Flutter Entertainment (NYSE:FLUT) Earns Buy Rating from Analysts at Needham & Company LLC

Needham & Company LLC initiated coverage on shares of Flutter Entertainment (NYSE:FLUT) in a research report sent to investors on Monday morning, Marketbeat.com reports. The brokerage issued a buy rating and a $270.00 price target on the stock.

A number of other analysts have also recently weighed in on the stock. Benchmark restated a buy rating and issued a $255.00 price objective on shares of Flutter Entertainment in a research note on Wednesday, August 14th. JMP Securities restated a market outperform rating and issued a $255.00 price objective on shares of Flutter Entertainment in a research note on Wednesday, September 18th. Berenberg Bank upgraded shares of Flutter Entertainment to a strong-buy rating in a research note on Tuesday, August 27th. BTIG Research boosted their price objective on shares of Flutter Entertainment from $245.00 to $249.00 and gave the stock a buy rating in a research note on Wednesday, August 14th. Finally, Morgan Stanley started 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. One research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Buy and a consensus price target of $260.45.

Flutter Entertainment Price Performance

FLUT stock opened at $243.95 on Monday. Flutter Entertainment has a 12 month low of $148.00 and a 12 month high of $252.84. The firm has a 50 day moving average of $207.75 and a two-hundred day moving average of $200.69.

Flutter Entertainment (NYSE:FLUT) last posted its earnings results on Tuesday, August 13th. The company reported $2.33 EPS for the quarter, topping the consensus estimate of $1.07 by $1.26. The business had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $3.41 billion. Research analysts anticipate that Flutter Entertainment will post 4.75 EPS for the current year.

Flutter Entertainment announced that its Board of Directors has authorized a share repurchase plan on Wednesday, September 25th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 11.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Flutter Entertainment

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Capital World Investors bought a new position in shares of Flutter Entertainment during the 1st quarter worth about $2,880,796,000. Capital Research Global Investors bought a new position in shares of Flutter Entertainment during the 1st quarter worth about $2,418,032,000. Vanguard Group Inc. bought a new position in shares of Flutter Entertainment during the 1st quarter worth about $1,578,442,000. Hsbc Holdings PLC lifted its holdings in shares of Flutter Entertainment by 10.9% during the 2nd quarter. Hsbc Holdings PLC now owns 6,189,639 shares of the company’s stock worth $1,131,079,000 after acquiring an additional 608,003 shares during the period. Finally, Capital International Investors bought a new position in shares of Flutter Entertainment during the 1st quarter worth about $507,170,000.

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.