Altimeter Capital Management LP Purchases 188,095 Shares of Flutter Entertainment PLC $FLUT

Key Points

• Altimeter Capital Management LP has increased its position in Flutter Entertainment PLC by 49.5%, owning 568,410 shares worth approximately $125.93 million.
• Several hedge funds, including BNP Paribas, Nuveen LLC, and HSBC, have significantly raised their stakes in Flutter Entertainment during the same quarter.
• Flutter Entertainment reported earnings of $2.95 per share, surpassing expectations, with a revenue of $4.19 billion, marking a 16.0% increase year-over-year.

Altimeter Capital Management LP raised its position in Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 49.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 568,410 shares of the company's stock after acquiring an additional 188,095 shares during the quarter. Flutter Entertainment makes up about 2.5% of Altimeter Capital Management LP's holdings, making the stock its 11th biggest holding. Altimeter Capital Management LP owned about 0.32% of Flutter Entertainment worth $125,931,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Flutter Entertainment by 326.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,243 shares of the company's stock valued at $742,000 after acquiring an additional 2,483 shares during the period. Whalen Wealth Management Inc. purchased a new stake in shares of Flutter Entertainment during the 1st quarter worth $380,000. Rubicon Global Capital Ltd boosted its stake in shares of Flutter Entertainment by 56.1% during the 1st quarter. Rubicon Global Capital Ltd now owns 70,250 shares of the company's stock worth $15,564,000 after acquiring an additional 25,250 shares in the last quarter. Bessemer Group Inc. boosted its stake in shares of Flutter Entertainment by 0.6% during the 1st quarter. Bessemer Group Inc. now owns 397,297 shares of the company's stock worth $88,021,000 after acquiring an additional 2,478 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. boosted its stake in shares of Flutter Entertainment by 1.4% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 4,783 shares of the company's stock worth $1,060,000 after acquiring an additional 67 shares in the last quarter.

Insider Activity at Flutter Entertainment

In other news, insider Daniel Mark Taylor sold 15,283 shares of the business's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $284.80, for a total value of $4,352,598.40. Following the completion of the sale, the insider directly owned 16,589 shares in the company, valued at approximately $4,724,547.20. The trade was a 47.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Amy Howe sold 4,097 shares of the business's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $305.91, for a total transaction of $1,253,313.27. Following the completion of the sale, the chief executive officer owned 69,850 shares of the company's stock, valued at approximately $21,367,813.50. The trade was a 5.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 23,396 shares of company stock worth $6,759,745 in the last 90 days. 0.09% of the stock is currently owned by corporate insiders.

Flutter Entertainment Price Performance

NYSE:FLUT traded down $8.15 during mid-day trading on Monday, hitting $287.13. 949,903 shares of the stock traded hands, compared to its average volume of 2,266,155. The business's 50-day moving average price is $296.23 and its 200 day moving average price is $263.24. The company has a market cap of $50.56 billion, a PE ratio of 141.19 and a beta of 2.30. Flutter Entertainment PLC has a 12-month low of $196.88 and a 12-month high of $313.68. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.95.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $2.95 EPS for the quarter, topping analysts' consensus estimates of $2.08 by $0.87. Flutter Entertainment had a net margin of 2.96% and a return on equity of 12.15%. The business had revenue of $4.19 billion during the quarter, compared to analysts' expectations of $3.06 billion. The company's quarterly revenue was up 16.0% on a year-over-year basis. Flutter Entertainment has set its FY 2025 guidance at EPS. On average, analysts expect that Flutter Entertainment PLC will post 4.17 EPS for the current fiscal year.

Flutter Entertainment announced that its board has approved a share buyback plan on Friday, August 8th that permits the company to buyback $245.00 million in shares. This buyback authorization permits the company to repurchase up to 0.5% of its stock through open market purchases. Stock buyback plans are often a sign that the company's leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of brokerages have weighed in on FLUT. Macquarie increased their price target on Flutter Entertainment from $320.00 to $340.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. JMP Securities raised their price objective on Flutter Entertainment from $323.00 to $345.00 and gave the company a "market outperform" rating in a research report on Friday, August 8th. Oppenheimer raised their target price on Flutter Entertainment from $310.00 to $350.00 and gave the company an "outperform" rating in a research note on Tuesday, July 22nd. Kepler Capital Markets raised Flutter Entertainment to a "strong-buy" rating in a research report on Thursday, August 28th. Finally, Needham & Company LLC lifted their price target on Flutter Entertainment from $340.00 to $355.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $332.70.

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.