Flutter Entertainment (NYSE:FLUT) to Repurchase $5.00 billion in Shares

Flutter Entertainment (NYSE:FLUT) declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, September 25th, RTT News reports. The company plans to repurchase $5.00 billion in shares. This repurchase authorization authorizes the company to buy up to 11.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Flutter Entertainment Stock Down 2.3 %

FLUT opened at $238.33 on Friday. Flutter Entertainment has a 52 week low of $148.00 and a 52 week high of $252.84. The business’s 50 day moving average is $208.64 and its two-hundred day moving average is $200.99.

Flutter Entertainment (NYSE:FLUT) last released its quarterly earnings results on Tuesday, August 13th. The company reported $2.33 EPS for the quarter, topping the consensus estimate of $1.07 by $1.26. The firm had revenue of $3.61 billion for the quarter, compared to analyst estimates of $3.41 billion. Sell-side analysts forecast that Flutter Entertainment will post 4.75 EPS for the current year.

Wall Street Analysts Forecast Growth

FLUT has been the subject of several recent research reports. BTIG Research lifted their price objective on Flutter Entertainment from $245.00 to $249.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Wells Fargo & Company raised their target price on Flutter Entertainment from $218.00 to $224.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 14th. Moffett Nathanson raised their target price on Flutter Entertainment from $245.00 to $275.00 and gave the stock a “buy” rating in a research report on Thursday. Benchmark raised their target price on Flutter Entertainment from $255.00 to $265.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Craig Hallum raised their target price on Flutter Entertainment from $240.00 to $275.00 and gave the stock a “buy” rating in a research report on Thursday. One analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $260.45.

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.