Flutter Entertainment plc (NYSE:FLUT) Short Interest Up 58.3% in September

Flutter Entertainment plc (NYSE:FLUT) was the target of a large increase in short interest in September. As of September 15th, there was short interest totalling 3,340,000 shares, an increase of 58.3% from the August 31st total of 2,110,000 shares. Based on an average daily volume of 1,920,000 shares, the days-to-cover ratio is presently 1.7 days. Approximately 1.9% of the shares of the stock are sold short.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in FLUT. Acadian Asset Management LLC acquired a new position in Flutter Entertainment during the 1st quarter valued at about $1,272,000. Nordea Investment Management AB acquired a new stake in Flutter Entertainment in the 1st quarter worth approximately $1,656,000. Capital International Ltd. CA acquired a new position in Flutter Entertainment during the 1st quarter valued at approximately $2,180,000. Swiss National Bank purchased a new position in shares of Flutter Entertainment in the first quarter worth $119,485,000. Finally, Vanguard Group Inc. acquired a new stake in shares of Flutter Entertainment during the first quarter worth $1,578,442,000.

Flutter Entertainment Stock Up 1.7 %

Shares of NYSE FLUT opened at $243.95 on Friday. Flutter Entertainment has a twelve month low of $148.00 and a twelve month high of $252.84. The business has a fifty day simple moving average of $207.75 and a two-hundred day simple moving average of $200.69.

Flutter Entertainment (NYSE:FLUT) last issued its earnings results on Tuesday, August 13th. The company reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $1.26. The business had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $3.41 billion. As a group, sell-side analysts expect that Flutter Entertainment will post 4.75 EPS for the current year.

Flutter Entertainment declared that its Board of Directors has initiated a share buyback plan on Wednesday, September 25th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 11.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FLUT. Berenberg Bank raised Flutter Entertainment to a “strong-buy” rating in a report on Tuesday, August 27th. Susquehanna boosted their target price on shares of Flutter Entertainment from $222.00 to $230.00 and gave the stock a “positive” rating in a report on Wednesday, August 14th. Wells Fargo & Company increased their price target on shares of Flutter Entertainment from $218.00 to $224.00 and gave the company an “equal weight” rating in a report on Wednesday, August 14th. Barclays boosted their price objective on Flutter Entertainment from $263.00 to $275.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, Benchmark boosted their target price on Flutter Entertainment from $255.00 to $265.00 and gave the company a “buy” rating in a research report on Thursday. One equities research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $260.45.

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.