Flutter Entertainment plc (NYSE:FLUT) Short Interest Update

Flutter Entertainment plc (NYSE:FLUT) was the target of a large growth in short interest during the month of September. As of September 30th, there was short interest totalling 3,560,000 shares, a growth of 6.6% from the September 15th total of 3,340,000 shares. Approximately 4.5% of the company’s shares are short sold. Based on an average trading volume of 1,980,000 shares, the days-to-cover ratio is currently 1.8 days.

Flutter Entertainment Stock Performance

Shares of FLUT traded up $6.66 during midday trading on Thursday, hitting $234.65. The company had a trading volume of 1,611,876 shares, compared to its average volume of 1,070,107. The company’s 50-day simple moving average is $219.93 and its 200-day simple moving average is $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 announced its quarterly earnings data on Tuesday, August 13th. The company reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.07 by $1.26. The company had revenue of $3.61 billion during the quarter, compared to analysts’ expectations of $3.41 billion. On average, analysts predict that Flutter Entertainment will post 4.75 earnings per share for the current fiscal year.

Flutter Entertainment declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, September 25th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the company to buy up to 11.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on FLUT. JMP Securities raised their price objective on Flutter Entertainment from $255.00 to $287.00 and gave the stock a “market outperform” rating in a research report on Monday. Craig Hallum raised their price objective on Flutter Entertainment from $240.00 to $275.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Oppenheimer raised their price objective on Flutter Entertainment from $255.00 to $300.00 and gave the stock an “outperform” rating in a research report on Thursday, September 26th. Susquehanna raised their price objective on Flutter Entertainment from $230.00 to $273.00 and gave the stock a “positive” rating in a research report on Monday, October 7th. Finally, Moffett Nathanson raised their price objective on Flutter Entertainment from $245.00 to $275.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $275.92.

Hedge Funds Weigh In On Flutter Entertainment

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Bleakley Financial Group LLC boosted its stake in shares of Flutter Entertainment by 4.6% in the 3rd quarter. Bleakley Financial Group LLC now owns 3,105 shares of the company’s stock valued at $737,000 after buying an additional 136 shares during the period. Hollencrest Capital Management acquired a new stake in shares of Flutter Entertainment during the 1st quarter worth about $28,000. Assenagon Asset Management S.A. raised its position in shares of Flutter Entertainment by 3.0% during the 2nd quarter. Assenagon Asset Management S.A. now owns 5,760 shares of the company’s stock worth $1,053,000 after acquiring an additional 170 shares in the last quarter. Rothschild Investment LLC acquired a new stake in shares of Flutter Entertainment during the 2nd quarter worth about $37,000. Finally, CWM LLC acquired a new stake in shares of Flutter Entertainment during the 2nd quarter worth about $40,000.

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.