III Capital Management Purchases New Shares in Flutter Entertainment plc (NYSE:FLUT)

III Capital Management acquired a new position in Flutter Entertainment plc (NYSE:FLUT) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 2,000 shares of the company’s stock, valued at approximately $475,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. US Bancorp DE raised its stake in shares of Flutter Entertainment by 71.7% during the 3rd quarter. US Bancorp DE now owns 237 shares of the company’s stock worth $56,000 after purchasing an additional 99 shares during the period. Bleakley Financial Group LLC raised its position 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 acquiring an additional 136 shares during the period. Assenagon Asset Management S.A. boosted its stake in Flutter Entertainment by 3.0% in the second quarter. Assenagon Asset Management S.A. now owns 5,760 shares of the company’s stock valued at $1,053,000 after acquiring an additional 170 shares during the last quarter. Rothschild Investment LLC bought a new position in shares of Flutter Entertainment during the 2nd quarter valued at approximately $37,000. Finally, CWM LLC purchased a new stake in shares of Flutter Entertainment during the 2nd quarter worth approximately $40,000.

Analysts Set New Price Targets

Several equities analysts recently commented on FLUT shares. Craig Hallum upped their price objective on Flutter Entertainment from $275.00 to $350.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. BTIG Research boosted their price objective on Flutter Entertainment from $249.00 to $305.00 and gave the company a “buy” rating in a research note on Monday, November 11th. UBS Group increased their target price on Flutter Entertainment from $308.00 to $320.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Benchmark lifted their price target on Flutter Entertainment from $265.00 to $275.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, Morgan Stanley initiated coverage on Flutter Entertainment in a research note on Thursday, August 22nd. They issued an “overweight” rating and a $247.00 target price for the company. Fifteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $298.79.

Flutter Entertainment Price Performance

Shares of FLUT traded up $3.29 during midday trading on Tuesday, reaching $281.29. The stock had a trading volume of 349,851 shares, compared to its average volume of 1,151,027. The company’s 50-day moving average is $244.29 and its 200 day moving average is $215.69. Flutter Entertainment plc has a 12-month low of $152.77 and a 12-month high of $281.77.

Flutter Entertainment declared that its board has approved a stock repurchase program 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 programs are usually a sign that the company’s board believes its stock is undervalued.

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.