Flutter Entertainment’s (FLUT) “Buy” Rating Reaffirmed at Needham & Company LLC

Flutter Entertainment (NYSE:FLUT)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a report released on Wednesday,Benzinga reports. They presently have a $300.00 price target on the stock. Needham & Company LLC’s target price would suggest a potential upside of 17.38% from the stock’s current price.

Several other brokerages have also commented on FLUT. Moffett Nathanson upped their price target on Flutter Entertainment from $245.00 to $275.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Craig Hallum lifted their price target on shares of Flutter Entertainment from $275.00 to $350.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. BTIG Research increased their price objective on shares of Flutter Entertainment from $249.00 to $305.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Susquehanna lifted their target price on shares of Flutter Entertainment from $273.00 to $286.00 and gave the company a “positive” rating in a report on Wednesday, November 13th. Finally, Oppenheimer increased their price target on Flutter Entertainment from $300.00 to $305.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Sixteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Flutter Entertainment currently has a consensus rating of “Buy” and an average target price of $303.40.

Flutter Entertainment Price Performance

Shares of NYSE FLUT opened at $255.58 on Wednesday. The firm has a fifty day moving average of $263.10 and a 200-day moving average of $229.80. 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 repurchase $5.00 billion in shares. This repurchase authorization authorizes the company to buy up to 11.7% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Flutter Entertainment

Several large investors have recently modified their holdings of the stock. Massachusetts Financial Services Co. MA acquired a new stake in Flutter Entertainment during the third quarter valued at approximately $849,474,000. Bank of Montreal Can raised its position in shares of Flutter Entertainment by 868.5% during the 3rd quarter. Bank of Montreal Can now owns 3,367,022 shares of the company’s stock valued at $798,927,000 after acquiring an additional 3,019,376 shares in the last quarter. Cantillon Capital Management LLC lifted its stake in Flutter Entertainment by 3,827.8% during the third quarter. Cantillon Capital Management LLC now owns 2,397,384 shares of the company’s stock worth $568,851,000 after purchasing an additional 2,336,347 shares during the last quarter. Marathon Asset Management Ltd bought a new position in Flutter Entertainment during the third quarter worth $451,631,000. Finally, Geode Capital Management LLC acquired a new position in Flutter Entertainment in the third quarter worth $436,599,000.

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.