Flutter Entertainment (NYSE:FLUT) Given “Buy” Rating at Benchmark

Benchmark restated their buy rating on shares of Flutter Entertainment (NYSE:FLUT) in a research note published on Monday, Benzinga reports. The brokerage currently has a $265.00 price objective on the stock.

Several other equities analysts have also recently commented on the stock. Wells Fargo & Company upgraded shares of 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 note on Monday. Berenberg Bank upgraded shares of Flutter Entertainment to a “strong-buy” rating in a research note on Tuesday, August 27th. Needham & Company LLC began coverage on shares of Flutter Entertainment in a research note on Monday, September 23rd. They issued a “buy” rating and a $270.00 price objective for the company. Susquehanna increased their price objective on shares of Flutter Entertainment from $230.00 to $273.00 and gave the company a “positive” rating in a research note on Monday, October 7th. Finally, Moffett Nathanson increased their price objective 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. Thirteen research 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.com, the company presently has a consensus rating of “Buy” and a consensus price target of $275.92.

Flutter Entertainment Stock Up 0.9 %

NYSE FLUT opened at $227.97 on Monday. The company has a fifty day simple moving average of $219.93 and a 200 day simple moving average of $202.74. Flutter Entertainment has a 1 year low of $148.00 and a 1 year high of $252.84.

Flutter Entertainment (NYSE:FLUT) last released its earnings results on Tuesday, August 13th. The company reported $2.33 EPS for the quarter, beating the consensus estimate of $1.07 by $1.26. The company had revenue of $3.61 billion for the quarter, compared to analyst estimates of $3.41 billion. On average, sell-side analysts expect that Flutter Entertainment will post 4.75 earnings per share for the current fiscal year.

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Capital World Investors acquired a new stake in Flutter Entertainment in the 1st quarter valued at about $2,880,796,000. Capital Research Global Investors bought a new stake in shares of Flutter Entertainment during the first quarter valued at approximately $2,418,032,000. Vanguard Group Inc. acquired a new stake in shares of Flutter Entertainment in the first quarter valued at approximately $1,578,442,000. Capital International Investors bought a new position in Flutter Entertainment in the 1st quarter worth approximately $507,170,000. Finally, Marshall Wace LLP raised its position in Flutter Entertainment by 339.2% in the 2nd quarter. Marshall Wace LLP now owns 1,076,739 shares of the company’s stock worth $196,354,000 after purchasing an additional 831,585 shares during the last quarter.

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.