Bridger Management LLC Invests $6.35 Million in Flutter Entertainment PLC $FLUT

Key Points

• Bridger Management LLC has acquired 28,666 shares of Flutter Entertainment PLC, valued at approximately $6.35 million, which constitutes 3.2% of its total holdings.
• Flutter Entertainment's Q2 earnings report showed earnings per share of $2.95, exceeding estimates, with a quarterly revenue of $4.19 billion, a significant increase from expectations.
• The company has initiated a $245 million share buyback program, indicating management's belief that its shares are undervalued.

Bridger Management LLC bought a new position in Flutter Entertainment PLC (NYSE:FLUT - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The fund bought 28,666 shares of the company's stock, valued at approximately $6,351,000. Flutter Entertainment accounts for about 3.2% of Bridger Management LLC's investment portfolio, making the stock its 16th largest position.

A number of other large investors have also added to or reduced their stakes in FLUT. Tower Research Capital LLC TRC bought a new stake in Flutter Entertainment in the 4th quarter worth approximately $33,000. Stifel Financial Corp bought a new stake in Flutter Entertainment in the 4th quarter worth approximately $1,401,000. Ameriprise Financial Inc. grew its position in Flutter Entertainment by 1,159.6% in the 4th quarter. Ameriprise Financial Inc. now owns 228,447 shares of the company's stock worth $59,042,000 after purchasing an additional 210,310 shares during the period. Benjamin Edwards Inc. boosted its stake in shares of Flutter Entertainment by 43.7% during the 4th quarter. Benjamin Edwards Inc. now owns 1,693 shares of the company's stock worth $438,000 after acquiring an additional 515 shares during the last quarter. Finally, Blackstone Inc. purchased a new position in shares of Flutter Entertainment during the 4th quarter worth $36,183,000.

Insider Activity at Flutter Entertainment

In other Flutter Entertainment news, CEO Jeremy Peter Jackson sold 2,112 shares of the business's stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $292.42, for a total value of $617,591.04. Following the sale, the chief executive officer owned 31,944 shares in the company, valued at $9,341,064.48. The trade was a 6.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Amy Howe sold 4,097 shares of the business's stock in a transaction 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 in the company, valued at approximately $21,367,813.50. The trade was a 5.54% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 23,396 shares of company stock worth $6,759,745 in the last quarter. 0.09% of the stock is owned by company insiders.

Flutter Entertainment Price Performance

Shares of FLUT traded up $2.81 during trading hours on Friday, reaching $295.19. 1,926,671 shares of the stock traded hands, compared to its average volume of 1,792,129. The company has a market cap of $51.98 billion, a P/E ratio of 145.41, a price-to-earnings-growth ratio of 1.43 and a beta of 2.29. Flutter Entertainment PLC has a 52-week low of $196.88 and a 52-week high of $313.68. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.95. The company's 50-day moving average price is $296.23 and its two-hundred day moving average price is $263.41.

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

Flutter Entertainment announced that its board has authorized a share repurchase program on Friday, August 8th that allows the company to repurchase $245.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 0.5% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Zacks Research upgraded shares of Flutter Entertainment from a "strong sell" rating to a "hold" rating in a research note on Friday, August 15th. Kepler Capital Markets upgraded shares of Flutter Entertainment to a "strong-buy" rating in a research note on Thursday, August 28th. Benchmark reiterated a "buy" rating and set a $365.00 price target (up previously from $300.00) on shares of Flutter Entertainment in a research note on Friday, August 8th. Canaccord Genuity Group lifted their price target on shares of Flutter Entertainment from $330.00 to $340.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Finally, Sanford C. Bernstein restated a "market perform" rating on shares of Flutter Entertainment in a research note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $332.70.

Flutter Entertainment Company 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.