Flutter Entertainment PLC $FLUT Stock Position Raised by Peregrine Capital Management LLC

Key Points

• Peregrine Capital Management boosted its stake in Flutter by 34.2% to 150,979 shares (about $32.47M), making FLUT its 22nd-largest holding and roughly 1.0% of the fund's portfolio.
• Flutter missed quarterly EPS ($1.74 vs. $2.11 expected) and its shares trade near $105, but the board approved a $250 million buyback to repurchase up to 1.3% of shares.
• Analysts are mixed but the consensus rating is a Moderate Buy with an average price target of $213.40, while insiders have sold about 17,834 shares (~$1.9M) in the past 90 days, trimming CEO holdings by ~10%.

Peregrine Capital Management LLC boosted its holdings in Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 34.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 150,979 shares of the company's stock after acquiring an additional 38,469 shares during the period. Flutter Entertainment comprises about 1.0% of Peregrine Capital Management LLC's investment portfolio, making the stock its 22nd biggest holding. Peregrine Capital Management LLC owned about 0.09% of Flutter Entertainment worth $32,467,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Flutter Entertainment by 1.7% during the 3rd quarter. Vanguard Group Inc. now owns 17,559,354 shares of the company's stock worth $4,460,076,000 after purchasing an additional 301,879 shares during the period. Wellington Management Group LLP boosted its position in Flutter Entertainment by 5.5% during the 3rd quarter. Wellington Management Group LLP now owns 3,519,434 shares of the company's stock valued at $903,694,000 after purchasing an additional 182,594 shares during the period. Capital International Investors grew its stake in Flutter Entertainment by 4.9% during the 3rd quarter. Capital International Investors now owns 3,256,764 shares of the company's stock worth $827,841,000 after buying an additional 153,390 shares during the last quarter. State Street Corp increased its position in Flutter Entertainment by 4.5% in the third quarter. State Street Corp now owns 3,226,742 shares of the company's stock worth $819,592,000 after buying an additional 140,012 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its stake in Flutter Entertainment by 3.4% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,961,244 shares of the company's stock valued at $636,786,000 after buying an additional 96,563 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on FLUT shares. Barclays lowered their price target on shares of Flutter Entertainment from $225.00 to $175.00 and set an "overweight" rating for the company in a research report on Thursday, April 16th. Zacks Research lowered shares of Flutter Entertainment from a "hold" rating to a "strong sell" rating in a research note on Monday, January 19th. Wells Fargo & Company reiterated an "equal weight" rating and set a $228.00 price objective (down from $248.00) on shares of Flutter Entertainment in a research report on Wednesday, January 14th. Kepler Capital Markets lowered Flutter Entertainment from a "strong-buy" rating to a "hold" rating in a report on Monday, March 16th. Finally, Bank of America cut their target price on Flutter Entertainment from $250.00 to $210.00 and set a "neutral" rating on the stock in a research note on Thursday, January 22nd. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, six have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $213.40.

Insider Activity at Flutter Entertainment

In related news, CEO Jeremy Peter Jackson sold 4,326 shares of the firm's stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $108.00, for a total transaction of $467,208.00. Following the completion of the transaction, the chief executive officer owned 36,788 shares of the company's stock, valued at $3,973,104. This trade represents a 10.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Amy Howe sold 8,895 shares of the business's stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $105.91, for a total transaction of $942,069.45. Following the completion of the sale, the chief executive officer owned 78,889 shares in the company, valued at approximately $8,355,133.99. This trade represents a 10.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 17,834 shares of company stock valued at $1,900,331 over the last 90 days. 0.09% of the stock is currently owned by corporate insiders.

Flutter Entertainment Price Performance

Shares of NYSE FLUT traded down $1.27 during mid-day trading on Thursday, reaching $105.34. 134,192 shares of the company traded hands, compared to its average volume of 3,771,818. Flutter Entertainment PLC has a fifty-two week low of $98.88 and a fifty-two week high of $313.68. The firm has a market cap of $18.37 billion, a PE ratio of -58.34, a price-to-earnings-growth ratio of 0.79 and a beta of 1.93. The stock has a fifty day simple moving average of $110.75 and a 200-day simple moving average of $175.46. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.95 and a quick ratio of 0.95.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last issued its quarterly earnings results on Friday, February 27th. The company reported $1.74 earnings per share (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 $4.76 billion for the quarter, compared to the consensus estimate of $4.87 billion. During the same period in the previous year, the business posted $2.94 earnings per share. The business's revenue for the quarter was up 24.9% compared to the same quarter last year. Equities research analysts anticipate that Flutter Entertainment PLC will post 5.14 EPS for the current fiscal year.

Flutter Entertainment announced that its board has approved a stock repurchase plan on Wednesday, March 11th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board of directors believes its shares are undervalued.

About Flutter Entertainment

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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