Flutter Entertainment’s (FLUT) Market Outperform Rating Reiterated at JMP Securities

JMP Securities restated their market outperform rating on shares of Flutter Entertainment (NYSE:FLUT) in a report released on Thursday, Benzinga reports. They currently have a $255.00 price target on the stock.

Several other brokerages have also recently weighed in on FLUT. Benchmark boosted their target price on Flutter Entertainment from $255.00 to $265.00 and gave the stock a buy rating in a report on Thursday. Needham & Company LLC initiated coverage on Flutter Entertainment in a report on Monday, September 23rd. They set a buy rating and a $270.00 target price on the stock. Oppenheimer boosted their target price on Flutter Entertainment from $255.00 to $300.00 and gave the stock an outperform rating in a report on Thursday. Moffett Nathanson boosted their target price on Flutter Entertainment from $245.00 to $275.00 and gave the stock a buy rating in a report on Thursday. Finally, Wells Fargo & Company boosted their target price on Flutter Entertainment from $218.00 to $224.00 and gave the stock an equal weight rating in a report on Wednesday, August 14th. One equities research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Buy and a consensus price target of $260.45.

Flutter Entertainment Trading Down 2.3 %

NYSE:FLUT opened at $238.33 on Thursday. Flutter Entertainment has a 12 month low of $148.00 and a 12 month high of $252.84. The stock has a 50 day moving average of $209.39 and a two-hundred day moving average of $200.98.

Flutter Entertainment (NYSE:FLUT) last posted its quarterly earnings data on Tuesday, August 13th. The company reported $2.33 EPS for the quarter, topping the consensus estimate of $1.07 by $1.26. The firm had revenue of $3.61 billion for the quarter, compared to analysts’ expectations 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 declared that its board has approved a share repurchase program 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 stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in FLUT. Capital World Investors acquired a new position in Flutter Entertainment during the first quarter worth $2,880,796,000. Capital Research Global Investors acquired a new position in Flutter Entertainment during the first quarter worth $2,418,032,000. Vanguard Group Inc. acquired a new position in Flutter Entertainment during the first quarter worth $1,578,442,000. Capital International Investors acquired a new position in Flutter Entertainment during the first quarter worth $507,170,000. Finally, Marshall Wace LLP lifted its stake in Flutter Entertainment by 339.2% during the second 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 in 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.