Incline Global Management LLC Sells 42,720 Shares of Flutter Entertainment PLC $FLUT

Key Points

• Incline Global Management cut its Flutter Entertainment stake by 91.8% in the fourth quarter, selling 42,720 shares and leaving it with 3,838 shares worth about $825,000.
• Flutter reported better-than-expected first-quarter earnings, posting $1.22 per share on $4.30 billion in revenue, while revenue grew 17.4% year over year.
• Analysts remain mixed but generally constructive: the stock has a Moderate Buy consensus rating with an average price target of $187.42, even as several firms recently lowered their targets.

Incline Global Management LLC reduced its position in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 91.8% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,838 shares of the company's stock after selling 42,720 shares during the quarter. Incline Global Management LLC's holdings in Flutter Entertainment were worth $825,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FLUT. MassMutual Private Wealth & Trust FSB raised its holdings in Flutter Entertainment by 219.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 115 shares of the company's stock valued at $25,000 after buying an additional 79 shares during the last quarter. JFS Wealth Advisors LLC bought a new position in Flutter Entertainment in the 3rd quarter worth $27,000. Zions Bancorporation National Association UT raised its holdings in Flutter Entertainment by 1,685.7% in the 4th quarter. Zions Bancorporation National Association UT now owns 125 shares of the company's stock worth $27,000 after purchasing an additional 118 shares in the last quarter. EFG International AG bought a new position in Flutter Entertainment in the 4th quarter worth $36,000. Finally, IFP Advisors Inc raised its holdings in Flutter Entertainment by 93.8% in the 4th quarter. IFP Advisors Inc now owns 186 shares of the company's stock worth $40,000 after purchasing an additional 90 shares in the last quarter.

Insider Transactions at Flutter Entertainment

In other Flutter Entertainment news, CEO Daniel Mark Taylor bought 1,611 shares of Flutter Entertainment stock in a transaction dated Tuesday, May 12th. The shares were purchased at an average cost of $94.29 per share, with a total value of $151,901.19. Following the transaction, the chief executive officer directly owned 34,584 shares of the company's stock, valued at $3,260,925.36. This represents a 4.89% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Don H. Liu sold 1,259 shares of the stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $93.37, for a total transaction of $117,552.83. Following the sale, the insider directly owned 21,006 shares in the company, valued at $1,961,330.22. This trade 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 ninety days, insiders bought 10,453 shares of company stock worth $1,045,526 and sold 5,994 shares worth $577,293. 0.13% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on FLUT shares. Sanford C. Bernstein decreased their price objective on shares of Flutter Entertainment from $125.00 to $115.00 and set a "market perform" rating for the company in a report on Thursday, May 7th. Canaccord Genuity Group decreased their price objective on shares of Flutter Entertainment from $270.00 to $220.00 and set a "buy" rating for the company in a report on Monday, March 2nd. Benchmark decreased their price objective on shares of Flutter Entertainment from $175.00 to $132.00 and set a "buy" rating for the company in a report on Thursday, May 7th. Kepler Capital Markets lowered shares of Flutter Entertainment from a "strong-buy" rating to a "hold" rating in a report on Monday, March 16th. Finally, Citizens Jmp decreased their price objective on shares of Flutter Entertainment from $188.00 to $165.00 and set a "market outperform" rating for the company in a report on Thursday, May 7th. Three equities research 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 assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $187.42.

Flutter Entertainment Stock Down 6.9%

NYSE:FLUT opened at $101.41 on Thursday. The firm's 50-day moving average price is $103.28 and its 200-day moving average price is $141.56. The company has a market capitalization of $17.64 billion, a PE ratio of -47.39, a P/E/G ratio of 1.41 and a beta of 1.40. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.90 and a quick ratio of 0.90. Flutter Entertainment PLC has a 1-year low of $91.52 and a 1-year high of $313.68.

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

Flutter Entertainment announced that its Board of Directors has approved a stock buyback plan on Wednesday, March 11th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board believes its stock is undervalued.

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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