Flutter Entertainment (NYSE:FLUT) Earns “Buy” Rating from Needham & Company LLC

Flutter Entertainment (NYSE:FLUT)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a research note issued on Wednesday,Benzinga reports. They presently have a $300.00 target price on the stock. Needham & Company LLC’s price target indicates a potential upside of 18.99% from the stock’s previous close.

A number of other research firms also recently issued reports on FLUT. Oppenheimer raised their price target on Flutter Entertainment from $300.00 to $305.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Barclays raised their price target on Flutter Entertainment from $275.00 to $301.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Benchmark raised their price target on Flutter Entertainment from $265.00 to $275.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Craig Hallum raised their price target on Flutter Entertainment from $275.00 to $350.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, JMP Securities raised their price target on Flutter Entertainment from $299.00 to $311.00 and gave the stock a “market outperform” rating in a research note on Monday. Sixteen research 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.com, the stock has an average rating of “Buy” and an average price target of $302.33.

Flutter Entertainment Price Performance

Shares of NYSE FLUT opened at $252.12 on Wednesday. The stock’s 50-day simple moving average is $262.27 and its 200-day simple moving average is $229.44. Flutter Entertainment has a fifty-two week low of $158.43 and a fifty-two week high of $284.79.

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

Hedge Funds Weigh In On Flutter Entertainment

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Hsbc Holdings PLC raised its holdings in Flutter Entertainment by 10.9% during the second quarter. Hsbc Holdings PLC now owns 6,189,639 shares of the company’s stock worth $1,131,079,000 after purchasing an additional 608,003 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new position in Flutter Entertainment during the third quarter worth $849,474,000. FMR LLC raised its holdings in Flutter Entertainment by 13.2% during the third quarter. FMR LLC now owns 3,375,670 shares of the company’s stock worth $794,362,000 after purchasing an additional 393,122 shares during the last quarter. Bank of Montreal Can raised its holdings in Flutter Entertainment by 868.5% during the third quarter. Bank of Montreal Can now owns 3,367,022 shares of the company’s stock worth $798,927,000 after purchasing an additional 3,019,376 shares during the last quarter. Finally, Cantillon Capital Management LLC raised its holdings in Flutter Entertainment by 3,827.8% during the third quarter. Cantillon Capital Management LLC now owns 2,397,384 shares of the company’s stock worth $568,851,000 after purchasing an additional 2,336,347 shares during the last quarter.

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.