Short Interest in Flutter Entertainment plc (NYSE:FLUT) Decreases By 7.9%

Flutter Entertainment plc (NYSE:FLUTGet Free Report) saw a significant drop in short interest in the month of October. As of October 15th, there was short interest totalling 3,280,000 shares, a drop of 7.9% from the September 30th total of 3,560,000 shares. Approximately 4.2% of the shares of the company are sold short. Based on an average daily volume of 2,080,000 shares, the days-to-cover ratio is presently 1.6 days.

Institutional Investors Weigh In On Flutter Entertainment

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Capital World Investors acquired a new position in shares of Flutter Entertainment during the 1st quarter worth approximately $2,880,796,000. Capital Research Global Investors bought a new position in shares of Flutter Entertainment during the 1st quarter worth approximately $2,418,032,000. Vanguard Group Inc. acquired a new position in shares of Flutter Entertainment during the 1st quarter worth approximately $1,578,442,000. Capital International Investors bought a new position in Flutter Entertainment during the first quarter worth $507,170,000. Finally, Marathon Asset Management Ltd acquired a new position in shares of Flutter Entertainment in the third quarter valued at $451,631,000.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Susquehanna upped their price target on Flutter Entertainment from $230.00 to $273.00 and gave the stock a “positive” rating in a report on Monday, October 7th. Benchmark restated a “buy” rating and set a $265.00 price objective on shares of Flutter Entertainment in a research report on Monday, October 14th. JMP Securities raised their price target on shares of Flutter Entertainment from $255.00 to $287.00 and gave the stock a “market outperform” rating in a research note on Monday, October 14th. Needham & Company LLC started coverage on Flutter Entertainment in a research report on Monday, September 23rd. They issued a “buy” rating and a $270.00 price target on the stock. Finally, Morgan Stanley began coverage on Flutter Entertainment in a report on Thursday, August 22nd. They set an “overweight” rating and a $247.00 price objective for the company. Thirteen 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 presently has a consensus rating of “Buy” and a consensus target price of $275.92.

Check Out Our Latest Report on FLUT

Flutter Entertainment Price Performance

Shares of FLUT stock traded down $4.06 on Thursday, hitting $232.75. The stock had a trading volume of 1,329,636 shares, compared to its average volume of 1,086,362. The company has a fifty day moving average price of $225.76 and a two-hundred day moving average price of $205.16. Flutter Entertainment has a twelve month low of $148.00 and a twelve month high of $252.84.

Flutter Entertainment (NYSE:FLUTGet Free Report) last issued its quarterly earnings data on Tuesday, August 13th. The company reported $2.33 EPS for the quarter, topping analysts’ consensus estimates of $1.07 by $1.26. The company had revenue of $3.61 billion for the quarter, compared to analyst estimates of $3.41 billion. On average, equities research analysts forecast that Flutter Entertainment will post 4.75 earnings per share for the current year.

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

About Flutter Entertainment

(Get Free Report)

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.

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