Flutter Entertainment (NYSE:FLUT) Coverage Initiated at UBS Group

UBS Group initiated coverage on shares of Flutter Entertainment (NYSE:FLUT) in a research note published on Friday morning, Marketbeat reports. The brokerage issued a buy rating and a $306.00 price objective on the stock.

FLUT has been the topic of several other research reports. Barclays lifted their price target on Flutter Entertainment from $263.00 to $275.00 and gave the stock an “overweight” rating in a report on Thursday, September 26th. Craig Hallum upped their price target on Flutter Entertainment from $240.00 to $275.00 and gave the company a “buy” rating in a report on Thursday, September 26th. JMP Securities upped their price target on Flutter Entertainment from $255.00 to $287.00 and gave the company a “market outperform” rating in a report on Monday, October 14th. Moffett Nathanson upped their price target on Flutter Entertainment from $245.00 to $275.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Finally, BTIG Research increased their price objective on Flutter Entertainment from $245.00 to $249.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Fourteen equities research 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 currently has an average rating of “Buy” and a consensus price target of $282.54.

Flutter Entertainment Price Performance

Flutter Entertainment stock opened at $251.13 on Friday. The company’s fifty day moving average price is $229.28 and its 200 day moving average price is $207.78. Flutter Entertainment has a 1 year low of $148.30 and a 1 year high of $252.84.

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, topping the consensus estimate of $1.07 by $1.26. The business had revenue of $3.61 billion for the quarter, compared to analyst estimates of $3.41 billion. On average, sell-side analysts predict that Flutter Entertainment will post 4.72 earnings per share for the current fiscal year.

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

Institutional Trading of Flutter Entertainment

Hedge funds have recently added to or reduced their stakes in the business. Rothschild Investment LLC purchased a new position in shares of Flutter Entertainment in the 2nd quarter worth about $37,000. CWM LLC bought a new stake in shares of Flutter Entertainment in the 2nd quarter valued at approximately $40,000. US Bancorp DE increased its holdings in shares of Flutter Entertainment by 71.7% in the 3rd 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. Venturi Wealth Management LLC bought a new stake in shares of Flutter Entertainment in the 3rd quarter valued at approximately $82,000. Finally, Hilltop National Bank bought a new position in Flutter Entertainment during the 2nd quarter worth $101,000.

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.