Brokerages Set Flutter Entertainment plc (NYSE:FLUT) PT at $301.53

Shares of Flutter Entertainment plc (NYSE:FLUT) have earned an average recommendation of “Buy” from the seventeen ratings firms that are currently covering the stock, Marketbeat Ratings reports. Sixteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $301.53.

Several analysts recently weighed in on FLUT shares. Needham & Company LLC increased their target price on Flutter Entertainment from $270.00 to $300.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Craig Hallum increased their price objective on Flutter Entertainment from $275.00 to $350.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Macquarie initiated coverage on shares of Flutter Entertainment in a research report on Wednesday, December 11th. They set an “outperform” rating and a $340.00 target price on the stock. Bank of America started coverage on shares of Flutter Entertainment in a report on Monday, October 14th. They issued a “buy” rating and a $300.00 price target for the company. Finally, Moffett Nathanson boosted their price objective on shares of Flutter Entertainment from $245.00 to $275.00 and gave the stock a “buy” rating in a report on Thursday, September 26th.

Flutter Entertainment Stock Performance

FLUT stock opened at $261.80 on Monday. The company has a 50-day moving average of $258.33 and a two-hundred day moving average of $225.92. Flutter Entertainment has a 52-week low of $158.43 and a 52-week high of $284.79.

Flutter Entertainment announced that its Board of Directors has authorized a share repurchase plan on Wednesday, September 25th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 11.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Massachusetts Financial Services Co. MA bought a new stake in shares of Flutter Entertainment in the 3rd quarter worth about $849,474,000. Bank of Montreal Can boosted its position in Flutter Entertainment by 868.5% in the third quarter. Bank of Montreal Can now owns 3,367,022 shares of the company’s stock valued at $798,927,000 after buying an additional 3,019,376 shares in the last quarter. Cantillon Capital Management LLC grew its stake in Flutter Entertainment by 3,827.8% during the third quarter. Cantillon Capital Management LLC now owns 2,397,384 shares of the company’s stock worth $568,851,000 after buying an additional 2,336,347 shares during the last quarter. Marathon Asset Management Ltd acquired a new stake in shares of Flutter Entertainment during the third quarter worth approximately $451,631,000. Finally, Geode Capital Management LLC bought a new position in shares of Flutter Entertainment in the third quarter valued at approximately $436,599,000.

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.