Alamut Investment Management LLP Raises Holdings in Flutter Entertainment PLC $FLUT

Key Points

• Alamut Investment Management increased its Flutter Entertainment stake by 79.5% in the fourth quarter, adding 64,551 shares to bring its total to 145,777 shares worth about $31.3 million.
• Several other institutional investors also raised positions, while Wall Street remains broadly positive: the stock carries a Moderate Buy consensus with an average target price of $187.42.
• Flutter recently beat quarterly earnings and revenue estimates, and the company also authorized a $250 million share buyback; however, the stock was trading well below its 200-day average and had fallen from its 1-year high.

Alamut Investment Management LLP boosted its position in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 79.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 145,777 shares of the company's stock after acquiring an additional 64,551 shares during the period. Flutter Entertainment makes up approximately 38.1% of Alamut Investment Management LLP's holdings, making the stock its 2nd largest holding. Alamut Investment Management LLP owned approximately 0.08% of Flutter Entertainment worth $31,348,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Schonfeld Strategic Advisors LLC increased its stake in Flutter Entertainment by 545.2% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 45,810 shares of the company's stock valued at $9,851,000 after acquiring an additional 38,710 shares during the period. EFG International AG bought a new position in Flutter Entertainment during the fourth quarter valued at about $36,000. Jain Global LLC increased its stake in Flutter Entertainment by 47.5% during the fourth quarter. Jain Global LLC now owns 38,719 shares of the company's stock valued at $8,326,000 after acquiring an additional 12,463 shares during the period. ArrowMark Colorado Holdings LLC increased its stake in Flutter Entertainment by 76.9% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 1,610 shares of the company's stock valued at $346,000 after acquiring an additional 700 shares during the period. Finally, Caledonia Private Investments Pty Ltd increased its stake in Flutter Entertainment by 3.8% during the fourth quarter. Caledonia Private Investments Pty Ltd now owns 7,191,861 shares of the company's stock valued at $1,546,538,000 after acquiring an additional 264,856 shares during the period.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on FLUT shares. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $167.00 price target on shares of Flutter Entertainment in a research note on Friday, May 8th. BTIG Research lowered their price target on Flutter Entertainment from $137.00 to $126.00 and set a "buy" rating on the stock in a research note on Thursday, May 7th. Weiss Ratings restated a "sell (d)" rating on shares of Flutter Entertainment in a research note on Wednesday, May 27th. Needham & Company LLC decreased their price objective on Flutter Entertainment from $150.00 to $135.00 and set a "buy" rating on the stock in a report on Thursday, May 7th. Finally, Wedbush began coverage on Flutter Entertainment in a report on Monday. They set an "outperform" rating and a $138.00 price objective on the stock. Three research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, Flutter Entertainment has an average rating of "Moderate Buy" and an average target price of $187.42.

Flutter Entertainment Stock Down 6.9%

NYSE FLUT opened at $101.41 on Thursday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.27. The stock's 50 day moving average is $103.28 and its two-hundred day moving average is $141.56. The company has a market capitalization of $17.64 billion, a price-to-earnings ratio of -47.39, a PEG ratio of 1.41 and a beta of 1.40. Flutter Entertainment PLC has a 1-year low of $91.52 and a 1-year high of $313.68.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.09 by $0.13. The business had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $4.24 billion. Flutter Entertainment had a positive return on equity of 11.60% and a negative net margin of 2.20%.Flutter Entertainment's revenue was up 17.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.59 EPS. Equities analysts forecast that Flutter Entertainment PLC will post 5 earnings per share for the current fiscal year.

Flutter Entertainment declared that its Board of Directors has approved a stock repurchase program on Wednesday, March 11th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, CEO Jeremy Peter Jackson sold 3,084 shares of the business's stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $98.13, for a total value of $302,632.92. Following the transaction, the chief executive officer directly owned 74,326 shares of the company's stock, valued at $7,293,610.38. The trade was a 3.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director John A. Bryant bought 1,950 shares of Flutter Entertainment stock in a transaction dated Friday, May 8th. The stock was acquired at an average cost of $102.86 per share, for a total transaction of $200,577.00. Following the completion of the acquisition, the director directly owned 9,235 shares in the company, valued at $949,912.10. This represents a 26.77% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders acquired 10,453 shares of company stock worth $1,045,526 and sold 5,994 shares worth $577,293. 0.13% of the stock is owned by insiders.

Flutter Entertainment Company Profile

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.

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