Wells Fargo & Company Upgrades Flutter Entertainment (NYSE:FLUT) to “Overweight”

Flutter Entertainment (NYSE:FLUT) was upgraded by stock analysts at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a research report issued on Monday, Briefing.com reports. The firm presently has a $295.00 price target on the stock, up from their previous price target of $224.00. Wells Fargo & Company‘s target price would suggest a potential upside of 34.40% from the company’s current price.

A number of other equities analysts have also recently commented on FLUT. Needham & Company LLC began coverage on Flutter Entertainment in a report on Monday, September 23rd. They set a “buy” rating and a $270.00 target price for the company. JMP Securities restated a “market outperform” rating and set a $255.00 target price on shares of Flutter Entertainment in a report on Thursday, September 26th. Morgan Stanley began coverage on Flutter Entertainment in a research note on Thursday, August 22nd. They issued an “overweight” rating and a $247.00 price objective for the company. Susquehanna lifted their price objective on Flutter Entertainment from $230.00 to $273.00 and gave the company a “positive” rating in a research note on Monday, October 7th. Finally, BTIG Research lifted their price objective on Flutter Entertainment from $245.00 to $249.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Twelve research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Flutter Entertainment presently has a consensus rating of “Buy” and an average target price of $270.82.

Flutter Entertainment Price Performance

Shares of NYSE:FLUT opened at $219.50 on Monday. The business has a 50-day moving average price of $217.13 and a 200 day moving average price of $202.14. Flutter Entertainment has a 12-month low of $148.00 and a 12-month high of $252.84.

Flutter Entertainment (NYSE:FLUT) last announced its earnings results on Tuesday, August 13th. The company reported $2.33 EPS for the quarter, beating analysts’ consensus estimates 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. Equities analysts predict that Flutter Entertainment will post 4.75 earnings per share for the current fiscal year.

Flutter Entertainment declared that its board has approved a stock 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 buy up to 11.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in FLUT. Hollencrest Capital Management acquired a new position in shares of Flutter Entertainment in the first quarter valued at approximately $28,000. Rothschild Investment LLC purchased a new stake in shares of Flutter Entertainment in the second quarter valued at approximately $37,000. CWM LLC purchased a new stake in shares of Flutter Entertainment in the second quarter valued at approximately $40,000. Financial Perspectives Inc purchased a new stake in shares of Flutter Entertainment in the first quarter valued at approximately $102,000. Finally, Hilltop National Bank purchased a new stake in shares of Flutter Entertainment in the second quarter valued at approximately $101,000.

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.