Recently, Stifel has also initiated coverage of Flutter with a Buy rating and $320 price target.
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Shares of online gaming and sports betting company Flutter Entertainment ($FLUT) have increased nearly 2.8% in the past five days following a regulatory update about its ongoing share buyback program and initiation of analyst coverage but retail sentiment has remained cautious.
According to a company’s regulatory filing, Flutter has made a series of redemptions that are part of Flutter’s plan to buy back ordinary shares of up to $350 million in the period up to March 31. The program was first announced in November and are part of its long-term strategy to buy back $5 billion of its shares.
Following settlement of recent transactions, Flutter will have 177,768,905 ordinary shares in issue, the company said. Goldman Sachs & Co. is advising the company on the buyback.
Sentiment on Stocktwits was ‘neutral’ compared to ‘bullish’ a week ago. Message volumes wre in the ‘low’ zone compared to ‘normal.’
Recently, Stifel has initiated coverage of Flutter with a Buy rating and $320 price target, Fly.com reported. According to the report, the analyst firm called Flutter as “the global leader” in online sports betting and iCasino that “appears reasonable” approaching initial FY25 guidance. The firm sees upside to FY26 and FY27 backed by addressable market momentum, consolidation, bottoming headwinds and revenue synergies, said the report.
Flutter operates a diverse portfolio of online sports betting and iGaming brands including FanDuel, Sky Betting & Gaming, among others.
Flutter stock is down 0.34% year-to-date.
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