Armistice Capital LLC Acquires 35,458 Shares of Flutter Entertainment PLC $FLUT

Key Points

• Armistice Capital LLC dramatically increased its Flutter Entertainment stake in the fourth quarter, adding 35,458 shares to bring its total to 36,466 shares worth about $7.84 million.
• Flutter Entertainment’s latest quarterly results beat expectations, with EPS of $1.22 versus $1.09 expected and revenue of $4.30 billion, up 17.4% year over year.
• Analyst sentiment remains mixed but constructive overall: several firms cut price targets, yet the stock still carries an average “Moderate Buy” rating with a consensus target of $187.42.

Armistice Capital LLC boosted its holdings in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 3,517.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,466 shares of the company's stock after acquiring an additional 35,458 shares during the period. Armistice Capital LLC's holdings in Flutter Entertainment were worth $7,842,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FLUT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Flutter Entertainment by 5.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,311 shares of the company's stock worth $290,000 after acquiring an additional 69 shares in the last quarter. Sivia Capital Partners LLC bought a new position in Flutter Entertainment during the 2nd quarter worth about $405,000. Creative Planning bought a new position in Flutter Entertainment during the 2nd quarter worth about $296,000. Northwestern Mutual Wealth Management Co. grew its holdings in Flutter Entertainment by 246.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 187 shares of the company's stock worth $53,000 after acquiring an additional 133 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in Flutter Entertainment by 74.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 248 shares of the company's stock worth $71,000 after acquiring an additional 106 shares in the last quarter.

Analyst Upgrades and Downgrades

FLUT has been the topic of several recent research reports. Stifel Nicolaus dropped their target price on shares of Flutter Entertainment from $216.00 to $189.00 and set a "buy" rating on the stock in a report on Thursday, April 9th. Oppenheimer dropped their target price on shares of Flutter Entertainment from $210.00 to $160.00 and set an "outperform" rating on the stock in a report on Monday, April 13th. Sanford C. Bernstein dropped their target price on shares of Flutter Entertainment from $125.00 to $115.00 and set a "market perform" rating on the stock in a report on Thursday, May 7th. Moffett Nathanson cut shares of Flutter Entertainment from a "buy" rating to a "neutral" rating and set a $127.00 target price on the stock. in a report on Friday, April 24th. Finally, Weiss Ratings reiterated a "sell (d)" rating on shares of Flutter Entertainment in a report on Wednesday, May 27th. Three 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 stock. Based on data from MarketBeat, Flutter Entertainment presently 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. Flutter Entertainment PLC has a fifty-two week low of $91.52 and a fifty-two week high of $313.68. The stock has a market capitalization of $17.64 billion, a P/E ratio of -47.39, a P/E/G ratio of 1.41 and a beta of 1.40. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.90 and a current ratio of 0.90. The company's 50-day simple moving average is $103.28 and its 200-day simple moving average is $141.56.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported $1.22 earnings per share for the quarter, beating analysts' consensus estimates of $1.09 by $0.13. Flutter Entertainment had a negative net margin of 2.20% and a positive return on equity of 11.60%. The business had revenue of $4.30 billion for the quarter, compared to analysts' expectations of $4.24 billion. During the same period last year, the business earned $1.59 EPS. The company's revenue was up 17.4% compared to the same quarter last year. On average, equities analysts anticipate 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 buyback plan on Wednesday, March 11th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director Carolan Lennon sold 439 shares of the firm's stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $94.63, for a total value of $41,542.57. Following the sale, the director directly owned 1,688 shares in the company, valued at approximately $159,735.44. This trade represents a 20.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO James Philip Bishop purchased 1,000 shares of the stock in a transaction dated Monday, May 11th. The stock was purchased at an average price of $99.75 per share, for a total transaction of $99,750.00. Following the completion of the acquisition, the chief operating officer directly owned 17,605 shares in the company, valued at approximately $1,756,098.75. This represents a 6.02% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders purchased 10,453 shares of company stock worth $1,045,526 and sold 5,994 shares worth $577,293. 0.13% of the stock is currently owned by corporate insiders.

About Flutter Entertainment

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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