Wells Fargo & Company Forecasts Strong Price Appreciation for Flutter Entertainment (NYSE:FLUT) Stock

Flutter Entertainment (NYSE:FLUT) had its price target hoisted by equities research analysts at Wells Fargo & Company from $295.00 to $300.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price points to a potential upside of 12.36% from the stock’s previous close.

A number of other brokerages have also weighed in on FLUT. Berenberg Bank upgraded Flutter Entertainment to a “strong-buy” rating in a research report on Tuesday, August 27th. 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. UBS Group started coverage on shares of Flutter Entertainment in a research report on Friday, November 8th. They set a “buy” rating and a $306.00 target price on the stock. Benchmark restated a “buy” rating and issued a $265.00 price target on shares of Flutter Entertainment in a research report on Monday, October 14th. Finally, Craig Hallum raised their price target on shares of Flutter Entertainment from $275.00 to $350.00 and gave the company a “buy” rating in a research note on Wednesday. Fourteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $296.08.

Flutter Entertainment Price Performance

FLUT stock opened at $267.00 on Wednesday. The firm has a 50-day moving average price of $231.87 and a 200-day moving average price of $209.07. Flutter Entertainment has a 12 month low of $149.00 and a 12 month high of $269.90.

Flutter Entertainment (NYSE:FLUT) last issued its earnings results on Tuesday, August 13th. The company reported $2.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.07 by $1.26. The company had revenue of $3.61 billion during the quarter, compared to analyst estimates of $3.41 billion. On average, analysts anticipate that Flutter Entertainment will post 4.72 earnings per share for the current fiscal year.

Flutter Entertainment announced that its Board of Directors has authorized a share buyback program on Wednesday, September 25th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the company to repurchase up to 11.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Flutter Entertainment

Institutional investors and hedge funds have recently modified their holdings of the business. TOMS Capital Investment Management LP lifted its position in shares of Flutter Entertainment by 13.0% during the 3rd quarter. TOMS Capital Investment Management LP now owns 370,269 shares of the company’s stock valued at $87,857,000 after acquiring an additional 42,705 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new position in shares of Flutter Entertainment during the third quarter valued at about $7,035,000. Maverick Capital Ltd. boosted its position in shares of Flutter Entertainment by 716.0% during the 3rd quarter. Maverick Capital Ltd. now owns 218,733 shares of the company’s stock worth $51,901,000 after purchasing an additional 191,929 shares in the last quarter. Fred Alger Management LLC grew its stake in shares of Flutter Entertainment by 2,277.6% in the 3rd quarter. Fred Alger Management LLC now owns 46,696 shares of the company’s stock valued at $11,080,000 after buying an additional 44,732 shares during the period. Finally, Verition Fund Management LLC increased its position in Flutter Entertainment by 60.8% in the 3rd quarter. Verition Fund Management LLC now owns 51,363 shares of the company’s stock valued at $12,187,000 after buying an additional 19,415 shares in the last quarter.

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.