Flutter Entertainment (NYSE:FLUT) Given “Overweight” Rating at Wells Fargo & Company

Wells Fargo & Company reaffirmed their overweight rating on shares of Flutter Entertainment (NYSE:FLUT) in a research note published on Wednesday, Benzinga reports. The firm currently has a $295.00 price target on the stock.

FLUT has been the topic of several other reports. Moffett Nathanson boosted their target price on shares of Flutter Entertainment from $245.00 to $275.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. 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 target price for the company. JMP Securities lifted their price target 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, October 14th. Craig Hallum upped their price target on Flutter Entertainment from $240.00 to $275.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Finally, Benchmark reaffirmed a “buy” rating and set a $265.00 price objective on shares of Flutter Entertainment in a report on Monday, October 14th. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Flutter Entertainment currently has an average rating of “Buy” and an average target price of $275.92.

Flutter Entertainment Trading Down 0.7 %

Shares of Flutter Entertainment stock opened at $231.16 on Wednesday. Flutter Entertainment has a 52-week low of $148.00 and a 52-week high of $252.84. The company’s 50-day simple moving average is $226.63 and its 200-day simple moving average is $205.83.

Flutter Entertainment (NYSE:FLUT) last issued its earnings results on Tuesday, August 13th. The company reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.07 by $1.26. The business had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $3.41 billion. Equities analysts expect that Flutter Entertainment will post 4.75 EPS for the current year.

Flutter Entertainment declared that its board has authorized a stock buyback plan on Wednesday, September 25th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 11.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. US Bancorp DE grew its stake in Flutter Entertainment by 71.7% during 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 in the last quarter. Bleakley Financial Group LLC increased its stake in shares of Flutter Entertainment by 4.6% in the third quarter. Bleakley Financial Group LLC now owns 3,105 shares of the company’s stock worth $737,000 after buying an additional 136 shares during the last quarter. Hollencrest Capital Management bought a new stake in shares of Flutter Entertainment in the first quarter worth $28,000. Assenagon Asset Management S.A. grew its holdings in Flutter Entertainment by 3.0% during the 2nd quarter. Assenagon Asset Management S.A. now owns 5,760 shares of the company’s stock worth $1,053,000 after acquiring an additional 170 shares in the last quarter. Finally, Rothschild Investment LLC bought a new stake in shares of Flutter Entertainment in the 2nd quarter worth about $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.