356,787 Flutter Entertainment PLC $FLUT Shares Sold by Perpetual Ltd

Key Points

• Perpetual Ltd reduced its Flutter Entertainment stake by 52.6%, selling 356,787 shares in the third quarter and retaining 321,424 shares worth approximately $24.0 million.
• Flutter shares opened at $78.18, near their 52-week low of $73.50 and well below the $255.26 high. The company’s latest quarterly results missed EPS expectations ($0.49 versus $0.54) but exceeded revenue estimates with $4.33 billion, up 3.3% year over year.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $144.70, despite several recent price-target reductions.

Perpetual Ltd cut its holdings in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 52.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 321,424 shares of the company's stock after selling 356,787 shares during the period. Perpetual Ltd owned about 0.19% of Flutter Entertainment worth $23,959,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Parvus Asset Management Jersey Ltd bought a new position in Flutter Entertainment in the 2nd quarter valued at $1,552,097,267. Hsbc Holdings PLC grew its holdings in shares of Flutter Entertainment by 33,988.7% during the first quarter. Hsbc Holdings PLC now owns 5,605,543 shares of the company's stock worth $575,185,000 after purchasing an additional 5,589,099 shares during the last quarter. Amundi grew its holdings in shares of Flutter Entertainment by 463.7% during the first quarter. Amundi now owns 2,059,906 shares of the company's stock worth $210,007,000 after purchasing an additional 1,694,474 shares during the last quarter. Janus Henderson Group PLC grew its holdings in shares of Flutter Entertainment by 1.3% during the first quarter. Janus Henderson Group PLC now owns 1,601,605 shares of the company's stock worth $163,202,000 after purchasing an additional 20,810 shares during the last quarter. Finally, Squarepoint Ops LLC increased its stake in shares of Flutter Entertainment by 1.2% in the fourth quarter. Squarepoint Ops LLC now owns 637,515 shares of the company's stock valued at $137,091,000 after buying an additional 7,515 shares in the last quarter.

Flutter Entertainment Trading Down 2.0%

Shares of NYSE FLUT opened at $78.18 on Tuesday. The company's 50 day simple moving average is $92.43 and its 200 day simple moving average is $99.84. Flutter Entertainment PLC has a fifty-two week low of $73.50 and a fifty-two week high of $255.26. The firm has a market capitalization of $13.57 billion, a P/E ratio of -18.18, a P/E/G ratio of 2.56 and a beta of 1.39. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.89 and a quick ratio of 0.89.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $0.49 EPS for the quarter, missing analysts' consensus estimates of $0.54 by ($0.05). The business had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.24 billion. Flutter Entertainment had a positive return on equity of 7.27% and a negative net margin of 4.39%. Flutter Entertainment's revenue was up 3.3% on a year-over-year basis. During the same period in the prior year, the firm posted $2.95 EPS. On average, analysts predict that Flutter Entertainment PLC will post 3.48 EPS for the current year.

Insider Activity

In related news, insider Don H. Liu sold 565 shares of the stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $97.86, for a total value of $55,290.90. Following the sale, the insider directly owned 20,441 shares in the company, valued at $2,000,356.26. This trade represents a 2.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Daniel Taylor sold 791 shares of Flutter Entertainment stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $97.86, for a total transaction of $77,407.26. Following the transaction, the chief executive officer directly owned 52,467 shares in the company, valued at $5,134,420.62. The trade was a 1.49% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 6,681 shares of company stock valued at $644,214. Insiders own 0.13% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on FLUT. Wedbush cut their price target on Flutter Entertainment from $126.00 to $110.00 and set an "outperform" rating for the company in a report on Thursday, October 8th. Citigroup upgraded shares of Flutter Entertainment from a "neutral" rating to a "buy" rating and reduced their price target for the stock from $93.00 to $91.00 in a research report on Wednesday, October 7th. Stifel Nicolaus decreased their price objective on shares of Flutter Entertainment from $161.00 to $133.00 and set a "buy" rating on the stock in a report on Thursday, August 6th. Zacks Research lowered shares of Flutter Entertainment from a "hold" rating to a "strong sell" rating in a report on Tuesday, August 4th. Finally, Jefferies Financial Group restated a "buy" rating and issued a $180.00 price objective on shares of Flutter Entertainment in a research report on Sunday, August 9th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $144.70.

About Flutter Entertainment

Flutter Entertainment plc is a global sports betting and online gaming company headquartered in Dublin, Ireland. The company provides online and retail betting, casino, poker, bingo and lottery-related products through a portfolio of brands serving customers in multiple regulated markets.

Its principal brands include FanDuel in the United States, Paddy Power and Betfair in the United Kingdom and Ireland, Sky Bet in the United Kingdom, PokerStars internationally, Sisal in Italy and other markets, and tombola, an online bingo operator.

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