Flutter Entertainment (NYSE:FLUT) Upgraded by Wells Fargo & Company to Overweight

Wells Fargo & Company upgraded shares of Flutter Entertainment (NYSE:FLUT) from an equal weight rating to an overweight rating in a research note published on Monday, Marketbeat.com reports. Wells Fargo & Company currently has $295.00 price target on the stock, up from their prior price target of $224.00.

FLUT has been the topic of several other reports. Benchmark lifted their price target on shares of Flutter Entertainment from $255.00 to $265.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Morgan Stanley started coverage on shares of Flutter Entertainment in a report on Thursday, August 22nd. They issued an “overweight” rating and a $247.00 price target on the stock. Barclays lifted their price objective on shares of Flutter Entertainment from $263.00 to $275.00 and gave the stock an “overweight” rating in a research note on Thursday, September 26th. Susquehanna lifted their price objective on shares of Flutter Entertainment from $230.00 to $273.00 and gave the stock a “positive” rating in a research note on Monday, October 7th. Finally, Needham & Company LLC started coverage on shares of Flutter Entertainment in a research note on Monday, September 23rd. They set a “buy” rating and a $270.00 price objective for the company. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Flutter Entertainment currently has an average rating of “Buy” and a consensus target price of $275.92.

Flutter Entertainment Price Performance

Shares of FLUT stock opened at $234.65 on Monday. The company’s 50 day moving average is $220.80 and its 200 day moving average is $202.97. Flutter Entertainment has a 52-week low of $148.00 and a 52-week high of $252.84.

Flutter Entertainment (NYSE:FLUT) last released its quarterly earnings results on Tuesday, August 13th. The company reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $1.26. The firm had revenue of $3.61 billion during the quarter, compared to analysts’ expectations of $3.41 billion. Sell-side analysts expect that Flutter Entertainment will post 4.75 EPS for the current year.

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Bleakley Financial Group LLC raised its position in shares of Flutter Entertainment by 4.6% in the third quarter. Bleakley Financial Group LLC now owns 3,105 shares of the company’s stock worth $737,000 after acquiring an additional 136 shares during the period. Hollencrest Capital Management acquired a new position in shares of Flutter Entertainment in the first quarter worth about $28,000. Assenagon Asset Management S.A. raised its position in shares of Flutter Entertainment by 3.0% in the second quarter. Assenagon Asset Management S.A. now owns 5,760 shares of the company’s stock worth $1,053,000 after acquiring an additional 170 shares during the period. Rothschild Investment LLC acquired a new position in shares of Flutter Entertainment in the second quarter worth about $37,000. Finally, CWM LLC acquired a new position in shares of Flutter Entertainment in the second quarter worth about $40,000.

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.