JMP Securities Raises Flutter Entertainment (NYSE:FLUT) Price Target to $287.00

Flutter Entertainment (NYSE:FLUT) had its price objective increased by JMP Securities from $255.00 to $287.00 in a report issued on Monday, Benzinga reports. The firm currently has a market outperform rating on the stock.

Other research analysts have also issued research reports about the stock. Morgan Stanley started coverage on shares of Flutter Entertainment in a research report on Thursday, August 22nd. They set an “overweight” rating and a $247.00 target price on the stock. Berenberg Bank upgraded shares of Flutter Entertainment to a “strong-buy” rating in a research report on Tuesday, August 27th. Bank of America began coverage on shares of Flutter Entertainment in a report on Monday. They set a “buy” rating and a $300.00 price target for the company. Barclays upped their price target on shares of Flutter Entertainment from $263.00 to $275.00 and gave the stock an “overweight” rating in a report on Thursday, September 26th. Finally, Needham & Company LLC began coverage on shares of Flutter Entertainment in a report on Monday, September 23rd. They set a “buy” rating and a $270.00 price target for the company. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $275.92.

Flutter Entertainment Trading Up 0.9 %

Shares of FLUT opened at $227.97 on Monday. Flutter Entertainment has a 52 week low of $148.00 and a 52 week high of $252.84. The firm’s 50-day simple moving average is $219.93 and its 200 day simple moving average is $202.74.

Flutter Entertainment (NYSE:FLUT) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $2.33 EPS for the quarter, beating analysts’ consensus estimates of $1.07 by $1.26. The company had revenue of $3.61 billion during the quarter, compared to analyst estimates of $3.41 billion. On average, equities analysts forecast that Flutter Entertainment will post 4.75 earnings per share for the current fiscal year.

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

Hedge Funds Weigh In On Flutter Entertainment

Several large investors have recently modified their holdings of FLUT. Capital World Investors bought a new position in shares of Flutter Entertainment during the first quarter valued at $2,880,796,000. Capital Research Global Investors bought a new position in shares of Flutter Entertainment during the first quarter valued at $2,418,032,000. Vanguard Group Inc. bought a new position in shares of Flutter Entertainment during the first quarter valued at $1,578,442,000. Capital International Investors acquired a new stake in shares of Flutter Entertainment during the first quarter worth $507,170,000. Finally, Marshall Wace LLP increased its position in shares of Flutter Entertainment by 339.2% during the second quarter. Marshall Wace LLP now owns 1,076,739 shares of the company’s stock worth $196,354,000 after buying an additional 831,585 shares during the period.

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.