Flutter Entertainment (NYSE:FLUT) Given New $287.00 Price Target at JMP Securities

Flutter Entertainment (NYSE:FLUT) had its target price raised by JMP Securities from $255.00 to $287.00 in a report published on Monday morning, Benzinga reports. The brokerage currently has a market outperform rating on the stock.

A number of other brokerages have also recently weighed in on FLUT. Barclays raised their price objective on Flutter Entertainment from $263.00 to $275.00 and gave the company an “overweight” rating in a report on Thursday, September 26th. Susquehanna lifted their price objective on Flutter Entertainment from $230.00 to $273.00 and gave the stock a “positive” rating in a report on Monday, October 7th. Wells Fargo & Company raised Flutter Entertainment from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $224.00 to $295.00 in a research note on Monday. Berenberg Bank raised shares of Flutter Entertainment to a “strong-buy” rating in a research note on Tuesday, August 27th. Finally, Benchmark increased their target price on Flutter Entertainment from $255.00 to $265.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Thirteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $275.92.

Flutter Entertainment Stock Up 2.9 %

Flutter Entertainment stock opened at $234.65 on Monday. The firm’s 50 day simple moving average is $220.80 and its 200 day simple moving average is $202.97. 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 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 business had revenue of $3.61 billion during the quarter, compared to analysts’ expectations of $3.41 billion. As a group, analysts predict that Flutter Entertainment will post 4.75 earnings per share for the current year.

Flutter Entertainment announced that its Board of Directors 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 purchase up to 11.7% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Institutional Trading of Flutter Entertainment

A number of institutional investors and hedge funds have recently modified their holdings of the business. Capital World Investors bought a new stake in Flutter Entertainment in the 1st quarter worth approximately $2,880,796,000. Capital Research Global Investors bought a new position in Flutter Entertainment in the 1st quarter worth $2,418,032,000. Vanguard Group Inc. purchased a new stake in Flutter Entertainment in the 1st quarter worth $1,578,442,000. Hsbc Holdings PLC raised its holdings in Flutter Entertainment by 10.9% during the second quarter. Hsbc Holdings PLC now owns 6,189,639 shares of the company’s stock valued at $1,131,079,000 after acquiring an additional 608,003 shares during the period. Finally, Capital International Investors bought a new stake in Flutter Entertainment during the first quarter valued at about $507,170,000.

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.