Flutter Entertainment plc (NYSE:FLUT) Short Interest Update

Flutter Entertainment plc (NYSE:FLUT) was the target of a large decline in short interest in December. As of December 31st, there was short interest totalling 3,330,000 shares, a decline of 14.0% from the December 15th total of 3,870,000 shares. Currently, 1.9% of the shares of the stock are short sold. Based on an average trading volume of 1,570,000 shares, the days-to-cover ratio is currently 2.1 days.

Wall Street Analyst Weigh In

FLUT has been the topic of several research analyst reports. Susquehanna decreased their price target on Flutter Entertainment from $322.00 to $317.00 and set a “positive” rating on the stock in a research note on Wednesday, January 8th. The Goldman Sachs Group initiated coverage on Flutter Entertainment in a research note on Friday, November 22nd. They set a “buy” rating and a $320.00 price target on the stock. Bank of America initiated coverage on Flutter Entertainment in a research note on Monday, October 14th. They set a “buy” rating and a $300.00 price target on the stock. Needham & Company LLC reissued a “buy” rating and set a $300.00 price target on shares of Flutter Entertainment in a research note on Wednesday, January 8th. Finally, Stifel Nicolaus began coverage on Flutter Entertainment in a research note on Friday. They issued a “buy” rating and a $320.00 target price on the stock. Seventeen 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, the stock has an average rating of “Buy” and an average target price of $304.44.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Massachusetts Financial Services Co. MA acquired a new stake in shares of Flutter Entertainment during the 3rd quarter worth $849,474,000. Bank of Montreal Can increased its holdings in Flutter Entertainment by 868.5% in the 3rd quarter. Bank of Montreal Can now owns 3,367,022 shares of the company’s stock valued at $798,927,000 after purchasing an additional 3,019,376 shares in the last quarter. Cantillon Capital Management LLC increased its holdings in Flutter Entertainment by 3,827.8% in the 3rd quarter. Cantillon Capital Management LLC now owns 2,397,384 shares of the company’s stock valued at $568,851,000 after purchasing an additional 2,336,347 shares in the last quarter. Marathon Asset Management Ltd acquired a new stake in Flutter Entertainment in the 3rd quarter valued at $451,631,000. Finally, Geode Capital Management LLC acquired a new stake in Flutter Entertainment in the 3rd quarter valued at $436,599,000.

Flutter Entertainment Price Performance

FLUT traded up $5.47 during trading on Friday, hitting $263.03. The company’s stock had a trading volume of 1,200,603 shares, compared to its average volume of 1,033,112. The firm’s 50 day moving average price is $265.79 and its 200-day moving average price is $233.43. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.66. Flutter Entertainment has a twelve month low of $174.03 and a twelve month high of $284.79.

Flutter Entertainment declared that its Board of Directors has authorized a stock buyback plan on Wednesday, September 25th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the company to repurchase up to 11.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

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.