Flutter Entertainment plc (NYSE:FLUT) Short Interest Down 7.9% in October

Flutter Entertainment plc (NYSE:FLUT) was the recipient of a large decrease in short interest in October. As of October 15th, there was short interest totalling 3,280,000 shares, a decrease of 7.9% from the September 30th total of 3,560,000 shares. Based on an average daily volume of 2,080,000 shares, the short-interest ratio is presently 1.6 days. Currently, 4.2% of the shares of the company are short sold.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Capital World Investors bought a new position in Flutter Entertainment in the 1st quarter valued at $2,880,796,000. Capital Research Global Investors purchased a new stake in shares of Flutter Entertainment during the 1st quarter worth approximately $2,418,032,000. Vanguard Group Inc. bought a new stake in shares of Flutter Entertainment in the 1st quarter worth approximately $1,578,442,000. Hsbc Holdings PLC increased its position in Flutter Entertainment by 10.9% in the second quarter. Hsbc Holdings PLC now owns 6,189,639 shares of the company’s stock worth $1,131,079,000 after buying an additional 608,003 shares during the last quarter. Finally, Capital International Investors bought a new stake in Flutter Entertainment in the 1st quarter valued at about $507,170,000.

Flutter Entertainment Stock Performance

Flutter Entertainment stock traded down $4.06 during midday trading on Thursday, reaching $232.75. The stock had a trading volume of 1,329,636 shares, compared to its average volume of 1,086,362. The company has a fifty day moving average price of $225.76 and a two-hundred day moving average price of $205.16. Flutter Entertainment has a 12 month low of $148.00 and a 12 month high of $252.84.

Flutter Entertainment (NYSE:FLUT) last released its quarterly earnings data on Tuesday, August 13th. The company reported $2.33 EPS for the quarter, beating the consensus estimate of $1.07 by $1.26. The firm had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $3.41 billion. On average, research analysts anticipate that Flutter Entertainment will post 4.75 earnings per share for the current fiscal year.

Flutter Entertainment declared that its board has authorized a share buyback plan on Wednesday, September 25th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 11.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

FLUT has been the subject of several recent analyst reports. Wells Fargo & Company reaffirmed an “overweight” rating and set a $295.00 price objective on shares of Flutter Entertainment in a research report on Wednesday. Needham & Company LLC assumed coverage on Flutter Entertainment in a research report on Monday, September 23rd. They set a “buy” rating and a $270.00 price objective on the stock. JMP Securities boosted their price target on Flutter Entertainment from $255.00 to $287.00 and gave the stock a “market outperform” rating in a report on Monday, October 14th. Bank of America initiated coverage on shares of Flutter Entertainment in a report on Monday, October 14th. They issued a “buy” rating and a $300.00 price objective for the company. Finally, Susquehanna boosted their target price on shares of Flutter Entertainment from $230.00 to $273.00 and gave the stock a “positive” rating in a report on Monday, October 7th. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $275.92.

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.