Flutter Entertainment (NYSE:FLUT) Given “Market Outperform” Rating at JMP Securities

JMP Securities reiterated their market outperform rating on shares of Flutter Entertainment (NYSE:FLUT) in a research report sent to investors on Thursday, Benzinga reports. The brokerage currently has a $255.00 target price on the stock.

Other equities analysts also recently issued research reports about the stock. Berenberg Bank upgraded shares of Flutter Entertainment to a strong-buy rating in a research note on Tuesday, August 27th. Benchmark upped their price objective on shares of Flutter Entertainment from $255.00 to $265.00 and gave the company a buy rating in a research note on Thursday. Susquehanna upped their price objective on shares of Flutter Entertainment from $222.00 to $230.00 and gave the company a positive rating in a research note on Wednesday, August 14th. Morgan Stanley initiated coverage on shares of Flutter Entertainment in a research note on Thursday, August 22nd. They issued an overweight rating and a $247.00 price objective for the company. Finally, BTIG Research upped their price objective on shares of Flutter Entertainment from $245.00 to $249.00 and gave the company a buy rating in a research note on Wednesday, August 14th. One investment analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of Buy and a consensus price target of $260.45.

Flutter Entertainment Price Performance

NYSE:FLUT opened at $238.33 on Thursday. The business’s fifty day moving average price is $209.39 and its 200 day moving average price is $200.98. Flutter Entertainment has a 12 month low of $148.00 and a 12 month high of $252.84.

Flutter Entertainment (NYSE:FLUT) last posted its earnings results on Tuesday, August 13th. The company reported $2.33 EPS for the quarter, beating the consensus estimate of $1.07 by $1.26. The business had revenue of $3.61 billion during the quarter, compared to analysts’ expectations of $3.41 billion. As a group, equities research analysts predict that Flutter Entertainment will post 4.75 EPS for the current year.

Flutter Entertainment announced that its Board of Directors has approved a share buyback plan on Wednesday, September 25th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits 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 shares are undervalued.

Institutional Investors Weigh In On Flutter Entertainment

A number of hedge funds have recently added to or reduced their stakes in FLUT. Hollencrest Capital Management acquired a new stake in Flutter Entertainment in the first quarter valued at about $28,000. Rothschild Investment LLC acquired a new stake in Flutter Entertainment in the second quarter valued at about $37,000. CWM LLC acquired a new stake in Flutter Entertainment in the second quarter valued at about $40,000. YHB Investment Advisors Inc. acquired a new stake in Flutter Entertainment in the first quarter valued at about $45,000. Finally, Hilltop National Bank acquired a new stake in Flutter Entertainment in the second quarter valued at about $101,000.

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.