10,000 Shares in Flutter Entertainment PLC $FLUT Acquired by III Capital Management

III Capital Management purchased a new position in Flutter Entertainment PLC (NYSE:FLUT) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 10,000 shares of the company’s stock, valued at approximately $2,150,000.

Other hedge funds have also made changes to their positions in the company. Makena Capital Management LLC acquired a new position in shares of Flutter Entertainment during the third quarter worth approximately $11,517,000. Norges Bank acquired a new position in shares of Flutter Entertainment during the fourth quarter worth approximately $694,009,000. CenterBook Partners LP boosted its position in shares of Flutter Entertainment by 723.5% during the third quarter. CenterBook Partners LP now owns 13,967 shares of the company’s stock worth $3,548,000 after buying an additional 12,271 shares during the period. Peregrine Capital Management LLC boosted its position in shares of Flutter Entertainment by 34.2% during the fourth quarter. Peregrine Capital Management LLC now owns 150,979 shares of the company’s stock worth $32,467,000 after buying an additional 38,469 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of Flutter Entertainment by 1.7% during the third quarter. Vanguard Group Inc. now owns 17,559,354 shares of the company’s stock worth $4,460,076,000 after buying an additional 301,879 shares during the period.

Insiders Place Their Bets

In related news, COO James Philip Bishop purchased 1,000 shares of the company’s stock in a transaction dated Monday, May 11th. The shares were acquired at an average cost of $99.75 per share, with a total value of $99,750.00. Following the completion of the purchase, the chief operating officer owned 17,605 shares of the company’s stock, valued at $1,756,098.75. The trade was a 6.02% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jeremy Peter Jackson sold 3,084 shares of the company’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $98.13, for a total transaction of $302,632.92. Following the completion of the transaction, the chief executive officer directly owned 74,326 shares in the company, valued at $7,293,610.38. This trade represents a 3.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders acquired 10,453 shares of company stock valued at $1,045,526 and sold 5,994 shares valued at $577,293. 0.13% of the stock is owned by insiders.

Flutter Entertainment Price Performance

Shares of NYSE: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 quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.27. The company has a market cap of $17.64 billion, a P/E ratio of -47.39, a price-to-earnings-growth ratio of 1.41 and a beta of 1.40. The company’s fifty day moving average is $103.28 and its two-hundred day moving average is $141.56.

Flutter Entertainment (NYSE:FLUT) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $1.22 earnings per share 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 business had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same period in the prior year, the business posted $1.59 earnings per share. Flutter Entertainment’s revenue for the quarter was up 17.4% compared to the same quarter last year. Equities analysts expect that Flutter Entertainment PLC will post 5 earnings per share for the current fiscal year.

Flutter Entertainment declared that its board has authorized a share buyback program on Wednesday, March 11th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

Several brokerages have recently issued reports on FLUT. UBS Group reduced their price objective on Flutter Entertainment from $300.00 to $160.00 and set a “buy” rating for the company in a research report on Wednesday, March 25th. Citigroup cut Flutter Entertainment from a “buy” rating to a “sell” rating in a report on Thursday, April 16th. BTIG Research dropped their price target on Flutter Entertainment from $137.00 to $126.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Moffett Nathanson downgraded shares of Flutter Entertainment from a “buy” rating to a “neutral” rating and set a $127.00 target price on the stock. in a research note on Friday, April 24th. Finally, Barclays cut their target price on shares of Flutter Entertainment from $175.00 to $150.00 and set an “overweight” rating on the stock in a research note on Friday, May 8th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, Flutter Entertainment has an average rating of “Moderate Buy” and an average target price of $187.42.

About Flutter Entertainment

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.