Flutter Entertainment (NYSE:FLUT) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of Flutter Entertainment (NYSE:FLUT) from a strong sell rating to a hold rating in a report published on Monday,Zacks.com reports.

FLUT has been the subject of a number of other reports. Benchmark decreased their price target on Flutter Entertainment from $310.00 to $285.00 and set a “buy” rating for the company in a research note on Monday. HSBC upgraded Flutter Entertainment from a “hold” rating to a “buy” rating and decreased their target price for the stock from $265.00 to $228.00 in a research report on Monday, November 24th. Hsbc Global Res raised Flutter Entertainment from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 24th. Sanford C. Bernstein reduced their price objective on Flutter Entertainment from $330.00 to $325.00 and set a “market perform” rating on the stock in a research note on Monday, November 3rd. Finally, Citigroup lowered their target price on shares of Flutter Entertainment from $340.00 to $320.00 and set a “buy” rating for the company in a research note on Friday, November 28th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Flutter Entertainment presently has an average rating of “Moderate Buy” and a consensus target price of $309.53.

Flutter Entertainment Stock Up 0.6%

FLUT stock traded up $1.26 during mid-day trading on Monday, hitting $209.38. 416,235 shares of the company were exchanged, compared to its average volume of 2,368,029. The firm has a fifty day simple moving average of $232.36 and a 200 day simple moving average of $264.67. The company has a market capitalization of $36.70 billion, a PE ratio of -161.13 and a beta of 1.92. Flutter Entertainment has a twelve month low of $189.33 and a twelve month high of $313.68. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.27.

Flutter Entertainment declared that its board has approved a stock repurchase program on Friday, August 8th that permits the company to repurchase $245.00 million in shares. This repurchase authorization permits the company to reacquire up to 0.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Institutional Trading of Flutter Entertainment

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Flutter Entertainment by 1.7% during the third quarter. Vanguard Group Inc. now owns 17,559,354 shares of the company’s stock valued at $4,460,076,000 after purchasing an additional 301,879 shares during the period. Parvus Asset Management Jersey Ltd bought a new stake in shares of Flutter Entertainment during the 2nd quarter worth about $2,231,266,000. Wellington Management Group LLP lifted its stake in shares of Flutter Entertainment by 5.5% in the 3rd quarter. Wellington Management Group LLP now owns 3,519,434 shares of the company’s stock worth $903,694,000 after acquiring an additional 182,594 shares during the period. Capital International Investors boosted its holdings in shares of Flutter Entertainment by 4.9% in the third quarter. Capital International Investors now owns 3,256,764 shares of the company’s stock valued at $827,841,000 after acquiring an additional 153,390 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Flutter Entertainment during the second quarter valued at approximately $930,349,000.

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.