Flutter Entertainment (NYSE:FLUT) Hits New 1-Year High on Analyst Upgrade

Flutter Entertainment plc (NYSE:FLUT - Get Free Report)'s stock price hit a new 52-week high on Wednesday after Needham & Company LLC raised their price target on the stock from $270.00 to $300.00. Needham & Company LLC currently has a buy rating on the stock. Flutter Entertainment traded as high as $263.75 and last traded at $263.75, with a volume of 54091 shares. The stock had previously closed at $248.17.

A number of other equities research analysts also recently weighed in on FLUT. Barclays raised their price target on Flutter Entertainment from $275.00 to $301.00 and gave the stock an "overweight" rating in a research note on Wednesday. BTIG Research lifted their target price on shares of Flutter Entertainment from $249.00 to $305.00 and gave the company a "buy" rating in a research note on Monday. JMP Securities increased their price target on shares of Flutter Entertainment from $287.00 to $299.00 and gave the stock a "market outperform" rating in a research note on Wednesday. Morgan Stanley initiated coverage on shares of Flutter Entertainment in a research note on Thursday, August 22nd. They issued an "overweight" rating and a $247.00 price objective for the company. Finally, Susquehanna increased their target price on shares of Flutter Entertainment from $273.00 to $286.00 and gave the stock a "positive" rating in a research report on Wednesday. Fourteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $296.08.

Hedge Funds Weigh In On Flutter Entertainment

Institutional investors have recently modified their holdings of the stock. Sei Investments Co. bought a new stake in Flutter Entertainment during the 1st quarter worth about $5,283,000. Russell Investments Group Ltd. acquired a new position in Flutter Entertainment in the first quarter valued at approximately $318,000. Bleakley Financial Group LLC bought a new position in Flutter Entertainment in the first quarter valued at approximately $420,000. Texas Yale Capital Corp. acquired a new stake in Flutter Entertainment during the 1st quarter worth $508,000. Finally, Mitsubishi UFJ Trust & Banking Corp bought a new stake in shares of Flutter Entertainment during the 1st quarter valued at $130,000.

Flutter Entertainment Price Performance

The stock has a 50 day moving average price of $230.80 and a two-hundred day moving average price of $208.67.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last issued its earnings results on Tuesday, August 13th. The company reported $2.33 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.07 by $1.26. The company had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $3.41 billion. Sell-side analysts forecast that Flutter Entertainment plc will post 4.72 earnings per share for the current year.

Flutter Entertainment declared that its board has authorized a stock repurchase program on Wednesday, September 25th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 11.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

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.