Flutter Entertainment (NYSE:FLUT) Sets New 52-Week High – Should You Buy?

Flutter Entertainment plc (NYSE:FLUT) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $270.72 and last traded at $270.44, with a volume of 775902 shares changing hands. The stock had previously closed at $263.37.

Analyst Upgrades and Downgrades

FLUT has been the topic of a number of analyst reports. Berenberg Bank upgraded shares of Flutter Entertainment to a “strong-buy” rating in a report on Tuesday, August 27th. Morgan Stanley started coverage on Flutter Entertainment in a report on Thursday, August 22nd. They set an “overweight” rating and a $247.00 target price for the company. Benchmark raised their price target on shares of Flutter Entertainment from $265.00 to $275.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Bank of America began coverage on Flutter Entertainment in a research note on Monday, October 14th. They issued a “buy” rating and a $300.00 price target on the stock. Finally, Barclays raised their target price on shares of Flutter Entertainment from $275.00 to $301.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Fourteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $296.08.

Flutter Entertainment Trading Up 1.3 %

The firm has a fifty day moving average of $236.65 and a 200 day moving average of $211.69.

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

Institutional Investors Weigh In On Flutter Entertainment

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. US Bancorp DE grew its holdings in shares of Flutter Entertainment by 71.7% in the 3rd quarter. US Bancorp DE now owns 237 shares of the company’s stock worth $56,000 after acquiring an additional 99 shares during the last quarter. Bleakley Financial Group LLC lifted its stake in Flutter Entertainment by 4.6% in the 3rd quarter. Bleakley Financial Group LLC now owns 3,105 shares of the company’s stock worth $737,000 after acquiring an additional 136 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in Flutter Entertainment by 3.0% during the 2nd quarter. Assenagon Asset Management S.A. now owns 5,760 shares of the company’s stock worth $1,053,000 after acquiring an additional 170 shares during the period. Hohimer Wealth Management LLC grew its stake in Flutter Entertainment by 3.4% during the 3rd quarter. Hohimer Wealth Management LLC now owns 5,506 shares of the company’s stock valued at $1,306,000 after acquiring an additional 181 shares in the last quarter. Finally, M&T Bank Corp boosted its holdings in shares of Flutter Entertainment by 11.3% during the third quarter. M&T Bank Corp now owns 1,995 shares of the company’s stock worth $469,000 after purchasing an additional 203 shares during the period.

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.