Other equities analysts have also issued research reports about the company. Barclays lifted their price target on Flutter Entertainment from $275.00 to $301.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Morgan Stanley initiated coverage on shares of Flutter Entertainment in a research report on Thursday, August 22nd. They issued an “overweight” rating and a $247.00 target price on the stock. Wells Fargo & Company upped their price target on shares of Flutter Entertainment from $295.00 to $300.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. UBS Group started coverage on Flutter Entertainment in a research note on Friday, November 8th. They issued a “buy” rating and a $306.00 price objective for the company. Finally, Bank of America began coverage on shares of Flutter Entertainment in a research note on Monday, October 14th. They set a “buy” rating and a $300.00 target price on the stock. Fifteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $297.79.

Flutter Entertainment Stock Performance

FLUT stock opened at $275.52 on Friday. Flutter Entertainment has a one year low of $150.65 and a one year high of $275.63. The firm’s fifty day moving average is $238.69 and its 200 day moving average is $212.59.

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Hsbc Holdings PLC raised its position in Flutter Entertainment by 10.9% in the second quarter. Hsbc Holdings PLC now owns 6,189,639 shares of the company’s stock valued at $1,131,079,000 after purchasing an additional 608,003 shares during the period. Massachusetts Financial Services Co. MA purchased a new stake in Flutter Entertainment in the 3rd quarter valued at about $849,474,000. FMR LLC raised its holdings in Flutter Entertainment by 13.2% in the 3rd 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 during the period. Bank of Montreal Can lifted 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 buying an additional 3,019,376 shares during the last quarter. Finally, Cantillon Capital Management LLC boosted 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 buying 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.