Flutter Entertainment (NYSE:FLUT) Sets New 52-Week High – Still a Buy?

Flutter Entertainment plc (NYSE:FLUT)’s stock price reached a new 52-week high on Tuesday . The stock traded as high as $281.30 and last traded at $280.90, with a volume of 227422 shares changing hands. The stock had previously closed at $278.00.

Analysts Set New Price Targets

Several research analysts have recently commented on FLUT shares. Moffett Nathanson boosted their price objective on Flutter Entertainment from $245.00 to $275.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Oppenheimer increased their price target on shares of Flutter Entertainment from $300.00 to $305.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Bank of America began coverage on shares of Flutter Entertainment in a report on Monday, October 14th. They set a “buy” rating and a $300.00 price objective for the company. Susquehanna increased their target price on Flutter Entertainment from $273.00 to $286.00 and gave the company a “positive” rating in a research note on Wednesday, November 13th. Finally, The Goldman Sachs Group initiated coverage on Flutter Entertainment in a research note on Friday, November 22nd. They set a “buy” rating and a $320.00 price target for the company. Fifteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $298.79.

Flutter Entertainment Stock Down 1.6 %

The firm’s fifty day moving average price is $246.15 and its 200-day moving average price is $216.66.

Flutter Entertainment announced that its Board of Directors has initiated a share repurchase program on Wednesday, September 25th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 11.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Flutter Entertainment

Several hedge funds and other institutional investors have recently modified their holdings of the company. US Bancorp DE increased its holdings in Flutter Entertainment by 71.7% during the 3rd quarter. US Bancorp DE now owns 237 shares of the company’s stock valued at $56,000 after purchasing an additional 99 shares during the period. Bleakley Financial Group LLC grew its position 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 worth $737,000 after buying an additional 136 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Flutter Entertainment by 3.0% during the second quarter. Assenagon Asset Management S.A. now owns 5,760 shares of the company’s stock valued at $1,053,000 after buying an additional 170 shares during the period. Hohimer Wealth Management LLC raised its holdings in shares of Flutter Entertainment by 3.4% during the third quarter. Hohimer Wealth Management LLC now owns 5,506 shares of the company’s stock valued at $1,306,000 after acquiring an additional 181 shares in the last quarter. Finally, M&T Bank Corp lifted its stake in Flutter Entertainment by 11.3% in the third quarter. M&T Bank Corp now owns 1,995 shares of the company’s stock worth $469,000 after acquiring an additional 203 shares during the period.

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.