Pinnbrook Capital Management LP Invests $5.69 Million in Flutter Entertainment PLC $FLUT

Pinnbrook Capital Management LP bought a new position in Flutter Entertainment PLC (NYSE:FLUT) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 19,912 shares of the company’s stock, valued at approximately $5,690,000.

Several other hedge funds and other institutional investors also recently modified their holdings of FLUT. Bank of New York Mellon Corp raised its position in shares of Flutter Entertainment by 120.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 454,660 shares of the company’s stock worth $129,924,000 after buying an additional 248,109 shares in the last quarter. Jefferies Financial Group Inc. grew its holdings in Flutter Entertainment by 5.4% during the first quarter. Jefferies Financial Group Inc. now owns 18,163 shares of the company’s stock worth $3,995,000 after acquiring an additional 928 shares during the period. Jupiter Asset Management Ltd. bought a new stake in shares of Flutter Entertainment in the 1st quarter worth approximately $1,700,000. Fortis Capital Advisors LLC bought a new position in shares of Flutter Entertainment in the second quarter valued at $665,000. Finally, Corton Capital Inc. acquired a new position in shares of Flutter Entertainment in the 2nd quarter worth $556,000.

Insider Activity at Flutter Entertainment

In other news, CEO Jeremy Peter Jackson sold 2,112 shares of the stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $292.42, for a total transaction of $617,591.04. Following the transaction, the chief executive officer owned 31,944 shares in the company, valued at $9,341,064.48. This represents a 6.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Amy Howe sold 4,097 shares of the firm’s stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $305.91, for a total transaction of $1,253,313.27. Following the transaction, the chief executive officer owned 69,850 shares in the company, valued at $21,367,813.50. This represents a 5.54% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Citigroup downgraded shares of Flutter Entertainment from a “buy” rating to a “hold” rating in a research report on Tuesday, November 4th. Benchmark reduced their target price on Flutter Entertainment from $365.00 to $310.00 and set a “buy” rating for the company in a report on Wednesday, October 15th. Stifel Nicolaus lowered their price target on Flutter Entertainment from $339.00 to $330.00 and set a “buy” rating on the stock in a report on Thursday. Truist Financial dropped their price target on Flutter Entertainment from $335.00 to $305.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Weiss Ratings lowered Flutter Entertainment from a “hold (c-)” rating to a “sell (d-)” rating in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $319.22.

Flutter Entertainment Stock Down 1.0%

FLUT opened at $198.97 on Friday. The company has a market capitalization of $35.04 billion, a PE ratio of 98.01 and a beta of 1.84. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.95 and a quick ratio of 0.95. Flutter Entertainment PLC has a fifty-two week low of $193.27 and a fifty-two week high of $313.68. The business has a 50-day moving average of $253.33 and a 200-day moving average of $268.25.

Flutter Entertainment (NYSE:FLUT) last announced its quarterly earnings results on Wednesday, November 12th. The company reported $1.64 EPS for the quarter, beating the consensus estimate of $0.77 by $0.87. The business had revenue of $3.79 billion during the quarter, compared to analysts’ expectations of $2.92 billion. Flutter Entertainment had a return on equity of 12.15% and a net margin of 2.96%.The firm’s quarterly revenue was up 16.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.27 EPS. Flutter Entertainment has set its FY 2025 guidance at EPS. Equities research analysts forecast that Flutter Entertainment PLC will post 4.17 EPS for the current fiscal year.

Flutter Entertainment announced that its Board of Directors has authorized a share repurchase program on Friday, August 8th that authorizes the company to repurchase $245.00 million in shares. This repurchase authorization authorizes the company to buy up to 0.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are 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.