Cannon Global Investment Management LLC Purchases New Position in Flutter Entertainment PLC (NYSE:FLUT)

Cannon Global Investment Management LLC purchased a new stake in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 2,400 shares of the company's stock, valued at approximately $532,000. Flutter Entertainment comprises approximately 0.9% of Cannon Global Investment Management LLC's portfolio, making the stock its 22nd biggest holding.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Alta Advisers Ltd acquired a new position in shares of Flutter Entertainment during the 1st quarter valued at about $213,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in 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 buying an additional 2,483 shares during the period. Sequoia Financial Advisors LLC raised its holdings in Flutter Entertainment by 3.0% in the 1st quarter. Sequoia Financial Advisors LLC now owns 1,836 shares of the company's stock valued at $407,000 after buying an additional 53 shares during the period. Robeco Institutional Asset Management B.V. raised its holdings in Flutter Entertainment by 1.9% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 30,964 shares of the company's stock valued at $6,860,000 after buying an additional 589 shares during the period. Finally, Bessemer Group Inc. raised its holdings in Flutter Entertainment by 0.6% in the 1st quarter. Bessemer Group Inc. now owns 397,297 shares of the company's stock valued at $88,021,000 after buying an additional 2,478 shares during the period.

Flutter Entertainment Stock Down 1.9%

Shares of Flutter Entertainment stock traded down $5.34 on Friday, reaching $277.00. 1,138,206 shares of the company were exchanged, compared to its average volume of 2,091,884. Flutter Entertainment PLC has a 1-year low of $175.59 and a 1-year high of $299.73. The company has a market cap of $48.94 billion and a P/E ratio of 95.85. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.95 and a quick ratio of 0.95. The stock's 50 day moving average price is $255.84 and its 200-day moving average price is $253.35.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $1.59 EPS for the quarter, missing analysts' consensus estimates of $1.89 by ($0.30). Flutter Entertainment had a return on equity of 11.76% and a net margin of 4.17%. The company had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.06 billion. During the same period in the prior year, the firm posted $0.10 earnings per share. The business's quarterly revenue was up 7.9% compared to the same quarter last year. As a group, equities analysts forecast that Flutter Entertainment PLC will post 4.17 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on FLUT shares. Macquarie restated an "outperform" rating and issued a $340.00 price objective (up from $330.00) on shares of Flutter Entertainment in a report on Thursday, May 8th. JMP Securities restated a "market outperform" rating and issued a $301.00 price objective on shares of Flutter Entertainment in a report on Thursday, June 12th. Truist Financial reduced their price objective on shares of Flutter Entertainment from $330.00 to $280.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Barclays reduced their price objective on shares of Flutter Entertainment from $300.00 to $293.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Finally, Stifel Nicolaus reduced their price objective on shares of Flutter Entertainment from $320.00 to $315.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Two analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $305.10.

Insider Buying and Selling at Flutter Entertainment

In related news, Director Nancy Cruickshank sold 281 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $245.71, for a total value of $69,044.51. Following the completion of the transaction, the director directly owned 1,797 shares of the company's stock, valued at $441,540.87. This represents a 13.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO James Philip Bishop sold 3,000 shares of the company's stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $243.20, for a total value of $729,600.00. Following the completion of the transaction, the chief operating officer directly owned 4,712 shares of the company's stock, valued at $1,145,958.40. This trade represents a 38.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 7,770 shares of company stock valued at $1,894,934.

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.