JMP Securities Issues Positive Forecast for Flutter Entertainment (NYSE:FLUT) Stock Price

Flutter Entertainment (NYSE:FLUT) had its price objective lifted by JMP Securities from $299.00 to $311.00 in a research report released on Monday morning,Benzinga reports. The firm currently has a market outperform rating on the stock.

Several other brokerages also recently issued reports on FLUT. Needham & Company LLC upped their price objective on shares of Flutter Entertainment from $270.00 to $300.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Bank of America initiated coverage on Flutter Entertainment in a research note on Monday, October 14th. They set a “buy” rating and a $300.00 price target on the stock. The Goldman Sachs Group initiated coverage on Flutter Entertainment in a research report on Friday, November 22nd. They issued a “buy” rating and a $320.00 price objective for the company. Craig Hallum increased their target price on Flutter Entertainment from $275.00 to $350.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Finally, Susquehanna raised their price target on Flutter Entertainment from $273.00 to $286.00 and gave the stock a “positive” rating in a research note on Wednesday, November 13th. Sixteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Flutter Entertainment currently has an average rating of “Buy” and an average target price of $302.33.

Flutter Entertainment Stock Performance

NYSE:FLUT opened at $255.31 on Monday. Flutter Entertainment has a 12-month low of $158.43 and a 12-month high of $284.79. The company’s 50-day moving average is $261.20 and its two-hundred day moving average is $228.54.

Flutter Entertainment announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, September 25th that authorizes the company to repurchase $5.00 billion in 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 an indication that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of FLUT. US Bancorp DE grew its stake in shares of Flutter Entertainment by 71.7% in the third quarter. US Bancorp DE now owns 237 shares of the company’s stock valued at $56,000 after buying an additional 99 shares in the last quarter. Venturi Wealth Management LLC purchased a new position in Flutter Entertainment in the 3rd quarter worth approximately $82,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Flutter Entertainment in the third quarter valued at approximately $190,000. Benjamin F. Edwards & Company Inc. raised its stake in shares of Flutter Entertainment by 93.4% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,077 shares of the company’s stock valued at $197,000 after purchasing an additional 520 shares during the period. Finally, Seelaus Asset Management LLC acquired a new position in shares of Flutter Entertainment during the third quarter worth $204,000.

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.