Flutter Entertainment (NYSE:FLUT) Earns Buy Rating from Needham & Company LLC

Flutter Entertainment (NYSE:FLUT - Get Free Report)'s stock had its "buy" rating restated by stock analysts at Needham & Company LLC in a report issued on Wednesday,Benzinga reports. They currently have a $300.00 price objective on the stock. Needham & Company LLC's price target indicates a potential upside of 17.38% from the company's previous close.

A number of other research firms have also issued reports on FLUT. BTIG Research lifted their price objective on shares of Flutter Entertainment from $249.00 to $305.00 and gave the company a "buy" rating in a research note on Monday, November 11th. Wells Fargo & Company boosted their price objective on shares of Flutter Entertainment from $295.00 to $300.00 and gave the stock an "overweight" rating in a report on Wednesday, November 13th. Susquehanna upped their price objective on shares of Flutter Entertainment from $273.00 to $286.00 and gave the company a "positive" rating in a research report on Wednesday, November 13th. Macquarie began coverage on Flutter Entertainment in a research report on Wednesday, December 11th. They set an "outperform" rating and a $340.00 target price on the stock. 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 investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $303.40.

Flutter Entertainment Price Performance

Shares of FLUT stock traded up $3.72 during trading hours on Wednesday, reaching $255.58. The company had a trading volume of 1,927,141 shares, compared to its average volume of 1,240,108. Flutter Entertainment has a twelve month low of $158.43 and a twelve month high of $284.79. The stock's fifty day simple moving average is $262.27 and its 200 day simple moving average is $229.44.

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC acquired a new position in shares of Flutter Entertainment during the second quarter valued at $285,000. TD Asset Management Inc acquired a new position in Flutter Entertainment during the 2nd quarter valued at about $8,920,000. Prudential PLC grew its position in Flutter Entertainment by 4.6% in the 2nd quarter. Prudential PLC now owns 15,168 shares of the company's stock worth $2,766,000 after purchasing an additional 666 shares during the last quarter. Choreo LLC acquired a new stake in shares of Flutter Entertainment in the second quarter valued at approximately $208,000. Finally, Wellington Shields & Co. LLC bought a new stake in shares of Flutter Entertainment during the second quarter valued at approximately $322,000.

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.