Flutter Entertainment’s (FLUT) Overweight Rating Reaffirmed at Wells Fargo & Company

Wells Fargo & Company reissued their overweight rating on shares of Flutter Entertainment (NYSE:FLUT) in a research report report published on Wednesday morning, Benzinga reports. The brokerage currently has a $295.00 target price on the stock.

FLUT has been the subject of a number of other reports. Berenberg Bank raised Flutter Entertainment to a “strong-buy” rating in a research report on Tuesday, August 27th. Barclays increased their price objective on Flutter Entertainment from $263.00 to $275.00 and gave the stock an “overweight” rating in a research report on Thursday, September 26th. Moffett Nathanson increased their price objective on Flutter Entertainment from $245.00 to $275.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. BTIG Research raised their price target on Flutter Entertainment from $245.00 to $249.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Finally, JMP Securities raised their price target on Flutter Entertainment from $255.00 to $287.00 and gave the company a “market outperform” rating in a report on Monday, October 14th. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Flutter Entertainment presently has an average rating of “Buy” and a consensus target price of $275.92.

Flutter Entertainment Price Performance

Shares of NYSE FLUT opened at $236.88 on Wednesday. Flutter Entertainment has a 52-week low of $148.00 and a 52-week high of $252.84. The business has a 50-day moving average price of $225.76 and a 200 day moving average price of $205.16.

Flutter Entertainment (NYSE:FLUT) last announced its earnings results 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 firm had revenue of $3.61 billion during the quarter, compared to analyst estimates of $3.41 billion. As a group, sell-side analysts expect that Flutter Entertainment will post 4.75 EPS for the current fiscal year.

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

Hedge Funds Weigh In On Flutter Entertainment

Several hedge funds have recently bought and sold shares of FLUT. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in Flutter Entertainment in the 1st quarter valued at approximately $70,371,000. Retirement Systems of Alabama purchased a new stake in shares of Flutter Entertainment in the first quarter valued at $9,024,000. Sequoia Financial Advisors LLC purchased a new stake in shares of Flutter Entertainment in the first quarter valued at $395,000. Capstone Investment Advisors LLC purchased a new stake in shares of Flutter Entertainment in the first quarter valued at $1,548,000. Finally, Hollencrest Capital Management purchased a new stake in shares of Flutter Entertainment in the first quarter valued at $28,000.

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.