Oppenheimer Forecasts Strong Price Appreciation for Flutter Entertainment (NYSE:FLUT) Stock

Flutter Entertainment (NYSE:FLUT) had its price objective increased by Oppenheimer from $300.00 to $305.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Oppenheimer’s price target indicates a potential upside of 16.10% from the stock’s previous close.

Several other equities analysts have also commented on FLUT. Needham & Company LLC assumed coverage on shares of Flutter Entertainment in a report on Monday, September 23rd. They issued a “buy” rating and a $270.00 price objective on the stock. Susquehanna upped their target price on shares of Flutter Entertainment from $273.00 to $286.00 and gave the stock a “positive” rating in a research note on Wednesday. Benchmark reaffirmed a “buy” rating and set a $265.00 target price on shares of Flutter Entertainment in a research note on Monday, October 14th. Moffett Nathanson upped their target price on shares of Flutter Entertainment from $245.00 to $275.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and set a $295.00 target price on shares of Flutter Entertainment in a research note on Wednesday, October 30th. Fourteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $296.08.

Flutter Entertainment Stock Performance

Shares of FLUT stock traded down $4.29 during trading hours on Wednesday, hitting $262.71. The company had a trading volume of 513,616 shares, compared to its average volume of 1,128,989. The company’s fifty day moving average is $231.87 and its 200 day moving average is $209.07. Flutter Entertainment has a fifty-two week low of $149.00 and a fifty-two week high of $269.90.

Flutter Entertainment (NYSE:FLUT) last issued its quarterly earnings data on Tuesday, August 13th. The company reported $2.33 EPS for the quarter, topping the consensus estimate of $1.07 by $1.26. The company had revenue of $3.61 billion during the quarter, compared to analyst estimates of $3.41 billion. As a group, equities research analysts predict that Flutter Entertainment will post 4.65 EPS for the current year.

Flutter Entertainment declared that its Board of Directors has initiated a stock repurchase plan 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 stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Acadian Asset Management LLC acquired a new position in shares of Flutter Entertainment in the 1st quarter valued at $1,272,000. Capital International Ltd. CA acquired a new stake in Flutter Entertainment during the 1st quarter worth $2,180,000. Vanguard Group Inc. acquired a new stake in Flutter Entertainment during the 1st quarter worth $1,578,442,000. National Bank of Canada FI acquired a new stake in Flutter Entertainment during the 1st quarter worth $31,514,000. Finally, DekaBank Deutsche Girozentrale acquired a new stake in Flutter Entertainment during the 1st quarter worth $22,498,000.

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.