Flutter Entertainment’s (FLUT) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Flutter Entertainment (NYSE:FLUT) in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $300.00 target price on the stock.

Several other research analysts also recently weighed in on the company. JMP Securities boosted their price target on Flutter Entertainment from $299.00 to $311.00 and gave the company a “market outperform” rating in a report on Monday, January 6th. Benchmark increased their target price on Flutter Entertainment from $265.00 to $275.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. BTIG Research raised their price target on Flutter Entertainment from $249.00 to $305.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. Bank of America started coverage on shares of Flutter Entertainment in a research report on Monday, October 14th. They issued a “buy” rating and a $300.00 target price on the stock. Finally, Macquarie began coverage on Flutter Entertainment in a research report on Wednesday, December 11th. They issued an “outperform” rating and a $340.00 target price on the stock. Sixteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $303.40.

Flutter Entertainment Trading Down 0.7 %

Shares of NYSE FLUT opened at $254.08 on Wednesday. The company has a 50-day simple moving average of $263.56 and a 200-day simple moving average of $230.27. Flutter Entertainment has a 12 month low of $158.43 and a 12 month high of $284.79.

Flutter Entertainment announced that its board has initiated a stock buyback program on Wednesday, September 25th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the company to buy up to 11.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Flutter Entertainment

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Lord Abbett & CO. LLC purchased a new stake in shares of Flutter Entertainment during the third quarter worth about $24,464,000. Sanctuary Advisors LLC purchased a new stake in Flutter Entertainment during the 3rd quarter worth approximately $802,000. Virtu Financial LLC raised its position in shares of Flutter Entertainment by 56.2% in the 3rd quarter. Virtu Financial LLC now owns 7,371 shares of the company’s stock valued at $1,749,000 after purchasing an additional 2,652 shares in the last quarter. Hohimer Wealth Management LLC boosted its stake in shares of Flutter Entertainment by 3.4% during the 3rd quarter. Hohimer Wealth Management LLC now owns 5,506 shares of the company’s stock valued at $1,306,000 after buying an additional 181 shares during the last quarter. Finally, Geode Capital Management LLC acquired a new stake in shares of Flutter Entertainment during the third quarter worth approximately $436,599,000.

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.