Flutter Entertainment’s (FLUT) Market Outperform Rating Reiterated at JMP Securities

JMP Securities reaffirmed their market outperform rating on shares of Flutter Entertainment (NYSE:FLUT) in a research report sent to investors on Thursday morning, Benzinga reports. They currently have a $255.00 price objective on the stock.

A number of other brokerages have also issued reports on FLUT. Berenberg Bank raised Flutter Entertainment to a strong-buy rating in a research report on Tuesday, August 27th. BTIG Research upped their price target on shares of Flutter Entertainment from $245.00 to $249.00 and gave the company a buy rating in a report on Wednesday, August 14th. Susquehanna raised their price objective on shares of Flutter Entertainment from $222.00 to $230.00 and gave the stock a positive rating in a report on Wednesday, August 14th. Benchmark upped their target price on shares of Flutter Entertainment from $255.00 to $265.00 and gave the company a buy rating in a research note on Thursday. Finally, Morgan Stanley began 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. One equities research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Flutter Entertainment presently has a consensus rating of Buy and a consensus target price of $260.45.

Flutter Entertainment Stock Down 2.3 %

FLUT opened at $238.33 on Thursday. Flutter Entertainment has a twelve month low of $148.00 and a twelve month high of $252.84. The company has a fifty day simple moving average of $209.39 and a 200 day simple moving average of $201.13.

Flutter Entertainment (NYSE:FLUT) last announced its earnings results on Tuesday, August 13th. The company reported $2.33 earnings per share for the quarter, beating the consensus estimate of $1.07 by $1.26. The business had revenue of $3.61 billion for the quarter, compared to analyst estimates of $3.41 billion. Equities research analysts forecast that Flutter Entertainment will post 4.75 earnings per share for the current fiscal year.

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

Hedge Funds Weigh In On Flutter Entertainment

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Capital World Investors acquired a new position in Flutter Entertainment during the 1st quarter valued at approximately $2,880,796,000. Capital Research Global Investors bought a new position in shares of Flutter Entertainment during the first quarter worth about $2,418,032,000. Vanguard Group Inc. acquired a new stake in shares of Flutter Entertainment in the 1st quarter worth about $1,578,442,000. Capital International Investors bought a new stake in Flutter Entertainment in the 1st quarter valued at about $507,170,000. Finally, Marshall Wace LLP boosted its stake in Flutter Entertainment by 339.2% during the 2nd quarter. Marshall Wace LLP now owns 1,076,739 shares of the company’s stock valued at $196,354,000 after purchasing an additional 831,585 shares during the period.

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.