UBS Group Initiates Coverage on Flutter Entertainment (NYSE:FLUT)

Analysts at UBS Group assumed coverage on shares of Flutter Entertainment (NYSE:FLUT) in a research note issued to investors on Friday, Marketbeat.com reports. The firm set a “buy” rating and a $306.00 price target on the stock. UBS Group’s price target would indicate a potential upside of 23.37% from the stock’s previous close.

A number of other research firms have also recently commented on FLUT. Needham & Company LLC started coverage on Flutter Entertainment in a research note on Monday, September 23rd. They set a “buy” rating and a $270.00 target price on the stock. Barclays lifted their price objective on shares of Flutter Entertainment from $263.00 to $275.00 and gave the stock an “overweight” rating in a research report on Thursday, September 26th. Wells Fargo & Company reissued an “overweight” rating and set a $295.00 target price on shares of Flutter Entertainment in a research report on Wednesday, October 30th. Susquehanna lifted their price target on shares of Flutter Entertainment from $230.00 to $273.00 and gave the stock a “positive” rating in a report on Monday, October 7th. Finally, Oppenheimer upped their price objective on Flutter Entertainment from $255.00 to $300.00 and gave the company an “outperform” rating in a research note on Thursday, September 26th. Fourteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $278.23.

Flutter Entertainment Trading Up 4.2 %

NYSE:FLUT opened at $248.04 on Friday. Flutter Entertainment has a 52 week low of $148.00 and a 52 week high of $252.84. The firm has a 50-day moving average price of $229.28 and a two-hundred day moving average price of $207.63.

Flutter Entertainment (NYSE:FLUT) last released its earnings results on Tuesday, August 13th. The company reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.07 by $1.26. The business had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $3.41 billion. Equities analysts forecast that Flutter Entertainment will post 4.72 earnings per share for the current year.

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in FLUT. Capital World Investors bought a new position in Flutter Entertainment in the 1st quarter valued at $2,880,796,000. Capital Research Global Investors bought a new stake in Flutter Entertainment during the first quarter valued at $2,418,032,000. Vanguard Group Inc. purchased a new position in Flutter Entertainment during the first quarter worth about $1,578,442,000. Hsbc Holdings PLC increased its stake in Flutter Entertainment by 10.9% in the 2nd quarter. Hsbc Holdings PLC now owns 6,189,639 shares of the company’s stock worth $1,131,079,000 after acquiring an additional 608,003 shares during the last quarter. Finally, Capital International Investors purchased a new stake in shares of Flutter Entertainment in the 1st quarter valued at about $507,170,000.

Flutter Entertainment Company Profile

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.