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

Flutter Entertainment (NYSE:FLUT) had its target price raised by Oppenheimer from $300.00 to $305.00 in a research report released on Wednesday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Other equities research analysts have also recently issued reports about the company. Wells Fargo & Company reiterated an “overweight” rating and issued a $295.00 price target on shares of Flutter Entertainment in a research note on Wednesday, October 30th. Morgan Stanley started coverage on Flutter Entertainment in a research report on Thursday, August 22nd. They set an “overweight” rating and a $247.00 target price for the company. Benchmark reissued a “buy” rating and set a $265.00 target price on shares of Flutter Entertainment in a report on Monday, October 14th. Bank of America assumed coverage on shares of Flutter Entertainment in a research report on Monday, October 14th. They set a “buy” rating and a $300.00 price objective for the company. Finally, Berenberg Bank raised shares of Flutter Entertainment to a “strong-buy” rating in a report on Tuesday, August 27th. Fourteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $296.08.

Flutter Entertainment Price Performance

FLUT opened at $265.44 on Wednesday. The stock has a fifty day moving average of $233.95 and a 200-day moving average of $210.01. Flutter Entertainment has a fifty-two week low of $149.00 and a fifty-two week high of $269.90.

Flutter Entertainment (NYSE:FLUT) last issued its quarterly earnings data on Tuesday, August 13th. The company reported $2.33 earnings per share for the quarter, topping the consensus estimate of $1.07 by $1.26. The business had revenue of $3.61 billion during the quarter, compared to analyst estimates of $3.41 billion. On average, equities research analysts predict that Flutter Entertainment will post 4.65 earnings per share for the current fiscal year.

Flutter Entertainment declared that its board has approved a stock repurchase plan on Wednesday, September 25th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the company to repurchase up to 11.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in FLUT. Rothschild Investment LLC bought a new stake in Flutter Entertainment during the 2nd quarter worth approximately $37,000. CWM LLC bought a new stake in shares of Flutter Entertainment in the second quarter worth $40,000. US Bancorp DE grew its stake in shares of Flutter Entertainment by 71.7% in the third quarter. US Bancorp DE now owns 237 shares of the company’s stock worth $56,000 after purchasing an additional 99 shares during the last quarter. Venturi Wealth Management LLC acquired a new stake in Flutter Entertainment in the third quarter valued at $82,000. Finally, Hilltop National Bank bought a new position in Flutter Entertainment during the 2nd quarter worth $101,000.

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.