Flutter Entertainment (NYSE:FLUT) Reaches New 1-Year High – Here’s Why

Flutter Entertainment plc (NYSE:FLUT)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $270.72 and last traded at $270.44, with a volume of 775902 shares traded. The stock had previously closed at $263.37.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on FLUT. JMP Securities boosted their price objective on shares of Flutter Entertainment from $287.00 to $299.00 and gave the stock a “market outperform” rating in a research note on Wednesday, November 13th. BTIG Research raised their price target on shares of Flutter Entertainment from $249.00 to $305.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Moffett Nathanson boosted their price objective on Flutter Entertainment from $245.00 to $275.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Needham & Company LLC lifted their target price on shares of Flutter Entertainment from $270.00 to $300.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, UBS Group assumed coverage on Flutter Entertainment in a report on Friday, November 8th. They issued a “buy” rating and a $306.00 target price for the company. Fourteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $296.08.

Flutter Entertainment Trading Up 1.3 %

The company’s 50-day simple moving average is $236.65 and its 200-day simple moving average is $211.69.

Flutter Entertainment declared that its board has approved a share buyback program on Wednesday, September 25th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the company to purchase up to 11.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Russell Investments Group Ltd. bought a new position in shares of Flutter Entertainment during the first quarter worth approximately $318,000. Mitsubishi UFJ Trust & Banking Corp acquired a new stake in Flutter Entertainment during the 1st quarter worth approximately $130,000. Acadian Asset Management LLC acquired a new stake in Flutter Entertainment during the 1st quarter worth approximately $1,272,000. Lake Street Advisors Group LLC bought a new stake in Flutter Entertainment during the 1st quarter worth approximately $415,000. Finally, Axxcess Wealth Management LLC bought a new position in shares of Flutter Entertainment during the first quarter valued at $363,000.

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.