III Capital Management Makes New $2.15 Million Investment in Flutter Entertainment PLC $FLUT

Key Points

• III Capital Management opened a new position in Flutter Entertainment during the fourth quarter, buying 10,000 shares valued at about $2.15 million.
• Flutter reported quarterly earnings of $1.22 per share, topping estimates, while revenue reached $4.30 billion and rose 17.4% year over year.
• The company’s board authorized a $250 million share buyback, even as analysts remain mixed overall with an average Moderate Buy rating and target price of $187.42.

III Capital Management acquired a new position in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 10,000 shares of the company's stock, valued at approximately $2,150,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of FLUT. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Flutter Entertainment by 219.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 115 shares of the company's stock worth $25,000 after purchasing an additional 79 shares in the last quarter. JFS Wealth Advisors LLC acquired a new position in shares of Flutter Entertainment during the third quarter worth about $27,000. Zions Bancorporation National Association UT increased its position in shares of Flutter Entertainment by 1,685.7% during the fourth quarter. Zions Bancorporation National Association UT now owns 125 shares of the company's stock worth $27,000 after acquiring an additional 118 shares during the last quarter. EFG International AG purchased a new stake in shares of Flutter Entertainment during the fourth quarter worth about $36,000. Finally, IFP Advisors Inc increased its position in shares of Flutter Entertainment by 93.8% during the fourth quarter. IFP Advisors Inc now owns 186 shares of the company's stock worth $40,000 after acquiring an additional 90 shares during the last quarter.

Flutter Entertainment Stock Down 6.9%

Shares of Flutter Entertainment stock opened at $101.41 on Thursday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.27. The firm has a market cap of $17.64 billion, a P/E ratio of -47.39, a P/E/G ratio of 1.41 and a beta of 1.40. Flutter Entertainment PLC has a fifty-two week low of $91.52 and a fifty-two week high of $313.68. The business has a 50-day moving average price of $103.28 and a 200 day moving average price of $141.56.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.13. The firm had revenue of $4.30 billion during the quarter, compared to analyst estimates of $4.24 billion. Flutter Entertainment had a positive return on equity of 11.60% and a negative net margin of 2.20%.Flutter Entertainment's quarterly revenue was up 17.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.59 earnings per share. On average, sell-side analysts forecast that Flutter Entertainment PLC will post 5 earnings per share for the current fiscal year.

Flutter Entertainment announced that its Board of Directors has authorized a stock buyback plan on Wednesday, March 11th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Barclays dropped their target price on Flutter Entertainment from $175.00 to $150.00 and set an "overweight" rating on the stock in a research report on Friday, May 8th. BNP Paribas Exane assumed coverage on Flutter Entertainment in a research report on Thursday, May 14th. They set an "underperform" rating and a $80.00 target price on the stock. Citizens Jmp dropped their target price on Flutter Entertainment from $188.00 to $165.00 and set a "market outperform" rating on the stock in a research report on Thursday, May 7th. BTIG Research dropped their target price on Flutter Entertainment from $137.00 to $126.00 and set a "buy" rating on the stock in a research report on Thursday, May 7th. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of Flutter Entertainment in a research report on Wednesday, May 27th. Three analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, seven have issued a Hold rating and four have given 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 $187.42.

Insider Transactions at Flutter Entertainment

In related news, CEO Jeremy Peter Jackson sold 3,084 shares of the business's stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $98.13, for a total value of $302,632.92. Following the completion of the sale, the chief executive officer directly owned 74,326 shares of the company's stock, valued at $7,293,610.38. The trade was a 3.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Don H. Liu sold 1,259 shares of the business's stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $93.37, for a total value of $117,552.83. Following the completion of the sale, the insider directly owned 21,006 shares of the company's stock, valued at approximately $1,961,330.22. This represents a 5.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders purchased 10,453 shares of company stock valued at $1,045,526 and sold 5,994 shares valued at $577,293. Corporate insiders own 0.13% of the company's stock.

Flutter Entertainment Profile

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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