Flutter Entertainment’s (FLUT) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Flutter Entertainment (NYSE:FLUT) in a report released on Wednesday morning,Benzinga reports. They currently have a $300.00 price objective on the stock.

Several other research firms also recently weighed in on FLUT. Macquarie initiated coverage on Flutter Entertainment in a report on Wednesday, December 11th. They issued an “outperform” rating and a $340.00 target price for the company. Moffett Nathanson increased their price objective on Flutter Entertainment from $245.00 to $275.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Bank of America began coverage on shares of Flutter Entertainment in a report on Monday, October 14th. They issued a “buy” rating and a $300.00 target price on the stock. Susquehanna increased their price target on shares of Flutter Entertainment from $273.00 to $286.00 and gave the stock a “positive” rating in a research note on Wednesday, November 13th. Finally, UBS Group lifted their price objective on shares of Flutter Entertainment from $308.00 to $320.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Sixteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $303.40.

Flutter Entertainment Trading Down 0.7 %

Shares of NYSE:FLUT opened at $254.08 on Wednesday. Flutter Entertainment has a 12 month low of $158.43 and a 12 month high of $284.79. The company’s fifty day moving average price is $263.56 and its 200 day moving average price is $230.27.

Flutter Entertainment announced that its board has approved a share repurchase program on Wednesday, September 25th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 11.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Lord Abbett & CO. LLC acquired a new position in shares of Flutter Entertainment during the 3rd quarter worth $24,464,000. Sanctuary Advisors LLC acquired a new position in Flutter Entertainment during the third quarter worth about $802,000. Virtu Financial LLC lifted its holdings in shares of Flutter Entertainment by 56.2% in the third quarter. Virtu Financial LLC now owns 7,371 shares of the company’s stock valued at $1,749,000 after purchasing an additional 2,652 shares in the last quarter. Hohimer Wealth Management LLC grew its position in shares of Flutter Entertainment by 3.4% in the third 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. Finally, Geode Capital Management LLC purchased a new position in shares of Flutter Entertainment during the 3rd quarter worth approximately $436,599,000.

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.