JMP Securities Forecasts Strong Price Appreciation for Flutter Entertainment (NYSE:FLUT) Stock

Flutter Entertainment (NYSE:FLUT) had its price objective hoisted by equities researchers at JMP Securities from $299.00 to $311.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. JMP Securities’ price target would suggest a potential upside of 23.35% from the stock’s previous close.

FLUT has been the subject of a number of other reports. Craig Hallum upped their price objective on Flutter Entertainment from $275.00 to $350.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Susquehanna boosted their target price on shares of Flutter Entertainment from $273.00 to $286.00 and gave the company a “positive” rating in a research note on Wednesday, November 13th. BTIG Research lifted their price target on Flutter Entertainment from $249.00 to $305.00 and gave the company a “buy” rating in a report on Monday, November 11th. Benchmark boosted their price target on Flutter Entertainment from $265.00 to $275.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Finally, UBS Group lifted their price objective on shares of Flutter Entertainment from $308.00 to $320.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. 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 data from MarketBeat.com, Flutter Entertainment presently has a consensus rating of “Buy” and an average price target of $302.33.

Flutter Entertainment Price Performance

Shares of NYSE FLUT opened at $252.12 on Monday. The firm’s 50-day moving average price is $261.78 and its two-hundred day moving average price is $229.00. Flutter Entertainment has a 52-week low of $158.43 and a 52-week high of $284.79.

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 repurchase up to 11.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Flutter Entertainment

Hedge funds and other institutional investors have recently modified their holdings of the stock. US Bancorp DE raised its holdings in Flutter Entertainment by 71.7% during the 3rd quarter. US Bancorp DE now owns 237 shares of the company’s stock worth $56,000 after buying an additional 99 shares during the period. Venturi Wealth Management LLC purchased a new position in shares of Flutter Entertainment in the third quarter worth approximately $82,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Flutter Entertainment in the 3rd quarter valued at approximately $190,000. Benjamin F. Edwards & Company Inc. boosted its stake in Flutter Entertainment by 93.4% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,077 shares of the company’s stock worth $197,000 after purchasing an additional 520 shares during the period. Finally, Seelaus Asset Management LLC purchased a new position in Flutter Entertainment during the 3rd quarter worth approximately $204,000.

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.