Flutter Entertainment plc (NYSE:FLUT) Receives $298.79 Average PT from Analysts

Shares of Flutter Entertainment plc (NYSE:FLUT - Get Free Report) have been given an average rating of "Buy" by the sixteen brokerages that are currently covering the firm, Marketbeat Ratings reports. Fifteen investment analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $298.79.

A number of equities analysts have recently issued reports on the company. Susquehanna upped their price objective on Flutter Entertainment from $273.00 to $286.00 and gave the stock a "positive" rating in a report on Wednesday, November 13th. Bank of America initiated coverage on Flutter Entertainment in a research note on Monday, October 14th. They issued a "buy" rating and a $300.00 target price for the company. Needham & Company LLC boosted their target price on Flutter Entertainment from $270.00 to $300.00 and gave the company a "buy" rating in a research note on Wednesday, November 13th. Wells Fargo & Company boosted their target price on Flutter Entertainment from $295.00 to $300.00 and gave the company an "overweight" rating in a research note on Wednesday, November 13th. Finally, JMP Securities boosted their target price on Flutter Entertainment from $287.00 to $299.00 and gave the company a "market outperform" rating in a research note on Wednesday, November 13th.

Institutional Trading of Flutter Entertainment

Large investors have recently modified their holdings of the company. Massachusetts Financial Services Co. MA bought a new stake in Flutter Entertainment during the third quarter valued at about $849,474,000. Bank of Montreal Can grew its holdings in Flutter Entertainment by 868.5% during the third quarter. Bank of Montreal Can now owns 3,367,022 shares of the company's stock valued at $798,927,000 after purchasing an additional 3,019,376 shares during the period. Cantillon Capital Management LLC grew its holdings 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 valued at $568,851,000 after purchasing an additional 2,336,347 shares during the period. Marathon Asset Management Ltd bought a new stake in Flutter Entertainment during the third quarter valued at about $451,631,000. Finally, Geode Capital Management LLC bought a new stake in Flutter Entertainment during the third quarter valued at about $436,599,000.

Flutter Entertainment Price Performance

Shares of FLUT traded down $2.41 during midday trading on Thursday, reaching $273.33. The stock had a trading volume of 683,383 shares, compared to its average volume of 1,158,808. The company's 50-day moving average is $241.55 and its 200 day moving average is $214.16. Flutter Entertainment has a 12-month low of $150.65 and a 12-month high of $279.04.

Flutter Entertainment announced that its board has approved a share buyback program on Wednesday, September 25th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the company to buy up to 11.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its shares are undervalued.

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.