UBS Group Initiates Coverage on Flutter Entertainment (NYSE:FLUT)

Investment analysts at UBS Group began coverage on shares of Flutter Entertainment (NYSE:FLUT) in a report released on Friday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $306.00 price target on the stock. UBS Group’s price target suggests a potential upside of 28.60% from the company’s previous close.

Several other research analysts have also recently issued reports on the company. Benchmark reissued a “buy” rating and issued a $265.00 target price on shares of Flutter Entertainment in a research report on Monday, October 14th. Needham & Company LLC assumed coverage on Flutter Entertainment in a research report on Monday, September 23rd. They issued a “buy” rating and a $270.00 target price on the stock. Morgan Stanley assumed coverage on Flutter Entertainment in a research report on Thursday, August 22nd. They issued an “overweight” rating and a $247.00 target price on the stock. Moffett Nathanson raised their target price on Flutter Entertainment from $245.00 to $275.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Finally, Bank of America assumed coverage on Flutter Entertainment in a research note on Monday, October 14th. They issued a “buy” rating and a $300.00 price objective on the stock. Fourteen 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 currently has a consensus rating of “Buy” and a consensus price target of $278.23.

Flutter Entertainment Stock Performance

Shares of NYSE:FLUT opened at $237.94 on Friday. Flutter Entertainment has a 1-year low of $148.00 and a 1-year high of $252.84. The business has a fifty day moving average price of $228.56 and a 200-day moving average price of $207.07.

Flutter Entertainment (NYSE:FLUT) last released its quarterly earnings data on Tuesday, August 13th. The company reported $2.33 EPS for the quarter, beating the consensus estimate 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. As a group, equities analysts anticipate that Flutter Entertainment will post 4.75 EPS for the current fiscal year.

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

Hedge Funds Weigh In On Flutter Entertainment

A number of large investors have recently bought and sold shares of FLUT. Nordea Investment Management AB purchased a new stake in shares of Flutter Entertainment in the 1st quarter worth $1,656,000. Forsta AP Fonden purchased a new stake in shares of Flutter Entertainment in the 1st quarter worth $4,836,000. Swiss National Bank purchased a new stake in shares of Flutter Entertainment in the 1st quarter worth $119,485,000. CVI Holdings LLC purchased a new stake in shares of Flutter Entertainment in the 1st quarter worth $58,098,000. Finally, Susquehanna International Securities Ltd. purchased a new stake in shares of Flutter Entertainment in the 1st quarter worth $518,000.

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.