Flutter Entertainment (NYSE:FLUT) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Flutter Entertainment (NYSE:FLUT) in a research report released on Wednesday,Benzinga reports. The firm currently has a $300.00 price target on the stock.

Several other research firms have also recently commented on FLUT. UBS Group raised their target price on Flutter Entertainment from $308.00 to $320.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. The Goldman Sachs Group initiated coverage on shares of Flutter Entertainment in a research note on Friday, November 22nd. They issued a “buy” rating and a $320.00 price objective for the company. Susquehanna boosted their target price on shares of Flutter Entertainment from $273.00 to $286.00 and gave the company a “positive” rating in a research report on Wednesday, November 13th. Craig Hallum increased their target price on shares of Flutter Entertainment from $275.00 to $350.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, Wells Fargo & Company upped their price objective on shares of Flutter Entertainment from $295.00 to $300.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Sixteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $303.40.

Flutter Entertainment Stock Performance

FLUT stock opened at $255.58 on Wednesday. The company’s fifty day simple moving average is $262.65 and its 200 day simple moving average is $229.62. Flutter Entertainment has a 12-month low of $158.43 and a 12-month high of $284.79.

Flutter Entertainment declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, September 25th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 11.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Flutter Entertainment

A number of institutional investors have recently added to or reduced their stakes in FLUT. US Bancorp DE increased its position in shares of Flutter Entertainment by 71.7% during the third quarter. US Bancorp DE now owns 237 shares of the company’s stock valued at $56,000 after acquiring an additional 99 shares during the last quarter. Bleakley Financial Group LLC grew its stake in 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 purchasing an additional 136 shares during the period. Hohimer Wealth Management LLC increased its position in shares of Flutter Entertainment by 3.4% during the 3rd quarter. Hohimer Wealth Management LLC now owns 5,506 shares of the company’s stock valued at $1,306,000 after purchasing an additional 181 shares during the last quarter. M&T Bank Corp boosted its holdings in shares of Flutter Entertainment by 11.3% in the 3rd quarter. M&T Bank Corp now owns 1,995 shares of the company’s stock worth $469,000 after buying an additional 203 shares during the last quarter. Finally, Venturi Wealth Management LLC bought a new position in Flutter Entertainment during the third quarter valued at about $82,000.

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.