Wells Fargo & Company Issues Pessimistic Forecast for Flutter Entertainment (NYSE:FLUT) Stock Price

Flutter Entertainment (NYSE:FLUT) had its price objective reduced by Wells Fargo & Company from $300.00 to $285.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

Several other equities research analysts have also recently weighed in on the stock. Macquarie initiated coverage on shares of Flutter Entertainment in a research report on Wednesday, December 11th. They issued an “outperform” rating and a $340.00 price target for the company. BTIG Research increased their target price on Flutter Entertainment from $249.00 to $305.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Susquehanna reduced their price target on Flutter Entertainment from $322.00 to $317.00 and set a “positive” rating for the company in a research report on Wednesday. Moffett Nathanson raised their price objective on Flutter Entertainment from $245.00 to $275.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Finally, Craig Hallum boosted their target price on shares of Flutter Entertainment from $275.00 to $350.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Sixteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $303.40.

Flutter Entertainment Stock Performance

Shares of Flutter Entertainment stock opened at $254.08 on Wednesday. Flutter Entertainment has a 12 month low of $158.43 and a 12 month high of $284.79. The stock’s fifty day moving average price is $263.56 and its 200-day moving average price is $230.27.

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

Institutional Trading of Flutter Entertainment

Several large investors have recently added to or reduced their stakes in FLUT. Vestcor Inc purchased a new stake in shares of Flutter Entertainment during the third quarter worth about $815,000. Sanctuary Advisors LLC acquired a new stake in shares of Flutter Entertainment in the third quarter worth approximately $802,000. Raymond James & Associates increased its position in shares of Flutter Entertainment by 10.0% during the third quarter. Raymond James & Associates now owns 18,348 shares of the company’s stock worth $4,354,000 after purchasing an additional 1,663 shares in the last quarter. Geode Capital Management LLC acquired a new position in Flutter Entertainment in the 3rd quarter valued at $436,599,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd purchased a new position in Flutter Entertainment in the 3rd quarter valued at $3,888,000.

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.