Armistice Capital LLC Increases Stake in Flutter Entertainment PLC $FLUT

Armistice Capital LLC lifted its stake in Flutter Entertainment PLC (NYSE:FLUT) by 3,517.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 36,466 shares of the company’s stock after purchasing an additional 35,458 shares during the quarter. Armistice Capital LLC’s holdings in Flutter Entertainment were worth $7,842,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of FLUT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Flutter Entertainment by 5.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,311 shares of the company’s stock valued at $290,000 after purchasing an additional 69 shares during the last quarter. Sivia Capital Partners LLC purchased a new position in shares of Flutter Entertainment in the 2nd quarter valued at approximately $405,000. Creative Planning purchased a new position in shares of Flutter Entertainment in the 2nd quarter valued at approximately $296,000. Northwestern Mutual Wealth Management Co. raised its position in shares of Flutter Entertainment by 246.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 187 shares of the company’s stock valued at $53,000 after purchasing an additional 133 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in shares of Flutter Entertainment by 74.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 248 shares of the company’s stock valued at $71,000 after purchasing an additional 106 shares during the last quarter.

Flutter Entertainment Stock Performance

FLUT opened at $101.41 on Thursday. Flutter Entertainment PLC has a 12-month low of $91.52 and a 12-month high of $313.68. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.27. The firm has a market capitalization of $17.64 billion, a PE ratio of -47.39, a P/E/G ratio of 1.41 and a beta of 1.40. The firm has a 50 day moving average of $103.28 and a two-hundred day moving average of $141.56.

Flutter Entertainment (NYSE:FLUT) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.13. Flutter Entertainment had a negative net margin of 2.20% and a positive return on equity of 11.60%. The company had revenue of $4.30 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same period last year, the firm posted $1.59 EPS. Flutter Entertainment’s revenue for the quarter was up 17.4% compared to the same quarter last year. On average, analysts anticipate that Flutter Entertainment PLC will post 5 EPS for the current year.

Flutter Entertainment declared that its board has authorized a stock repurchase plan on Wednesday, March 11th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to repurchase up to 1.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several brokerages recently commented on FLUT. Sanford C. Bernstein decreased their price objective on shares of Flutter Entertainment from $125.00 to $115.00 and set a “market perform” rating for the company in a research report on Thursday, May 7th. Moffett Nathanson lowered shares of Flutter Entertainment from a “buy” rating to a “neutral” rating and set a $127.00 price target for the company. in a research report on Friday, April 24th. BNP Paribas Exane initiated coverage on shares of Flutter Entertainment in a research report on Thursday, May 14th. They set an “underperform” rating and a $80.00 price target for the company. Citigroup lowered shares of Flutter Entertainment from a “buy” rating to a “sell” rating in a research report on Thursday, April 16th. Finally, Stifel Nicolaus reduced their price target on shares of Flutter Entertainment from $216.00 to $189.00 and set a “buy” rating for the company in a research report on Thursday, April 9th. Three research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $187.42.

Insider Activity

In other news, insider Don H. Liu bought 1,459 shares of the business’s stock in a transaction dated Friday, May 8th. The stock was purchased at an average cost of $102.78 per share, with a total value of $149,956.02. Following the acquisition, the insider directly owned 22,265 shares in the company, valued at $2,288,396.70. This trade represents a 7.01% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John A. Bryant bought 1,950 shares of the business’s stock in a transaction dated Friday, May 8th. The shares were purchased at an average cost of $102.86 per share, with a total value of $200,577.00. Following the completion of the acquisition, the director owned 9,235 shares in the company, valued at approximately $949,912.10. This represents a 26.77% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders bought 10,453 shares of company stock worth $1,045,526 and sold 5,994 shares worth $577,293. Company insiders own 0.13% of the company’s stock.

Flutter Entertainment Profile

Flutter Entertainment plc is a global sports betting and gaming company that operates a portfolio of consumer-facing brands and digital platforms. The company’s primary activities include online sports betting, casino gaming, poker, and daily fantasy sports, delivered through web and mobile applications as well as retail betting locations in select markets. Flutter focuses on product development, customer acquisition and engagement, and compliance with local gambling regulations across the jurisdictions where it operates.

Flutter’s brand portfolio includes well-known names in different regional markets, such as FanDuel in the United States, PokerStars, Betfair, Paddy Power and Sky Betting & Gaming in Europe and elsewhere.