UBS Group Initiates Coverage on Flutter Entertainment (NYSE:FLUT)

UBS Group initiated coverage on shares of Flutter Entertainment (NYSE:FLUT) in a note issued to investors on Friday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $306.00 price target on the stock. UBS Group’s target price would suggest a potential upside of 28.60% from the stock’s previous close.

Several other research firms have also weighed in on FLUT. Morgan Stanley began coverage on shares of Flutter Entertainment in a research note on Thursday, August 22nd. They issued an “overweight” rating and a $247.00 price objective for the company. Bank of America began coverage on shares of Flutter Entertainment in a research report on Monday, October 14th. They issued a “buy” rating and a $300.00 price target for the company. Benchmark reissued a “buy” rating and issued a $265.00 price target on shares of Flutter Entertainment in a research report on Monday, October 14th. Susquehanna lifted their price target on shares of Flutter Entertainment from $230.00 to $273.00 and gave the company a “positive” rating in a research report on Monday, October 7th. Finally, BTIG Research lifted their price target on shares of Flutter Entertainment from $245.00 to $249.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Fourteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $278.23.

Flutter Entertainment Stock Performance

FLUT opened at $237.94 on Friday. The company’s 50 day moving average is $228.56 and its 200-day moving average is $207.07. Flutter Entertainment has a 1-year low of $148.00 and a 1-year high of $252.84.

Flutter Entertainment (NYSE:FLUT) last released its quarterly 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 firm had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $3.41 billion. On average, equities analysts expect that Flutter Entertainment will post 4.75 earnings per share for the current year.

Flutter Entertainment announced that its Board of Directors has initiated a share buyback plan on Wednesday, September 25th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 11.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Flutter Entertainment

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. US Bancorp DE increased its position in shares of Flutter Entertainment by 71.7% during the third quarter. US Bancorp DE now owns 237 shares of the company’s stock valued at $56,000 after buying an additional 99 shares during the period. Bleakley Financial Group LLC boosted its stake in Flutter Entertainment by 4.6% in the third quarter. Bleakley Financial Group LLC now owns 3,105 shares of the company’s stock worth $737,000 after buying an additional 136 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Flutter Entertainment by 3.0% during the second 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 during the period. Rothschild Investment LLC purchased a new stake in shares of Flutter Entertainment during the second quarter valued at approximately $37,000. Finally, CWM LLC bought a new position in shares of Flutter Entertainment during the second quarter valued at approximately $40,000.

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.