Flutter Entertainment plc (NYSE:FLUT) Short Interest Down 14.0% in December

Flutter Entertainment plc (NYSE:FLUT) was the recipient of a large decrease in short interest during the month of December. As of December 31st, there was short interest totalling 3,330,000 shares, a decrease of 14.0% from the December 15th total of 3,870,000 shares. Based on an average trading volume of 1,570,000 shares, the days-to-cover ratio is presently 2.1 days. Approximately 1.9% of the shares of the stock are sold short.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. The Goldman Sachs Group assumed coverage on Flutter Entertainment in a research report on Friday, November 22nd. They set a “buy” rating and a $320.00 target price for the company. Needham & Company LLC reiterated a “buy” rating and set a $300.00 target price on shares of Flutter Entertainment in a research report on Wednesday, January 8th. Moffett Nathanson increased their target price on Flutter Entertainment from $245.00 to $275.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Stifel Nicolaus assumed coverage on Flutter Entertainment in a research report on Friday. They set a “buy” rating and a $320.00 target price for the company. Finally, Wells Fargo & Company lowered their target price on Flutter Entertainment from $300.00 to $285.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Seventeen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $304.44.

Flutter Entertainment Stock Performance

Shares of NYSE:FLUT traded up $5.47 on Friday, hitting $263.03. 1,200,603 shares of the company’s stock were exchanged, compared to its average volume of 1,033,112. Flutter Entertainment has a 12 month low of $174.03 and a 12 month high of $284.79. The business’s 50 day simple moving average is $265.79 and its two-hundred day simple moving average is $233.43. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.66.

Flutter Entertainment announced that its board has authorized a stock repurchase program on Wednesday, September 25th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the company to purchase up to 11.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

Institutional Trading of Flutter Entertainment

Institutional investors and hedge funds have recently made changes to their positions in the business. Vestcor Inc purchased a new position in shares of Flutter Entertainment during the third quarter valued at $815,000. Benson Investment Management Company Inc. purchased a new position in shares of Flutter Entertainment during the fourth quarter valued at $5,116,000. Sanctuary Advisors LLC purchased a new position in shares of Flutter Entertainment during the third quarter valued at $802,000. Raymond James & Associates grew its stake in Flutter Entertainment by 10.0% in the third quarter. Raymond James & Associates now owns 18,348 shares of the company’s stock valued at $4,354,000 after purchasing an additional 1,663 shares during the last quarter. Finally, Geode Capital Management LLC purchased a new position in Flutter Entertainment in the third quarter valued at about $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.