Durable Capital Partners LP Buys New Position in Flutter Entertainment PLC $FLUT

Key Points

• Durable Capital Partners LP has purchased a new stake in Flutter Entertainment PLC, acquiring 211,016 shares valued at approximately $46.75 million, representing 0.12% ownership in the company.
• Insider trading was reported as James Philip Bishop and Daniel Mark Taylor sold shares, resulting in significant decreases of their ownership, with total sales over the past ninety days amounting to $7.36 million.
• Flutter Entertainment's stock opened at $307.73 and reported earnings per share of $2.95, surpassing analysts' estimates while planning a $245 million share repurchase to signal management's belief that the stock is undervalued.

Durable Capital Partners LP acquired a new position in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 211,016 shares of the company's stock, valued at approximately $46,751,000. Durable Capital Partners LP owned about 0.12% of Flutter Entertainment as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FLUT. PARUS FINANCE UK Ltd boosted its holdings in Flutter Entertainment by 1.5% during the 1st quarter. PARUS FINANCE UK Ltd now owns 3,350 shares of the company's stock valued at $742,000 after acquiring an additional 50 shares during the period. Sequoia Financial Advisors LLC grew its position 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 acquiring an additional 53 shares in the last quarter. Harbor Investment Advisory LLC grew its position in Flutter Entertainment by 43.8% in the 1st quarter. Harbor Investment Advisory LLC now owns 184 shares of the company's stock valued at $41,000 after acquiring an additional 56 shares in the last quarter. Parallel Advisors LLC grew its position in Flutter Entertainment by 78.9% in the 1st quarter. Parallel Advisors LLC now owns 136 shares of the company's stock valued at $30,000 after acquiring an additional 60 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. grew its position in Flutter Entertainment by 1.4% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 4,783 shares of the company's stock valued at $1,060,000 after acquiring an additional 67 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on FLUT shares. Needham & Company LLC lifted their target price on Flutter Entertainment from $340.00 to $355.00 and gave the company a "buy" rating in a research report on Friday, August 8th. UBS Group reaffirmed a "buy" rating and issued a $360.00 target price (up from $340.00) on shares of Flutter Entertainment in a research report on Friday, August 8th. Macquarie lifted their target price on Flutter Entertainment from $320.00 to $340.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Jefferies Financial Group assumed coverage on Flutter Entertainment in a report on Tuesday, July 8th. They set a "buy" rating and a $380.00 price target on the stock. Finally, Sanford C. Bernstein restated a "market perform" rating on shares of Flutter Entertainment in a report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Flutter Entertainment presently has a consensus rating of "Moderate Buy" and an average target price of $332.70.

Flutter Entertainment Stock Up 1.0%

Shares of NYSE:FLUT traded up $2.81 on Friday, hitting $295.19. 1,926,671 shares of the company's stock were exchanged, compared to its average volume of 1,792,129. The firm's 50-day moving average is $296.23 and its 200 day moving average is $263.61. The company has a market capitalization of $51.98 billion, a PE ratio of 145.41, a P/E/G ratio of 1.42 and a beta of 2.29. Flutter Entertainment PLC has a 1-year low of $196.88 and a 1-year high of $313.68. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.95 and a current ratio of 0.95.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $2.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.08 by $0.87. The business had revenue of $4.19 billion during the quarter, compared to analysts' expectations of $3.06 billion. Flutter Entertainment had a return on equity of 12.15% and a net margin of 2.96%.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 predict that Flutter Entertainment PLC will post 4.17 EPS for the current year.

Flutter Entertainment announced that its Board of Directors has initiated a share repurchase plan on Friday, August 8th that permits the company to repurchase $245.00 million in shares. This repurchase authorization permits the company to repurchase up to 0.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, CEO Jeremy Peter Jackson sold 2,112 shares of the company's stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $292.42, for a total transaction of $617,591.04. Following the completion of the transaction, the chief executive officer directly owned 31,944 shares of the company's stock, valued at approximately $9,341,064.48. This represents a 6.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider James Philip Bishop sold 1,904 shares of the company's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $281.64, for a total value of $536,242.56. Following the completion of the sale, the insider directly owned 4,712 shares of the company's stock, valued at approximately $1,327,087.68. This trade represents a 28.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,396 shares of company stock valued at $6,759,745. 0.09% of the stock is owned by insiders.

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.