Lone Pine Capital LLC Acquires New Stake in Flutter Entertainment plc (NYSE:FLUT)

Lone Pine Capital LLC purchased a new position in Flutter Entertainment plc (NYSE:FLUT - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,912,519 shares of the company's stock, valued at approximately $494,291,000. Flutter Entertainment comprises 3.7% of Lone Pine Capital LLC's investment portfolio, making the stock its 14th largest position. Lone Pine Capital LLC owned about 1.08% of Flutter Entertainment at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Virtu Financial LLC grew its holdings in Flutter Entertainment by 56.2% during the 3rd quarter. Virtu Financial LLC now owns 7,371 shares of the company's stock worth $1,749,000 after acquiring an additional 2,652 shares in the last quarter. Lord Abbett & CO. LLC bought a new stake in shares of Flutter Entertainment in the 3rd quarter valued at about $24,464,000. Harbour Capital Advisors LLC purchased a new position in Flutter Entertainment in the fourth quarter worth $505,000. Benson Investment Management Company Inc. acquired a new position in shares of Flutter Entertainment during the fourth quarter worth $5,116,000. Finally, SeaCrest Wealth Management LLC acquired a new position in shares of Flutter Entertainment during the fourth quarter worth $390,000.

Flutter Entertainment Trading Up 0.8 %

Shares of FLUT stock traded up $1.96 during trading on Wednesday, hitting $240.58. 1,301,540 shares of the stock traded hands, compared to its average volume of 1,814,915. The firm has a market capitalization of $42.70 billion and a P/E ratio of 1,093.55. Flutter Entertainment plc has a 52-week low of $174.03 and a 52-week high of $299.73. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.89 and a quick ratio of 0.89. The firm's fifty day moving average price is $238.42 and its 200-day moving average price is $252.84.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FLUT. Citizens Jmp reduced their price target on Flutter Entertainment from $328.00 to $317.00 and set an "outperform" rating on the stock in a research report on Monday, April 14th. Citigroup reissued an "outperform" rating on shares of Flutter Entertainment in a research report on Wednesday, March 5th. JMP Securities cut their target price on Flutter Entertainment from $328.00 to $317.00 and set a "market outperform" rating on the stock in a research report on Monday, April 14th. Wells Fargo & Company upped their target price on Flutter Entertainment from $285.00 to $300.00 and gave the company an "overweight" rating in a research report on Wednesday, March 5th. Finally, Susquehanna cut their target price on Flutter Entertainment from $317.00 to $315.00 and set a "positive" rating on the stock in a research report on Wednesday, March 5th. Twenty investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Flutter Entertainment has an average rating of "Buy" and an average target price of $306.67.

Insider Activity

In other news, CEO Amy Howe sold 11,814 shares of the company's stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $260.50, for a total value of $3,077,547.00. Following the transaction, the chief executive officer now owns 62,941 shares of the company's stock, valued at $16,396,130.50. This represents a 15.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jeremy Peter Jackson sold 25,027 shares of the company's stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $261.96, for a total value of $6,556,072.92. Following the completion of the transaction, the director now directly owns 21,148 shares in the company, valued at approximately $5,539,930.08. This trade represents a 54.20 % decrease in their position. The disclosure for this sale can be found here.

Flutter Entertainment 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.