Wells Fargo & Company Issues Pessimistic Forecast for Flutter Entertainment (NYSE:FLUT) Stock Price

Flutter Entertainment (NYSE:FLUT) had its target price dropped by stock analysts at Wells Fargo & Company from $300.00 to $285.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 11.51% from the company’s previous close.

A number of other research firms have also issued reports on FLUT. BTIG Research lifted their target price on Flutter Entertainment from $249.00 to $305.00 and gave the company a “buy” rating in a report on Monday, November 11th. The Goldman Sachs Group began coverage on Flutter Entertainment in a research report on Friday, November 22nd. They set a “buy” rating and a $320.00 price objective for the company. Macquarie began coverage on shares of Flutter Entertainment in a research note on Wednesday, December 11th. They issued an “outperform” rating and a $340.00 price target for the company. Benchmark boosted their target price on shares of Flutter Entertainment from $265.00 to $275.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, Bank of America assumed coverage on Flutter Entertainment in a research note on Monday, October 14th. They issued a “buy” rating and a $300.00 price target on the stock. Sixteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $303.40.

Flutter Entertainment Price Performance

Flutter Entertainment stock traded up $3.72 during mid-day trading on Wednesday, reaching $255.58. 1,914,836 shares of the company’s stock were exchanged, compared to its average volume of 1,240,107. Flutter Entertainment has a twelve month low of $158.43 and a twelve month high of $284.79. The company has a fifty day moving average of $262.27 and a 200-day moving average of $229.44.

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

Institutional Investors Weigh In On Flutter Entertainment

Large investors have recently modified their holdings of the stock. Lord Abbett & CO. LLC purchased a new position in shares of Flutter Entertainment during the 3rd quarter worth approximately $24,464,000. Sanctuary Advisors LLC acquired a new stake in Flutter Entertainment in the third quarter valued at $802,000. Virtu Financial LLC lifted its holdings in 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 acquiring an additional 2,652 shares during the period. Hohimer Wealth Management LLC grew its stake in shares of Flutter Entertainment by 3.4% during the 3rd quarter. Hohimer Wealth Management LLC now owns 5,506 shares of the company’s stock worth $1,306,000 after purchasing an additional 181 shares during the period. Finally, Geode Capital Management LLC purchased a new position in shares of Flutter Entertainment in the 3rd quarter valued at about $436,599,000.

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.