Short Interest in Flutter Entertainment plc (NYSE:FLUT) Declines By 14.0%

Flutter Entertainment plc (NYSE:FLUT) saw a significant decrease in short interest during the month of December. As of December 31st, there was short interest totalling 3,330,000 shares, a decrease of 14.0% from the December 15th total of 3,870,000 shares. Approximately 1.9% of the company’s stock are sold short. Based on an average daily volume of 1,570,000 shares, the short-interest ratio is currently 2.1 days.

Institutional Investors Weigh In On Flutter Entertainment

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vestcor Inc purchased a new position in shares of Flutter Entertainment during the 3rd quarter worth approximately $815,000. Benson Investment Management Company Inc. acquired a new stake in Flutter Entertainment during the fourth quarter worth approximately $5,116,000. Sanctuary Advisors LLC purchased a new stake in Flutter Entertainment in the 3rd quarter worth approximately $802,000. Raymond James & Associates lifted its stake in shares of Flutter Entertainment by 10.0% during the 3rd quarter. Raymond James & Associates now owns 18,348 shares of the company’s stock worth $4,354,000 after purchasing an additional 1,663 shares during the period. Finally, Geode Capital Management LLC acquired a new stake in shares of Flutter Entertainment during the third quarter worth $436,599,000.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Barclays lifted their price target on shares of Flutter Entertainment from $275.00 to $301.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Benchmark boosted their target price on Flutter Entertainment from $265.00 to $275.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Macquarie initiated coverage on Flutter Entertainment in a research note on Wednesday, December 11th. They set an “outperform” rating and a $340.00 price target on the stock. UBS Group boosted their price objective on Flutter Entertainment from $308.00 to $320.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Finally, Oppenheimer increased their price objective on Flutter Entertainment from $300.00 to $305.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Seventeen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $304.44.

Flutter Entertainment Stock Performance

Shares of FLUT traded up $5.47 during trading hours on Friday, reaching $263.03. The company had a trading volume of 1,200,603 shares, compared to its average volume of 1,033,112. Flutter Entertainment has a 12-month low of $174.03 and a 12-month high of $284.79. The firm has a 50 day simple moving average of $265.79 and a 200-day simple moving average of $233.16. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.89 and a current ratio of 0.89.

Flutter Entertainment declared that its Board of Directors has authorized a share repurchase plan on Wednesday, September 25th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the company to reacquire up to 11.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

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.