Flutter Entertainment PLC $FLUT Stake Boosted by Palestra Capital Management LLC

Key Points

• Palestra Capital Management LLC increased its stake in Flutter Entertainment PLC by 8.1%, making it the firm's 4th largest holding with approximately $160 million in value.
• Flutter reported $2.95 earnings per share for the last quarter, surpassing analysts’ expectations, alongside a revenue of $4.19 billion, reflecting a 16% increase year-over-year.
• The company has approved a $245 million stock buyback plan, indicating management believes its stock is currently undervalued.

Palestra Capital Management LLC grew its position in Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 8.1% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 724,691 shares of the company's stock after buying an additional 53,996 shares during the period. Flutter Entertainment accounts for about 6.3% of Palestra Capital Management LLC's portfolio, making the stock its 4th largest position. Palestra Capital Management LLC owned approximately 0.41% of Flutter Entertainment worth $160,555,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. PARUS FINANCE UK Ltd raised its stake in shares of Flutter Entertainment by 1.5% in the first quarter. PARUS FINANCE UK Ltd now owns 3,350 shares of the company's stock worth $742,000 after purchasing an additional 50 shares during the last quarter. Sequoia Financial Advisors LLC raised its position in Flutter Entertainment by 3.0% during the 1st quarter. Sequoia Financial Advisors LLC now owns 1,836 shares of the company's stock worth $407,000 after buying an additional 53 shares during the last quarter. Harbor Investment Advisory LLC lifted its stake in Flutter Entertainment by 43.8% during 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 during the period. Parallel Advisors LLC boosted its holdings in shares of 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 during the last quarter. Finally, Cambridge Investment Research Advisors Inc. increased its stake in shares of Flutter Entertainment by 1.4% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 4,783 shares of the company's stock worth $1,060,000 after acquiring an additional 67 shares during the period.

Insider Activity at Flutter Entertainment

In other news, insider Daniel Mark Taylor sold 15,283 shares of the business's 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 completion of the sale, the insider owned 16,589 shares of the company's stock, valued at $4,724,547.20. The trade was a 47.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider James Philip Bishop sold 1,904 shares of the firm's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $281.64, for a total transaction of $536,242.56. Following the completion of the transaction, the insider directly owned 4,712 shares in the company, valued at $1,327,087.68. This represents a 28.78% 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 worth $6,759,745 in the last ninety days. 0.09% of the stock is owned by company insiders.

Flutter Entertainment Price Performance

Shares of Flutter Entertainment stock traded up $1.08 on Thursday, reaching $292.30. The company's stock had a trading volume of 1,228,459 shares, compared to its average volume of 2,259,590. The company has a market capitalization of $51.47 billion, a P/E ratio of 143.99 and a beta of 2.29. 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 $296.59 and a 200-day moving average price of $263.74. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.95.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $2.95 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.08 by $0.87. The firm had revenue of $4.19 billion for the quarter, compared to analyst estimates of $3.06 billion. Flutter Entertainment had a return on equity of 12.15% and a net margin of 2.96%.The company's revenue for the quarter was up 16.0% compared to the same quarter last year. Flutter Entertainment has set its FY 2025 guidance at EPS. Analysts expect that Flutter Entertainment PLC will post 4.17 EPS for the current year.

Flutter Entertainment announced that its Board of Directors has approved a stock buyback program on Friday, August 8th that permits the company to buyback $245.00 million in shares. This buyback authorization permits the company to purchase up to 0.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

FLUT has been the subject of a number of research reports. Needham & Company LLC boosted their target price on shares of Flutter Entertainment from $340.00 to $355.00 and gave the company a "buy" rating in a research report on Friday, August 8th. Hsbc Global Res upgraded Flutter Entertainment to a "hold" rating in a research note on Wednesday, June 18th. Bank of America lifted their price target on Flutter Entertainment from $295.00 to $330.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Peel Hunt lowered Flutter Entertainment from an "add" rating to a "hold" rating in a research report on Friday, August 8th. Finally, JMP Securities raised their price objective on shares of Flutter Entertainment from $323.00 to $345.00 and gave the stock a "market outperform" rating in a research note on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Flutter Entertainment presently has an average 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.