Flutter Entertainment (NYSE:FLUT) Shares Gap Up on Analyst Upgrade

Flutter Entertainment plc (NYSE:FLUT) gapped up before the market opened on Monday after JMP Securities raised their price target on the stock from $255.00 to $287.00. The stock had previously closed at $219.50, but opened at $231.75. JMP Securities currently has a market outperform rating on the stock. Flutter Entertainment shares last traded at $228.75, with a volume of 940,704 shares trading hands.

Several other equities analysts have also weighed in on FLUT. Morgan Stanley assumed coverage on Flutter Entertainment in a research note on Thursday, August 22nd. They issued an “overweight” rating and a $247.00 price target for the company. Susquehanna lifted their price target on Flutter Entertainment from $230.00 to $273.00 and gave the company a “positive” rating in a research note on Monday, October 7th. Wells Fargo & Company upgraded Flutter Entertainment from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $224.00 to $295.00 in a research note on Monday. Benchmark lifted their price target on Flutter Entertainment from $255.00 to $265.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Finally, BTIG Research lifted their price objective on Flutter Entertainment from $245.00 to $249.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Thirteen equities 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, the stock has an average rating of “Buy” and an average target price of $275.92.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Hollencrest Capital Management purchased a new stake in Flutter Entertainment in the first quarter valued at approximately $28,000. Rothschild Investment LLC purchased a new stake in Flutter Entertainment in the second quarter valued at approximately $37,000. CWM LLC purchased a new stake in Flutter Entertainment in the second quarter valued at approximately $40,000. Hilltop National Bank purchased a new stake in Flutter Entertainment in the second quarter valued at approximately $101,000. Finally, Financial Perspectives Inc purchased a new stake in Flutter Entertainment in the first quarter valued at approximately $102,000.

Flutter Entertainment Price Performance

The business has a 50-day simple moving average of $218.09 and a 200-day simple moving average of $202.37.

Flutter Entertainment (NYSE:FLUT) last posted its quarterly earnings data on Tuesday, August 13th. The company reported $2.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.07 by $1.26. The company had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $3.41 billion. As a group, equities research analysts expect that Flutter Entertainment plc will post 4.75 EPS for the current year.

Flutter Entertainment announced that its board has authorized a share repurchase program on Wednesday, September 25th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 11.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

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.