Flutter Entertainment (NYSE:FLUT) Shares Gap Up – Time to Buy?

Shares of Flutter Entertainment plc (NYSE:FLUT) gapped up before the market opened on Wednesday . The stock had previously closed at $227.62, but opened at $241.91. Flutter Entertainment shares last traded at $237.42, with a volume of 771,204 shares trading hands.

Analyst Ratings Changes

A number of brokerages have issued reports on FLUT. JMP Securities boosted their target price on shares of Flutter Entertainment from $255.00 to $287.00 and gave the company a “market outperform” rating in a report on Monday, October 14th. Morgan Stanley assumed coverage on Flutter Entertainment in a research note on Thursday, August 22nd. They issued an “overweight” rating and a $247.00 target price for the company. Moffett Nathanson increased their price target 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. Oppenheimer raised their price objective on shares of Flutter Entertainment from $255.00 to $300.00 and gave the company an “outperform” rating in a research report on Thursday, September 26th. Finally, Susquehanna upped their target price on shares of Flutter Entertainment from $230.00 to $273.00 and gave the stock a “positive” rating in a report on Monday, October 7th. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Flutter Entertainment presently has a consensus rating of “Buy” and an average price target of $275.92.

Flutter Entertainment Price Performance

The company’s 50-day moving average price is $226.23 and its 200 day moving average price is $205.35.

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

Flutter Entertainment announced that its Board of Directors has approved a stock buyback plan on Wednesday, September 25th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 11.7% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Institutional Trading of Flutter Entertainment

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Hollencrest Capital Management purchased a new stake in shares of Flutter Entertainment during the first quarter valued at approximately $28,000. Rothschild Investment LLC bought a new position in Flutter Entertainment in the 2nd quarter valued at approximately $37,000. CWM LLC bought a new position in Flutter Entertainment in the 2nd quarter valued at approximately $40,000. US Bancorp DE boosted 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 during the last quarter. Finally, Hilltop National Bank bought a new stake in shares of Flutter Entertainment in the 2nd quarter worth $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.