Short Interest in Flutter Entertainment plc (NYSE:FLUT) Rises By 6.6%

Flutter Entertainment plc (NYSE:FLUT) was the target of a large increase in short interest during the month of September. As of September 30th, there was short interest totalling 3,560,000 shares, an increase of 6.6% from the September 15th total of 3,340,000 shares. Approximately 4.5% of the company’s shares are sold short. Based on an average daily trading volume, of 1,980,000 shares, the short-interest ratio is currently 1.8 days.

Flutter Entertainment Stock Performance

Shares of Flutter Entertainment stock traded up $2.01 during trading on Wednesday, hitting $227.97. The company’s stock had a trading volume of 1,120,928 shares, compared to its average volume of 1,067,399. The stock has a 50-day moving average price of $218.99 and a two-hundred day moving average price of $202.57. Flutter Entertainment has a 52 week low of $148.00 and a 52 week high of $252.84.

Flutter Entertainment (NYSE:FLUT) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $2.33 earnings per share for the quarter, beating the consensus estimate of $1.07 by $1.26. The company had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $3.41 billion. Sell-side analysts forecast that Flutter Entertainment will post 4.75 EPS for the current year.

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

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FLUT. BTIG Research raised their price target on shares of Flutter Entertainment from $245.00 to $249.00 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Wells Fargo & Company upgraded Flutter Entertainment from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $224.00 to $295.00 in a research report on Monday. JMP Securities upped their price objective on Flutter Entertainment from $255.00 to $287.00 and gave the stock a “market outperform” rating in a research note on Monday. Needham & Company LLC started coverage on Flutter Entertainment in a research note on Monday, September 23rd. They issued a “buy” rating and a $270.00 target price on the stock. Finally, Berenberg Bank upgraded shares of Flutter Entertainment to a “strong-buy” rating in a research report on Tuesday, August 27th. Thirteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $275.92.

Hedge Funds Weigh In On Flutter Entertainment

Several large investors have recently added to or reduced their stakes in FLUT. Vontobel Holding Ltd. raised its holdings in shares of Flutter Entertainment by 3.2% in the third quarter. Vontobel Holding Ltd. now owns 1,696,636 shares of the company’s stock worth $399,614,000 after buying an additional 52,985 shares during the period. Ritholtz Wealth Management purchased a new stake in Flutter Entertainment during the third quarter worth $395,000. Artemis Investment Management LLP raised its holdings in Flutter Entertainment by 53.7% in the 3rd quarter. Artemis Investment Management LLP now owns 491,629 shares of the company’s stock worth $116,031,000 after purchasing an additional 171,685 shares during the period. Atomi Financial Group Inc. purchased a new position in shares of Flutter Entertainment during the 3rd quarter valued at approximately $253,000. Finally, SG Americas Securities LLC purchased a new position in Flutter Entertainment during the third quarter valued at $13,840,000.

About Flutter Entertainment

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.