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

Flutter Entertainment (NYSE:FLUT) had its price objective hoisted by JMP Securities from $287.00 to $299.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. JMP Securities’ price target points to a potential upside of 12.95% from the stock’s current price.

Other equities analysts also recently issued research reports about the company. Bank of America initiated coverage on Flutter Entertainment in a research report on Monday, October 14th. They set a “buy” rating and a $300.00 price target on the stock. Benchmark lifted their price objective on Flutter Entertainment from $265.00 to $275.00 and gave the stock a “buy” rating in a research report on Wednesday. BTIG Research lifted their price objective on Flutter Entertainment from $249.00 to $305.00 and gave the stock a “buy” rating in a research report on Monday. Morgan Stanley initiated coverage on Flutter Entertainment in a research report on Thursday, August 22nd. They set an “overweight” rating and a $247.00 price objective on the stock. Finally, Craig Hallum lifted their price objective on Flutter Entertainment from $275.00 to $350.00 and gave the stock a “buy” rating in a research report on Wednesday. Fourteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $293.77.

Flutter Entertainment Trading Up 6.7 %

Shares of FLUT traded up $16.56 during trading hours on Wednesday, hitting $264.73. The company had a trading volume of 2,236,824 shares, compared to its average volume of 1,118,265. Flutter Entertainment has a one year low of $149.00 and a one year high of $266.22. The company’s fifty day moving average price is $230.06 and its two-hundred day moving average price is $208.23.

Flutter Entertainment (NYSE:FLUT) last announced its quarterly earnings data on Tuesday, August 13th. The company reported $2.33 earnings per share 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, equities research analysts anticipate that Flutter Entertainment will post 4.72 earnings per share for the current fiscal year.

Flutter Entertainment announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, September 25th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the company to purchase 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 shares are undervalued.

Institutional Trading of Flutter Entertainment

Several large investors have recently modified their holdings of the business. US Bancorp DE grew its stake in shares of Flutter Entertainment by 71.7% during the third quarter. US Bancorp DE now owns 237 shares of the company’s stock valued at $56,000 after acquiring an additional 99 shares in the last quarter. Bleakley Financial Group LLC grew its stake in shares of Flutter Entertainment by 4.6% during the third quarter. Bleakley Financial Group LLC now owns 3,105 shares of the company’s stock valued at $737,000 after acquiring an additional 136 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Flutter Entertainment by 3.0% during the second quarter. Assenagon Asset Management S.A. now owns 5,760 shares of the company’s stock valued at $1,053,000 after acquiring an additional 170 shares in the last quarter. Rothschild Investment LLC acquired a new stake in shares of Flutter Entertainment during the second quarter valued at about $37,000. Finally, CWM LLC acquired a new stake in shares of Flutter Entertainment during the second quarter valued at 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.