Cubist Systematic Strategies LLC Raises Stock Position in Flutter Entertainment plc (NYSE:FLUT)

Cubist Systematic Strategies LLC raised its stake in Flutter Entertainment plc (NYSE:FLUT - Free Report) by 74.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 129,298 shares of the company's stock after purchasing an additional 55,370 shares during the period. Flutter Entertainment accounts for about 0.2% of Cubist Systematic Strategies LLC's holdings, making the stock its 24th biggest position. Cubist Systematic Strategies LLC owned 0.07% of Flutter Entertainment worth $33,417,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Cetera Investment Advisers grew its holdings in Flutter Entertainment by 172.1% during the 4th quarter. Cetera Investment Advisers now owns 11,291 shares of the company's stock valued at $2,918,000 after buying an additional 7,141 shares during the last quarter. Centiva Capital LP acquired a new position in shares of Flutter Entertainment during the fourth quarter worth about $582,000. Blackstone Inc. purchased a new stake in Flutter Entertainment during the 4th quarter worth $36,183,000. BW Gestao de Investimentos Ltda. bought a new stake in shares of Flutter Entertainment in the fourth quarter worth $3,910,000. Finally, Benjamin Edwards Inc. increased its stake in Flutter Entertainment by 43.7% during the fourth quarter. Benjamin Edwards Inc. now owns 1,693 shares of the company's stock valued at $438,000 after purchasing an additional 515 shares during the last quarter.

Flutter Entertainment Stock Performance

NYSE:FLUT opened at $249.59 on Tuesday. The company has a market cap of $44.11 billion and a price-to-earnings ratio of 1,134.50. The stock's 50 day simple moving average is $236.55 and its two-hundred day simple moving average is $253.42. Flutter Entertainment plc has a 1 year low of $174.03 and a 1 year 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.

Insider Activity

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

Analysts Set New Price Targets

Several equities analysts have commented on FLUT shares. Citigroup reissued an "outperform" rating on shares of Flutter Entertainment in a research note on Wednesday, March 5th. Barclays cut their price target on Flutter Entertainment from $308.00 to $300.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Stifel Nicolaus decreased their price target on Flutter Entertainment from $320.00 to $315.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Citizens Jmp decreased their target price on Flutter Entertainment from $328.00 to $317.00 and set an "outperform" rating for the company in a research note on Monday, April 14th. Finally, UBS Group upped their target price on Flutter Entertainment from $335.00 to $340.00 and gave the company a "buy" rating in a research note on Thursday, March 6th. Twenty equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Flutter Entertainment currently has an average rating of "Buy" and an average target price of $306.67.

About Flutter Entertainment

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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