Balyasny Asset Management L.P. Cuts Stake in Flutter Entertainment plc (NYSE:FLUT)

Balyasny Asset Management L.P. lessened its stake in Flutter Entertainment plc (NYSE:FLUT - Free Report) by 17.1% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 509,564 shares of the company's stock after selling 105,328 shares during the quarter. Balyasny Asset Management L.P. owned approximately 0.29% of Flutter Entertainment worth $131,697,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Jennison Associates LLC bought a new position in shares of Flutter Entertainment during the 4th quarter valued at approximately $239,306,000. DJE Kapital AG bought a new stake in shares of Flutter Entertainment in the 4th quarter worth about $442,000. Benson Investment Management Company Inc. purchased a new stake in shares of Flutter Entertainment during the 4th quarter valued at about $5,116,000. Bank of New York Mellon Corp lifted its holdings in shares of Flutter Entertainment by 68.3% in the 4th quarter. Bank of New York Mellon Corp now owns 199,813 shares of the company's stock valued at $51,642,000 after acquiring an additional 81,101 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Flutter Entertainment by 6.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 661,301 shares of the company's stock worth $170,913,000 after acquiring an additional 38,800 shares in the last quarter.

Flutter Entertainment Price Performance

FLUT stock opened at $248.40 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.66. The company has a market capitalization of $43.90 billion and a P/E ratio of 1,129.09. The business has a 50 day simple moving average of $237.02 and a 200-day simple moving average of $253.17. Flutter Entertainment plc has a twelve month low of $174.03 and a twelve month high of $299.73.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on FLUT. UBS Group raised their price target on Flutter Entertainment from $335.00 to $340.00 and gave the stock a "buy" rating in a research report on Thursday, March 6th. Stifel Nicolaus dropped their price target on shares of Flutter Entertainment from $320.00 to $315.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Peel Hunt upgraded shares of Flutter Entertainment from a "hold" rating to an "add" rating in a report on Monday, March 10th. Susquehanna decreased their price objective on shares of Flutter Entertainment from $317.00 to $315.00 and set a "positive" rating for the company in a research note on Wednesday, March 5th. Finally, 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 note on Monday, April 14th. Twenty equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Flutter Entertainment has an average rating of "Buy" and an average price target of $306.67.

Insider Activity at Flutter Entertainment

In other news, Director Jeremy Peter Jackson sold 25,027 shares of Flutter Entertainment stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $261.96, for a total transaction of $6,556,072.92. Following the completion of the sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Amy Howe sold 11,814 shares of the business'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 sale, the chief executive officer now owns 62,941 shares in the company, valued at approximately $16,396,130.50. The trade was a 15.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

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.

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