Flutter Entertainment (NYSE:FLUT) Upgraded by Wells Fargo & Company to "Overweight"

Flutter Entertainment (NYSE:FLUT - Get Free Report) was upgraded by investment analysts at Wells Fargo & Company from an "equal weight" rating to an "overweight" rating in a report issued on Monday, Marketbeat.com reports. The firm currently has a $295.00 price target on the stock, up from their previous price target of $224.00. Wells Fargo & Company's price target would indicate a potential upside of 28.21% from the stock's previous close.

Several other analysts have also recently weighed in on the stock. BTIG Research lifted their price target on shares of Flutter Entertainment from $245.00 to $249.00 and gave the company a "buy" rating in a report on Wednesday, August 14th. JMP Securities reiterated a "market outperform" rating and issued a $255.00 price target on shares of Flutter Entertainment in a report on Thursday, September 26th. Berenberg Bank upgraded shares of Flutter Entertainment to a "strong-buy" rating in a report on Tuesday, August 27th. Morgan Stanley began coverage on shares of Flutter Entertainment in a report on Thursday, August 22nd. They issued an "overweight" rating and a $247.00 price target on the stock. Finally, Benchmark boosted their target price 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. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $275.92.

Flutter Entertainment Stock Up 4.8 %

Shares of NYSE FLUT traded up $10.60 during mid-day trading on Monday, hitting $230.10. The stock had a trading volume of 2,982,384 shares, compared to its average volume of 1,067,511. Flutter Entertainment has a 1 year low of $148.00 and a 1 year high of $252.84. The business has a 50 day moving average price of $217.13 and a two-hundred day moving average price of $202.14.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last released its quarterly earnings results on Tuesday, August 13th. The company reported $2.33 earnings per share for the quarter, beating 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 research analysts expect that Flutter Entertainment will post 4.75 earnings per share for the current year.

Flutter Entertainment declared that its board has initiated 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 reacquire up to 11.7% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board believes its shares are undervalued.

Institutional Investors Weigh In On Flutter Entertainment

Several hedge funds and other institutional investors have recently made changes to their positions in FLUT. Artemis Investment Management LLP purchased a new stake in shares of Flutter Entertainment during the 1st quarter valued at about $29,611,000. Allspring Global Investments Holdings LLC purchased a new stake in Flutter Entertainment in the 1st quarter worth approximately $7,319,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in Flutter Entertainment in the 1st quarter worth approximately $70,371,000. Financial Perspectives Inc purchased a new stake in Flutter Entertainment in the 1st quarter worth approximately $102,000. Finally, Yousif Capital Management LLC purchased a new stake in Flutter Entertainment in the 1st quarter worth approximately $649,000.

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.