Lone Pine Capital LLC lowered its position in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 6.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,733,336 shares of the company's stock after selling 129,428 shares during the quarter. Flutter Entertainment accounts for about 3.2% of Lone Pine Capital LLC's holdings, making the stock its 17th largest position. Lone Pine Capital LLC owned approximately 0.99% of Flutter Entertainment worth $440,267,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the company. Lighthouse Investment Partners LLC grew its position in Flutter Entertainment by 4.6% during the 3rd quarter. Lighthouse Investment Partners LLC now owns 8,240 shares of the company's stock worth $2,093,000 after purchasing an additional 365 shares in the last quarter. Jain Global LLC purchased a new stake in shares of Flutter Entertainment in the third quarter valued at $6,669,000. Holocene Advisors LP acquired a new stake in shares of Flutter Entertainment in the third quarter worth $5,190,000. Gotham Asset Management LLC acquired a new stake in shares of Flutter Entertainment in the third quarter worth $865,000. Finally, Fred Alger Management LLC grew its holdings in shares of Flutter Entertainment by 24.9% during the third quarter. Fred Alger Management LLC now owns 15,519 shares of the company's stock valued at $3,942,000 after buying an additional 3,098 shares in the last quarter.
Insider Activity at Flutter Entertainment
In related news, CEO Jeremy Peter Jackson sold 4,326 shares of the business's stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $108.00, for a total value of $467,208.00. Following the completion of the sale, the chief executive officer owned 36,788 shares of the company's stock, valued at approximately $3,973,104. The trade was a 10.52% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Amy Howe sold 8,895 shares of the firm's stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $105.91, for a total transaction of $942,069.45. Following the transaction, the chief executive officer directly owned 78,889 shares in the company, valued at approximately $8,355,133.99. The trade was a 10.13% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 17,834 shares of company stock valued at $1,900,331. 0.09% of the stock is owned by corporate insiders.
Analyst Upgrades and Downgrades
FLUT has been the topic of several recent analyst reports. Texas Capital raised Flutter Entertainment to a "strong-buy" rating in a research report on Thursday, January 8th. Citizens Jmp decreased their price objective on Flutter Entertainment from $275.00 to $195.00 and set a "market outperform" rating for the company in a research report on Friday, February 27th. Stifel Nicolaus lowered their target price on Flutter Entertainment from $304.00 to $259.00 and set a "buy" rating on the stock in a research note on Friday, January 30th. Wells Fargo & Company reiterated an "equal weight" rating and issued a $228.00 target price (down from $248.00) on shares of Flutter Entertainment in a report on Wednesday, January 14th. Finally, Sanford C. Bernstein reissued a "market perform" rating and issued a $170.00 price target on shares of Flutter Entertainment in a research report on Friday, February 6th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $234.65.
Read Our Latest Research Report on FLUT
Flutter Entertainment Price Performance
Shares of NYSE:FLUT opened at $108.71 on Tuesday. The firm has a market cap of $19.06 billion, a price-to-earnings ratio of -60.39, a P/E/G ratio of 0.74 and a beta of 2.32. Flutter Entertainment PLC has a 1 year low of $99.96 and a 1 year high of $313.68. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.31. The business has a fifty day simple moving average of $150.24 and a 200 day simple moving average of $208.30.
Flutter Entertainment (NYSE:FLUT - Get Free Report) last issued its earnings results on Thursday, February 26th. The company reported $1.74 EPS for the quarter, missing analysts' consensus estimates of $2.11 by ($0.37). Flutter Entertainment had a negative net margin of 1.89% and a positive return on equity of 12.12%. The firm had revenue of $4.74 billion during the quarter, compared to analysts' expectations of $4.87 billion. During the same quarter last year, the firm earned $2.94 EPS. The business's revenue for the quarter was up 24.9% compared to the same quarter last year. As a group, sell-side analysts predict that Flutter Entertainment PLC will post 4.17 earnings per share for the current fiscal year.
Flutter Entertainment declared that its board has authorized a stock buyback plan on Wednesday, March 11th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 1.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's board of directors believes its shares are undervalued.
Flutter Entertainment Company Profile
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Free Report)
Flutter Entertainment plc is a global sports betting and gaming company that operates a portfolio of consumer-facing brands and digital platforms. The company's primary activities include online sports betting, casino gaming, poker, and daily fantasy sports, delivered through web and mobile applications as well as retail betting locations in select markets. Flutter focuses on product development, customer acquisition and engagement, and compliance with local gambling regulations across the jurisdictions where it operates.
Flutter's brand portfolio includes well-known names in different regional markets, such as FanDuel in the United States, PokerStars, Betfair, Paddy Power and Sky Betting & Gaming in Europe and elsewhere.
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