Envestnet Portfolio Solutions Inc. Sells 1,429 Shares of Flutter Entertainment PLC (NYSE:FLUT)

Envestnet Portfolio Solutions Inc. cut its stake in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 54.9% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,175 shares of the company's stock after selling 1,429 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Flutter Entertainment were worth $260,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. DJE Kapital AG bought a new position in Flutter Entertainment in the 4th quarter valued at about $442,000. Bank of New York Mellon Corp raised its holdings in shares of Flutter Entertainment by 68.3% in the 4th quarter. Bank of New York Mellon Corp now owns 199,813 shares of the company's stock worth $51,642,000 after acquiring an additional 81,101 shares during the last quarter. Rubicon Global Capital Ltd grew its position in Flutter Entertainment by 56.1% in the 1st quarter. Rubicon Global Capital Ltd now owns 70,250 shares of the company's stock worth $15,564,000 after purchasing an additional 25,250 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Flutter Entertainment by 6.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 661,301 shares of the company's stock valued at $170,913,000 after buying an additional 38,800 shares during the period. Finally, Plato Investment Management Ltd raised its holdings in Flutter Entertainment by 244.4% during the 4th quarter. Plato Investment Management Ltd now owns 3,265 shares of the company's stock valued at $847,000 after acquiring an additional 2,317 shares during the period.

Flutter Entertainment Stock Performance

Shares of Flutter Entertainment stock opened at $279.26 on Monday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.67. The company has a 50 day moving average price of $250.56 and a 200 day moving average price of $252.97. The firm has a market capitalization of $49.34 billion and a P/E ratio of 96.63. Flutter Entertainment PLC has a 52 week low of $175.59 and a 52 week high of $299.73.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $1.59 earnings per share (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 firm had revenue of $3.67 billion for the quarter, compared to analysts' expectations of $3.06 billion. During the same period last year, the company posted $0.10 earnings per share. The business's quarterly revenue was up 7.9% on a year-over-year basis. Sell-side analysts expect that Flutter Entertainment PLC will post 4.17 EPS for the current year.

Insider Transactions at Flutter Entertainment

In related news, CEO Amy Howe sold 2,315 shares of the firm's stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $243.50, for a total transaction of $563,702.50. Following the transaction, the chief executive officer now owns 73,947 shares of the company's stock, valued at $18,006,094.50. This trade represents a 3.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Alfred F. Hurley, Jr. sold 265 shares of the business's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $243.94, for a total transaction of $64,644.10. Following the completion of the transaction, the director now directly owns 3,518 shares in the company, valued at $858,180.92. This represents a 7.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 7,770 shares of company stock worth $1,894,934 in the last quarter.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Sanford C. Bernstein started coverage on shares of Flutter Entertainment in a research note on Wednesday, June 4th. They issued a "market perform" rating and a $275.00 price target for the company. Canaccord Genuity Group assumed coverage on Flutter Entertainment in a research note on Wednesday, June 25th. They issued a "buy" rating and a $330.00 price target on the stock. Citizens Jmp lowered their price objective on Flutter Entertainment from $328.00 to $317.00 and set an "outperform" rating on the stock in a research report on Monday, April 14th. Benchmark reiterated a "buy" rating and issued a $300.00 price objective on shares of Flutter Entertainment in a research note on Monday, April 21st. Finally, Peel Hunt raised shares of Flutter Entertainment from a "hold" rating to an "add" rating in a report on Monday, March 10th. 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 stock. According to MarketBeat, Flutter Entertainment has a consensus rating of "Moderate Buy" and an average target price of $305.10.

Flutter Entertainment 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.

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