Corient Private Wealth LP Sells 30,955 Shares of Flutter Entertainment PLC $FLUT

Key Points

• Corient Private Wealth LP cut its Flutter Entertainment stake by 86.7% in the second quarter, selling 30,955 shares and retaining 4,736 shares valued at approximately $484,000.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $155.48, despite several recent target-price reductions.
• Flutter reported quarterly revenue of $4.33 billion, exceeding estimates, but earnings per share of $0.49 fell short of consensus expectations; shares opened at $74.73, near their 12-month low.

Corient Private Wealth LP reduced its stake in Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 86.7% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,736 shares of the company's stock after selling 30,955 shares during the quarter. Corient Private Wealth LP's holdings in Flutter Entertainment were worth $484,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of FLUT. IFP Advisors Inc increased its position in shares of Flutter Entertainment by 93.8% in the 4th quarter. IFP Advisors Inc now owns 186 shares of the company's stock valued at $40,000 after acquiring an additional 90 shares during the period. LM Advisors LLC purchased a new position in shares of Flutter Entertainment in the fourth quarter worth about $46,000. Parallel Advisors LLC raised its stake in shares of Flutter Entertainment by 489.7% in the first quarter. Parallel Advisors LLC now owns 460 shares of the company's stock worth $47,000 after purchasing an additional 382 shares during the last quarter. CX Institutional lifted its holdings in shares of Flutter Entertainment by 729.7% during the second quarter. CX Institutional now owns 531 shares of the company's stock worth $54,000 after purchasing an additional 467 shares during the period. Finally, TD Waterhouse Canada Inc. lifted its holdings in shares of Flutter Entertainment by 65.8% during the second quarter. TD Waterhouse Canada Inc. now owns 630 shares of the company's stock worth $67,000 after purchasing an additional 250 shares during the period.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on FLUT shares. Barclays dropped their target price on Flutter Entertainment from $151.00 to $133.00 and set an "overweight" rating on the stock in a research report on Thursday, August 6th. Citigroup reissued an "outperform" rating on shares of Flutter Entertainment in a research report on Wednesday, July 8th. Freedom Capital upgraded shares of Flutter Entertainment to a "hold" rating in a research note on Monday, June 22nd. Deutsche Bank Aktiengesellschaft set a $148.00 price objective on shares of Flutter Entertainment in a report on Thursday, August 6th. Finally, Wells Fargo & Company cut their price objective on shares of Flutter Entertainment from $137.00 to $112.00 and set an "equal weight" rating on the stock in a research note on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Flutter Entertainment currently has an average rating of "Moderate Buy" and a consensus target price of $155.48.

Flutter Entertainment Trading Up 0.4%

Shares of NYSE:FLUT opened at $74.73 on Thursday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 1.32. Flutter Entertainment PLC has a 12-month low of $74.35 and a 12-month high of $261.22. The business has a 50 day moving average of $96.79 and a two-hundred day moving average of $101.54. The company has a market capitalization of $12.97 billion, a PE ratio of -17.38, a PEG ratio of 1.89 and a beta of 1.26.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.49 EPS for the quarter, missing analysts' consensus estimates of $0.54 by ($0.05). Flutter Entertainment had a positive return on equity of 7.27% and a negative net margin of 4.39%.The firm had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same period in the previous year, the business earned $2.95 EPS. Flutter Entertainment's revenue for the quarter was up 3.3% compared to the same quarter last year. As a group, analysts forecast that Flutter Entertainment PLC will post 3.48 EPS for the current year.

Insider Activity at Flutter Entertainment

In other Flutter Entertainment news, CEO Daniel Taylor sold 791 shares of Flutter Entertainment stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $97.86, for a total value of $77,407.26. Following the completion of the transaction, the chief executive officer owned 52,467 shares of the company's stock, valued at approximately $5,134,420.62. The trade was a 1.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Don Liu sold 565 shares of the company's stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $97.86, for a total transaction of $55,290.90. Following the completion of the transaction, the insider owned 20,441 shares of the company's stock, valued at approximately $2,000,356.26. This trade represents a 2.69% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 6,681 shares of company stock valued at $644,214 in the last quarter. 0.13% of the stock is currently owned by insiders.

About Flutter Entertainment

Flutter Entertainment plc is a global sports betting and online gaming company headquartered in Dublin, Ireland. The company provides online and retail betting, casino, poker, bingo and lottery-related products through a portfolio of brands serving customers in multiple regulated markets.

Its principal brands include FanDuel in the United States, Paddy Power and Betfair in the United Kingdom and Ireland, Sky Bet in the United Kingdom, PokerStars internationally, Sisal in Italy and other markets, and tombola, an online bingo operator.

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