Flutter Entertainment (NYSE:FLUT) Upgraded by Zacks Research to “Hold” Rating

Flutter Entertainment (NYSE:FLUT) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

Other analysts have also recently issued reports about the company. Stifel Nicolaus reduced their price target on Flutter Entertainment from $339.00 to $330.00 and set a “buy” rating on the stock in a report on Thursday, November 13th. Truist Financial cut their target price on shares of Flutter Entertainment from $335.00 to $305.00 and set a “buy” rating on the stock in a research report on Thursday, November 13th. Peel Hunt lowered shares of Flutter Entertainment from an “add” rating to a “hold” rating in a report on Friday, August 8th. Hsbc Global Res upgraded shares of Flutter Entertainment from a “hold” rating to a “strong-buy” rating in a report on Monday, November 24th. Finally, Macquarie boosted their price objective on shares of Flutter Entertainment from $320.00 to $340.00 and gave the stock an “outperform” rating in a research note on Friday, August 8th. Three analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $309.53.

Flutter Entertainment Stock Performance

Shares of Flutter Entertainment stock opened at $208.61 on Monday. The company’s 50 day moving average price is $232.36 and its two-hundred day moving average price is $264.67. The firm has a market capitalization of $36.56 billion, a P/E ratio of -160.53 and a beta of 1.92. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.96 and a quick ratio of 0.96. Flutter Entertainment has a fifty-two week low of $189.33 and a fifty-two week high of $313.68.

Flutter Entertainment declared that its Board of Directors has initiated a stock buyback plan on Friday, August 8th that allows the company to repurchase $245.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 0.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Institutional Trading of Flutter Entertainment

Several large investors have recently modified their holdings of FLUT. Vanguard Group Inc. boosted its stake in Flutter Entertainment by 1.7% during the third quarter. Vanguard Group Inc. now owns 17,559,354 shares of the company’s stock worth $4,460,076,000 after acquiring an additional 301,879 shares in the last quarter. Parvus Asset Management Jersey Ltd acquired a new position in Flutter Entertainment during the 2nd quarter worth approximately $2,231,266,000. Wellington Management Group LLP boosted its holdings in Flutter Entertainment by 5.5% in the third 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 in the last quarter. Capital International Investors boosted its holdings in Flutter Entertainment by 4.9% in the third quarter. Capital International Investors now owns 3,256,764 shares of the company’s stock worth $827,841,000 after acquiring an additional 153,390 shares in the last quarter. Finally, Norges Bank acquired a new stake in Flutter Entertainment in the second quarter valued at approximately $930,349,000.

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.