Flutter Entertainment (NYSE:FLUT) Shares Gap Up - Still a Buy?

Flutter Entertainment plc (NYSE:FLUT - Get Free Report) shares gapped up prior to trading on Wednesday . The stock had previously closed at $227.62, but opened at $241.91. Flutter Entertainment shares last traded at $237.42, with a volume of 771,204 shares trading hands.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on FLUT shares. JMP Securities boosted their price objective on Flutter Entertainment from $255.00 to $287.00 and gave the company a "market outperform" rating in a research note on Monday, October 14th. Oppenheimer boosted their price target on shares of Flutter Entertainment from $255.00 to $300.00 and gave the company an "outperform" rating in a research report on Thursday, September 26th. Benchmark reaffirmed a "buy" rating and issued a $265.00 price objective on shares of Flutter Entertainment in a report on Monday, October 14th. Barclays boosted their target price on shares of Flutter Entertainment from $263.00 to $275.00 and gave the company an "overweight" rating in a report on Thursday, September 26th. Finally, BTIG Research raised their price target on Flutter Entertainment from $245.00 to $249.00 and gave the stock a "buy" rating in a report on Wednesday, August 14th. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Flutter Entertainment currently has an average rating of "Buy" and a consensus target price of $275.92.

Flutter Entertainment Stock Up 4.1 %

The business has a 50 day simple moving average of $225.23 and a two-hundred day simple moving average of $204.94.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last posted its quarterly earnings data on Tuesday, August 13th. The company reported $2.33 earnings per share for the quarter, topping the consensus estimate of $1.07 by $1.26. The company had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $3.41 billion. On average, 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 has authorized a stock buyback plan on Wednesday, September 25th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 11.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its stock is undervalued.

Institutional Trading of Flutter Entertainment

A number of hedge funds have recently made changes to their positions in the stock. US Bancorp DE raised its position in Flutter Entertainment by 71.7% during the third quarter. US Bancorp DE now owns 237 shares of the company's stock valued at $56,000 after purchasing an additional 99 shares in the last quarter. Bleakley Financial Group LLC raised its holdings in shares of Flutter Entertainment by 4.6% during the 3rd quarter. Bleakley Financial Group LLC now owns 3,105 shares of the company's stock valued at $737,000 after buying an additional 136 shares in the last quarter. Hollencrest Capital Management bought a new stake in Flutter Entertainment in the 1st quarter worth approximately $28,000. Assenagon Asset Management S.A. boosted its stake in Flutter Entertainment by 3.0% in the second quarter. Assenagon Asset Management S.A. now owns 5,760 shares of the company's stock worth $1,053,000 after buying an additional 170 shares in the last quarter. Finally, Rothschild Investment LLC bought a new position in Flutter Entertainment during the second quarter valued at approximately $37,000.

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.