Macquarie Initiates Coverage on Flutter Entertainment (NYSE:FLUT)

Macquarie assumed coverage on shares of Flutter Entertainment (NYSE:FLUT) in a report published on Wednesday, Marketbeat.com reports. The firm issued an outperform rating and a $340.00 price target on the stock.

Several other research analysts also recently issued reports on the company. 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. Susquehanna upped their price target on shares of Flutter Entertainment from $273.00 to $286.00 and gave the company a “positive” rating in a research report on Wednesday, November 13th. The Goldman Sachs Group initiated coverage on shares of Flutter Entertainment in a report on Friday, November 22nd. They set a “buy” rating and a $320.00 price target on the stock. Needham & Company LLC increased their price objective on Flutter Entertainment from $270.00 to $300.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Finally, Oppenheimer lifted their target price on Flutter Entertainment from $300.00 to $305.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Sixteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Flutter Entertainment presently has an average rating of “Buy” and an average target price of $301.53.

Flutter Entertainment Stock Performance

Shares of FLUT stock opened at $277.51 on Wednesday. Flutter Entertainment has a twelve month low of $158.43 and a twelve month high of $284.79. The stock’s fifty day simple moving average is $250.99 and its 200 day simple moving average is $219.56.

Flutter Entertainment announced that its Board of Directors has approved a stock repurchase program on Wednesday, September 25th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the company to buy up to 11.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Institutional Trading of Flutter Entertainment

Several hedge funds have recently modified their holdings of the stock. US Bancorp DE grew its holdings in Flutter Entertainment by 71.7% in the third 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 boosted its position in shares of Flutter Entertainment by 4.6% during the 3rd quarter. Bleakley Financial Group LLC now owns 3,105 shares of the company’s stock worth $737,000 after purchasing an additional 136 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Flutter Entertainment by 3.0% in the 2nd quarter. Assenagon Asset Management S.A. now owns 5,760 shares of the company’s stock valued at $1,053,000 after buying an additional 170 shares during the period. Hohimer Wealth Management LLC increased its position in Flutter Entertainment by 3.4% in the 3rd quarter. Hohimer Wealth Management LLC now owns 5,506 shares of the company’s stock valued at $1,306,000 after buying an additional 181 shares in the last quarter. Finally, M&T Bank Corp raised its stake in Flutter Entertainment by 11.3% during the 3rd quarter. M&T Bank Corp now owns 1,995 shares of the company’s stock worth $469,000 after buying an additional 203 shares during the period.

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.