Flutter Entertainment plc (NYSE:FLUT – Get 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.
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:FLUT – Get 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
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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