Short Interest in Flutter Entertainment plc (NYSE:FLUT) Grows By 58.3%

Flutter Entertainment plc (NYSE:FLUT) saw a large increase in short interest in September. As of September 15th, there was short interest totalling 3,340,000 shares, an increase of 58.3% from the August 31st total of 2,110,000 shares. Approximately 1.9% of the shares of the stock are short sold. Based on an average trading volume of 1,920,000 shares, the days-to-cover ratio is presently 1.7 days.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FLUT. Susquehanna lifted their target price on shares of Flutter Entertainment from $222.00 to $230.00 and gave the company a “positive” rating in a research report on Wednesday, August 14th. Moffett Nathanson boosted their price objective on Flutter Entertainment from $245.00 to $275.00 and gave the stock a “buy” rating in a research note on Thursday. Oppenheimer increased their target price on Flutter Entertainment from $255.00 to $300.00 and gave the company an “outperform” rating in a report on Thursday. Benchmark lifted their price target on Flutter Entertainment from $255.00 to $265.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, JMP Securities reissued a “market outperform” rating and issued a $255.00 price objective on shares of Flutter Entertainment in a research note on Thursday. One investment analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $260.45.

Flutter Entertainment Trading Down 2.3 %

NYSE 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 fifty day simple moving average is $209.39 and its 200-day simple moving average is $201.13.

Flutter Entertainment (NYSE:FLUT) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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. As a group, sell-side analysts forecast that Flutter Entertainment will post 4.75 EPS for the current fiscal year.

Flutter Entertainment announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, September 25th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 11.7% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Hollencrest Capital Management purchased a new stake in shares of Flutter Entertainment in the 1st quarter valued at approximately $28,000. Rothschild Investment LLC acquired a new stake in Flutter Entertainment in the 2nd quarter valued at approximately $37,000. CWM LLC purchased a new stake in Flutter Entertainment in the second quarter valued at approximately $40,000. YHB Investment Advisors Inc. acquired a new position in Flutter Entertainment during the first quarter worth $45,000. Finally, Hilltop National Bank purchased a new position in shares of Flutter Entertainment during the second quarter worth $101,000.

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.