Flutter Entertainment (NYSE:FLUT) Receives "Buy" Rating from Benchmark

Flutter Entertainment (NYSE:FLUT - Get Free Report)'s stock had its "buy" rating reaffirmed by analysts at Benchmark in a report issued on Monday, Benzinga reports. They currently have a $265.00 price objective on the stock. Benchmark's price objective points to a potential upside of 15.17% from the company's previous close.

Other equities analysts have also issued research reports about the stock. Barclays raised their price objective on shares of Flutter Entertainment from $263.00 to $275.00 and gave the company an "overweight" rating in a research report on Thursday, September 26th. JMP Securities raised their price objective on shares of Flutter Entertainment from $255.00 to $287.00 and gave the company a "market outperform" rating in a research report on Monday. Wells Fargo & Company upgraded shares of Flutter Entertainment from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $224.00 to $295.00 in a research report on Monday. BTIG Research raised their price objective on shares of Flutter Entertainment from $245.00 to $249.00 and gave the company a "buy" rating in a research report on Wednesday, August 14th. Finally, Berenberg Bank upgraded shares of Flutter Entertainment to a "strong-buy" rating in a research report on Tuesday, August 27th. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Flutter Entertainment has an average rating of "Buy" and a consensus target price of $275.92.

Flutter Entertainment Stock Performance

FLUT traded up $10.60 on Monday, reaching $230.10. The company had a trading volume of 2,982,384 shares, compared to its average volume of 1,067,511. The company has a fifty day moving average of $217.13 and a 200-day moving average of $202.14. Flutter Entertainment has a one year low of $148.00 and a one year high of $252.84.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last announced its earnings results on Tuesday, August 13th. The company reported $2.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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, sell-side analysts anticipate that Flutter Entertainment will post 4.75 earnings per share for the current fiscal year.

Flutter Entertainment announced that its board has initiated a share repurchase program on Wednesday, September 25th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 11.7% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board of directors believes its shares are undervalued.

Institutional Trading of Flutter Entertainment

A number of hedge funds have recently made changes to their positions in the stock. Hollencrest Capital Management purchased a new stake in shares of Flutter Entertainment in the first quarter worth approximately $28,000. Assenagon Asset Management S.A. raised its position in Flutter Entertainment by 3.0% during the second quarter. Assenagon Asset Management S.A. now owns 5,760 shares of the company's stock valued at $1,053,000 after acquiring an additional 170 shares in the last quarter. Rothschild Investment LLC bought a new position in Flutter Entertainment during the second quarter valued at approximately $37,000. CWM LLC bought a new position in Flutter Entertainment during the second quarter valued at approximately $40,000. Finally, Financial Perspectives Inc bought a new position in Flutter Entertainment during the first quarter valued at approximately $102,000.

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.