Flutter Entertainment plc (NYSE:FLUT) Receives $301.53 Average Target Price from Analysts

Shares of Flutter Entertainment plc (NYSE:FLUT) have received an average recommendation of “Buy” from the seventeen research firms that are currently covering the firm, MarketBeat reports. Sixteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $301.53.

A number of analysts have weighed in on FLUT shares. Macquarie began coverage on shares of Flutter Entertainment in a research report on Wednesday, December 11th. They issued an “outperform” rating and a $340.00 target price on the stock. Needham & Company LLC boosted their price objective on Flutter Entertainment from $270.00 to $300.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Craig Hallum lifted their price target on Flutter Entertainment from $275.00 to $350.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. UBS Group upped their price objective on Flutter Entertainment from $308.00 to $320.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Finally, Susquehanna raised their price objective on shares of Flutter Entertainment from $273.00 to $286.00 and gave the company a “positive” rating in a report on Wednesday, November 13th.

Flutter Entertainment Stock Performance

FLUT opened at $261.49 on Monday. The company’s 50 day moving average is $256.58 and its 200-day moving average is $224.30. Flutter Entertainment has a 1-year low of $158.43 and a 1-year high of $284.79.

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

Institutional Inflows and Outflows

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

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.