Flutter Entertainment (NYSE:FLUT) Shares Gap Up Following Analyst Upgrade

Flutter Entertainment plc (NYSE:FLUT - Get Free Report) gapped up prior to trading on Monday after JMP Securities raised their price target on the stock from $255.00 to $287.00. The stock had previously closed at $219.50, but opened at $231.75. JMP Securities currently has a market outperform rating on the stock. Flutter Entertainment shares last traded at $228.75, with a volume of 940,704 shares trading hands.

Several other equities research analysts have also issued reports on the company. Craig Hallum raised their price objective on Flutter Entertainment from $240.00 to $275.00 and gave the company a "buy" rating in a research note on Thursday, September 26th. Oppenheimer increased their target price on shares of Flutter Entertainment from $255.00 to $300.00 and gave the company an "outperform" rating in a research note on Thursday, September 26th. Benchmark upped their price target on shares of Flutter Entertainment from $255.00 to $265.00 and gave the company a "buy" rating in a report on Thursday, September 26th. Berenberg Bank raised shares of Flutter Entertainment to a "strong-buy" rating in a research note on Tuesday, August 27th. Finally, Moffett Nathanson raised 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. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Buy" and an average target price of $275.92.

Hedge Funds Weigh In On Flutter Entertainment

Large investors have recently bought and sold shares of the business. Hollencrest Capital Management purchased a new position in shares of Flutter Entertainment in the 1st quarter worth approximately $28,000. Rothschild Investment LLC acquired a new position in shares of Flutter Entertainment during the second quarter worth $37,000. CWM LLC purchased a new stake in shares of Flutter Entertainment during the 2nd quarter valued at $40,000. Hilltop National Bank acquired a new stake in shares of Flutter Entertainment in the 2nd quarter worth $101,000. Finally, Financial Perspectives Inc purchased a new position in Flutter Entertainment during the 1st quarter worth $102,000.

Flutter Entertainment Stock Performance

The company has a 50-day moving average of $217.13 and a 200-day moving average of $202.14.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last announced its quarterly earnings data on Tuesday, August 13th. The company reported $2.33 earnings per share for the quarter, beating analysts' consensus estimates of $1.07 by $1.26. The company had revenue of $3.61 billion for the quarter, compared to analysts' expectations of $3.41 billion. Equities analysts predict that Flutter Entertainment plc will post 4.75 earnings per share for the current fiscal year.

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