Point72 Hong Kong Ltd Buys 1,950 Shares of Flutter Entertainment plc (NYSE:FLUT)

Point72 Hong Kong Ltd boosted its position in Flutter Entertainment plc (NYSE:FLUT) by 45.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,200 shares of the company’s stock after purchasing an additional 1,950 shares during the period. Point72 Hong Kong Ltd’s holdings in Flutter Entertainment were worth $1,131,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Artemis Investment Management LLP bought a new stake in shares of Flutter Entertainment in the first quarter valued at $29,611,000. Allspring Global Investments Holdings LLC bought a new stake in Flutter Entertainment in the 1st quarter valued at about $7,319,000. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in Flutter Entertainment in the 1st quarter valued at about $70,371,000. Financial Perspectives Inc purchased a new stake in Flutter Entertainment during the first quarter valued at about $102,000. Finally, Inlet Private Wealth LLC bought a new position in Flutter Entertainment during the first quarter worth about $790,000.

Flutter Entertainment Price Performance

Shares of NYSE FLUT opened at $239.84 on Thursday. The business has a 50-day moving average of $207.75 and a 200-day moving average of $200.69. Flutter Entertainment plc has a 12 month low of $148.00 and a 12 month high of $252.84.

Flutter Entertainment (NYSE:FLUT) last posted its quarterly earnings data on Tuesday, August 13th. The company reported $2.33 earnings per share for the quarter, beating the consensus estimate of $1.07 by $1.26. The company had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $3.41 billion. Analysts predict that Flutter Entertainment plc will post 4.75 earnings per share for the current fiscal year.

Flutter Entertainment announced that its Board of Directors has initiated a stock buyback program on Wednesday, September 25th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the company to reacquire up to 11.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of brokerages recently commented on FLUT. Morgan Stanley assumed coverage on shares of Flutter Entertainment in a research note on Thursday, August 22nd. They set an “overweight” rating and a $247.00 price target on the stock. Berenberg Bank upgraded Flutter Entertainment to a “strong-buy” rating in a research report on Tuesday, August 27th. Oppenheimer raised their price target on Flutter Entertainment from $240.00 to $255.00 and gave the stock an “outperform” rating in a report on Wednesday, August 14th. Barclays began coverage on Flutter Entertainment in a research note on Thursday, September 12th. They set an “overweight” rating and a $263.00 price objective on the stock. Finally, 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 note on Wednesday, August 14th. One investment analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Flutter Entertainment presently has a consensus rating of “Buy” and a consensus target price of $248.80.

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.