Flutter Entertainment (NYSE:FLUT) Hits New 12-Month High – Should You Buy?

Flutter Entertainment plc (NYSE:FLUT) shares reached a new 52-week high on Tuesday . The company traded as high as $281.30 and last traded at $280.90, with a volume of 227422 shares. The stock had previously closed at $278.00.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on FLUT. Bank of America started coverage on shares of Flutter Entertainment in a research report on Monday, October 14th. They issued a “buy” rating and a $300.00 price target on the stock. Benchmark lifted their target price on shares of Flutter Entertainment from $265.00 to $275.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. The Goldman Sachs Group initiated coverage on shares of Flutter Entertainment in a report on Friday, November 22nd. They issued a “buy” rating and a $320.00 price objective on the stock. Wells Fargo & Company increased their price objective on shares of Flutter Entertainment from $295.00 to $300.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Finally, Berenberg Bank raised shares of Flutter Entertainment to a “strong-buy” rating in a research report on Tuesday, August 27th. Fifteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Flutter Entertainment has an average rating of “Buy” and an average target price of $298.79.

Flutter Entertainment Price Performance

The firm has a fifty day simple moving average of $244.29 and a 200 day simple moving average of $215.69.

Flutter Entertainment announced that its Board of Directors has initiated a share buyback program on Wednesday, September 25th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 11.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Flutter Entertainment

Several large investors have recently bought and sold shares of FLUT. Hilltop National Bank purchased a new stake in shares of Flutter Entertainment during the second quarter worth approximately $101,000. CWM LLC acquired a new position in shares of Flutter Entertainment during the 2nd quarter valued at about $40,000. Simplicity Wealth LLC increased its position in Flutter Entertainment by 44.6% during the 2nd quarter. Simplicity Wealth LLC now owns 2,959 shares of the company’s stock worth $540,000 after purchasing an additional 912 shares in the last quarter. Artemis Investment Management LLP lifted its position in Flutter Entertainment by 115.4% during the 2nd quarter. Artemis Investment Management LLP now owns 319,944 shares of the company’s stock worth $58,494,000 after acquiring an additional 171,414 shares in the last quarter. Finally, Dnca Finance purchased a new position in Flutter Entertainment in the second quarter valued at about $98,147,000.

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.