Flutter Entertainment (NYSE:FLUT) Earns “Buy” Rating from Needham & Company LLC

Flutter Entertainment (NYSE:FLUT)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a report released on Wednesday,Benzinga reports. They presently have a $300.00 price objective on the stock. Needham & Company LLC’s price objective suggests a potential upside of 18.99% from the company’s previous close.

A number of other research firms have also recently weighed in on FLUT. Macquarie assumed coverage on Flutter Entertainment in a report on Wednesday, December 11th. They issued an “outperform” rating and a $340.00 price target for the company. UBS Group boosted their price target on Flutter Entertainment from $308.00 to $320.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Oppenheimer upped their target price on Flutter Entertainment from $300.00 to $305.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Barclays upped their target price on Flutter Entertainment from $275.00 to $301.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Finally, JMP Securities upped their target price on Flutter Entertainment from $299.00 to $311.00 and gave the company a “market outperform” rating in a research note on Monday. Sixteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $302.33.

Flutter Entertainment Price Performance

NYSE FLUT opened at $252.12 on Wednesday. Flutter Entertainment has a fifty-two week low of $158.43 and a fifty-two week high of $284.79. The business has a fifty day moving average of $262.27 and a 200-day moving average of $229.44.

Flutter Entertainment announced that its Board of Directors has authorized a stock buyback program on Wednesday, September 25th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the company to buy up to 11.7% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Flutter Entertainment

Institutional investors and hedge funds have recently modified their holdings of the stock. US Bancorp DE boosted its position in shares of Flutter Entertainment by 71.7% in the third quarter. US Bancorp DE now owns 237 shares of the company’s stock worth $56,000 after buying an additional 99 shares during the period. Venturi Wealth Management LLC acquired a new position in shares of Flutter Entertainment in the third quarter worth about $82,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Flutter Entertainment in the third quarter worth about $190,000. Seelaus Asset Management LLC acquired a new position in shares of Flutter Entertainment in the third quarter worth about $204,000. Finally, ArrowMark Colorado Holdings LLC acquired a new position in shares of Flutter Entertainment in the third quarter worth about $216,000.

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.