Flutter Entertainment (NYSE:FLUT) Hits New 52-Week High After Analyst Upgrade

Flutter Entertainment plc (NYSE:FLUT) hit a new 52-week high during trading on Wednesday after Needham & Company LLC raised their price target on the stock from $270.00 to $300.00. Needham & Company LLC currently has a buy rating on the stock. Flutter Entertainment traded as high as $263.75 and last traded at $263.75, with a volume of 54091 shares traded. The stock had previously closed at $248.17.

Other equities analysts have also recently issued reports about the stock. BTIG Research boosted their target price on shares of Flutter Entertainment from $249.00 to $305.00 and gave the company a “buy” rating in a research report on Monday. Craig Hallum boosted their price objective on shares of Flutter Entertainment from $275.00 to $350.00 and gave the company a “buy” rating in a research report on Wednesday. Morgan Stanley initiated coverage on Flutter Entertainment in a report on Thursday, August 22nd. They issued an “overweight” rating and a $247.00 target price on the stock. Barclays boosted their price target on Flutter Entertainment from $275.00 to $301.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Wells Fargo & Company raised their price objective on Flutter Entertainment from $295.00 to $300.00 and gave the company an “overweight” rating in a research note on Wednesday. Fourteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Flutter Entertainment currently has an average rating of “Buy” and a consensus price target of $296.08.

Hedge Funds Weigh In On Flutter Entertainment

A number of hedge funds have recently made changes to their positions in the stock. US Bancorp DE boosted its holdings in shares of Flutter Entertainment by 71.7% during the 3rd quarter. US Bancorp DE now owns 237 shares of the company’s stock worth $56,000 after buying an additional 99 shares in the last quarter. Bleakley Financial Group LLC lifted its holdings 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 purchasing an additional 136 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in Flutter Entertainment by 3.0% during the 2nd quarter. Assenagon Asset Management S.A. now owns 5,760 shares of the company’s stock valued at $1,053,000 after purchasing an additional 170 shares in the last quarter. Rothschild Investment LLC acquired a new position in Flutter Entertainment during the second quarter worth $37,000. Finally, CWM LLC acquired a new position in shares of Flutter Entertainment during the second quarter valued at about $40,000.

Flutter Entertainment Trading Up 7.0 %

The firm’s 50-day moving average price is $230.80 and its 200 day moving average price is $208.67.

Flutter Entertainment (NYSE:FLUT) last announced its earnings results 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 for the quarter, compared to analysts’ expectations of $3.41 billion. On average, research analysts anticipate that Flutter Entertainment plc will post 4.72 EPS for the current year.

Flutter Entertainment announced that its board has approved a share buyback program on Wednesday, September 25th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 11.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

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.