Flutter Entertainment (NYSE:FLUT) Price Target Raised to $300.00 at Needham & Company LLC

Flutter Entertainment (NYSE:FLUT) had its price objective lifted by analysts at Needham & Company LLC from $270.00 to $300.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price would indicate a potential upside of 14.60% from the stock’s current price.

Other analysts have also recently issued reports about the stock. Berenberg Bank raised shares of Flutter Entertainment to a “strong-buy” rating in a report on Tuesday, August 27th. Moffett Nathanson raised their target price 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. Wells Fargo & Company increased their price target on Flutter Entertainment from $295.00 to $300.00 and gave the stock an “overweight” rating in a research report on Wednesday. Barclays boosted their price objective on Flutter Entertainment from $275.00 to $301.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Morgan Stanley assumed coverage on Flutter Entertainment in a research note on Thursday, August 22nd. They set an “overweight” rating and a $247.00 price objective 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 data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $296.08.

Flutter Entertainment Trading Up 5.5 %

Shares of Flutter Entertainment stock traded up $13.60 during trading hours on Wednesday, reaching $261.77. 2,576,314 shares of the company’s stock were exchanged, compared to its average volume of 1,119,808. The company has a fifty day moving average of $230.06 and a 200-day moving average of $208.23. Flutter Entertainment has a 52-week low of $149.00 and a 52-week high of $266.22.

Flutter Entertainment (NYSE:FLUT) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $2.33 earnings per share 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. Analysts anticipate that Flutter Entertainment will post 4.72 earnings per share for the current year.

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. FMR LLC lifted its stake in shares of Flutter Entertainment by 13.2% in the 3rd quarter. FMR LLC now owns 3,375,670 shares of the company’s stock valued at $794,362,000 after purchasing an additional 393,122 shares during the period. Bank of Montreal Can increased its stake 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 purchasing an additional 3,019,376 shares in the last quarter. Canton Hathaway LLC bought a new position in shares of Flutter Entertainment during the third quarter worth $240,000. Blue Whale Capital LLP grew its stake in Flutter Entertainment by 46.6% in the third quarter. Blue Whale Capital LLP now owns 157,743 shares of the company’s stock valued at $37,429,000 after acquiring an additional 50,123 shares during the period. Finally, Dynamic Technology Lab Private Ltd bought a new stake in Flutter Entertainment during the 3rd quarter worth approximately $410,000.

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.