Flutter Entertainment PLC $FLUT Stake Reduced by Cubist Systematic Strategies LLC

Key Points

• Cubist Systematic Strategies LLC reduced its holdings in Flutter Entertainment PLC by 72.2%, now owning 35,935 shares valued at approximately $7.96 million after selling 93,363 shares.
• Flutter Entertainment reported a quarterly earnings per share (EPS) of $2.95, exceeding analysts' expectations, and had a revenue of $4.19 billion, significantly higher than projected.
• The company has initiated a $245 million stock buyback program, indicating leadership confidence in the stock's value.

Cubist Systematic Strategies LLC lowered its position in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 72.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 35,935 shares of the company's stock after selling 93,363 shares during the period. Cubist Systematic Strategies LLC's holdings in Flutter Entertainment were worth $7,961,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. GPS Wealth Strategies Group LLC grew its position in shares of Flutter Entertainment by 1,375.0% during the first quarter. GPS Wealth Strategies Group LLC now owns 118 shares of the company's stock worth $26,000 after buying an additional 110 shares in the last quarter. SVB Wealth LLC acquired a new stake in shares of Flutter Entertainment during the first quarter worth approximately $27,000. Tower Research Capital LLC TRC acquired a new stake in shares of Flutter Entertainment during the fourth quarter worth approximately $33,000. Parallel Advisors LLC grew its position in shares of Flutter Entertainment by 78.9% during the first quarter. Parallel Advisors LLC now owns 136 shares of the company's stock worth $30,000 after buying an additional 60 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its position in shares of Flutter Entertainment by 90.6% during the first quarter. Farther Finance Advisors LLC now owns 183 shares of the company's stock worth $41,000 after buying an additional 87 shares in the last quarter.

Flutter Entertainment Stock Performance

Shares of NYSE FLUT traded up $2.81 during midday trading on Friday, reaching $295.19. 1,926,671 shares of the company traded hands, compared to its average volume of 1,792,129. Flutter Entertainment PLC has a 52 week low of $196.88 and a 52 week high of $313.68. The stock has a 50-day moving average price of $296.23 and a 200 day moving average price of $263.41. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.95 and a quick ratio of 0.95. The company has a market cap of $51.98 billion, a price-to-earnings ratio of 145.41, a PEG ratio of 1.43 and a beta of 2.29.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $2.95 earnings per share for the quarter, beating 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 for the quarter, compared to analysts' expectations of $3.06 billion. The firm's quarterly revenue was up 16.0% on a year-over-year basis. Flutter Entertainment has set its FY 2025 guidance at EPS. Sell-side analysts anticipate that Flutter Entertainment PLC will post 4.17 earnings per share for the current fiscal year.

Flutter Entertainment announced that its Board of Directors has approved a stock 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 typically an indication that the company's management believes its shares are undervalued.

Insider Activity at Flutter Entertainment

In related news, CEO Amy Howe sold 4,097 shares of Flutter Entertainment stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $305.91, for a total transaction of $1,253,313.27. Following the sale, the chief executive officer directly owned 69,850 shares in the company, valued at $21,367,813.50. The trade was a 5.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Daniel Mark Taylor sold 15,283 shares of Flutter Entertainment stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $284.80, for a total transaction of $4,352,598.40. Following the sale, the insider owned 16,589 shares in the company, valued at approximately $4,724,547.20. This represents a 47.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 23,396 shares of company stock valued at $6,759,745 in the last ninety days. Company insiders own 0.09% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on FLUT shares. Bank of America raised their price target on shares of Flutter Entertainment from $295.00 to $330.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Stifel Nicolaus lifted their price objective on shares of Flutter Entertainment from $353.00 to $356.00 and gave the stock a "buy" rating in a report on Friday, August 8th. Macquarie lifted their price objective on shares of Flutter Entertainment from $320.00 to $340.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Barclays lifted their price objective on shares of Flutter Entertainment from $350.00 to $352.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. Finally, Zacks Research raised shares of Flutter Entertainment from a "strong sell" rating to a "hold" rating in a report on Friday, August 15th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, Flutter Entertainment has a consensus rating of "Moderate Buy" and an average target price 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.