Van ECK Associates Corp Makes New Investment in Flutter Entertainment plc (NYSE:FLUT)

Van ECK Associates Corp acquired a new position in shares of Flutter Entertainment plc (NYSE:FLUT - Free Report) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 12,157 shares of the company's stock, valued at approximately $2,784,000.

Other hedge funds also recently modified their holdings of the company. Rothschild Investment LLC acquired a new position in Flutter Entertainment during the second quarter worth $37,000. CWM LLC acquired a new position in shares of Flutter Entertainment during the 2nd quarter worth about $40,000. US Bancorp DE raised its holdings in shares of Flutter Entertainment by 71.7% in the 3rd quarter. US Bancorp DE now owns 237 shares of the company's stock valued at $56,000 after purchasing an additional 99 shares during the period. Hilltop National Bank acquired a new stake in Flutter Entertainment in the 2nd quarter valued at about $101,000. Finally, Mitsubishi UFJ Trust & Banking Corp acquired a new position in Flutter Entertainment during the first quarter worth approximately $130,000.

Flutter Entertainment Price Performance

Flutter Entertainment stock traded up $3.09 during mid-day trading on Monday, reaching $251.13. 1,568,435 shares of the company were exchanged, compared to its average volume of 1,105,984. The company has a fifty day simple moving average of $229.28 and a 200-day simple moving average of $207.78. Flutter Entertainment plc has a 12 month low of $148.30 and a 12 month high of $252.84.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last issued its quarterly earnings results on Tuesday, August 13th. The company reported $2.33 EPS for the quarter, topping 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. As a group, research analysts expect that Flutter Entertainment plc will post 4.72 EPS for the current fiscal year.

Flutter Entertainment declared that its board has initiated a share buyback plan on Wednesday, September 25th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 11.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Susquehanna raised their price objective on Flutter Entertainment from $230.00 to $273.00 and gave the company a "positive" rating in a research report on Monday, October 7th. Berenberg Bank raised Flutter Entertainment to a "strong-buy" rating in a report on Tuesday, August 27th. Needham & Company LLC assumed coverage on shares of Flutter Entertainment in a report on Monday, September 23rd. They issued a "buy" rating and a $270.00 price objective on the stock. Benchmark reissued a "buy" rating and issued a $265.00 price objective on shares of Flutter Entertainment in a research report on Monday, October 14th. Finally, Bank of America started coverage on shares of Flutter Entertainment in a report on Monday, October 14th. They set a "buy" rating and a $300.00 target price for the company. Fourteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Flutter Entertainment has an average rating of "Buy" and an average target price of $282.54.

Flutter Entertainment Company Profile

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.