Jain Global LLC Acquires Shares of 26,256 Flutter Entertainment PLC $FLUT

Key Points

• Jain Global LLC opened a new position in Flutter Entertainment (NYSE:FLUT), buying 26,256 shares worth about $6.67 million during the third quarter.
• Flutter announced a $250 million stock buyback (up to ~1.3% of shares) after reporting quarterly EPS of $1.74 that missed estimates ($2.11) and revenue of $4.74 billion, slightly below consensus.
• Major institutional investors ramped up exposure—Vanguard increased its stake over 400% to 17.26 million shares and new large positions were reported from Parvus and Norges Bank—while analysts hold a consensus "Moderate Buy" with an average price target of $234.65.

Jain Global LLC bought a new position in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 26,256 shares of the company's stock, valued at approximately $6,669,000.

Several other institutional investors have also modified their holdings of FLUT. Vanguard Group Inc. grew its stake in Flutter Entertainment by 402.4% during the 2nd quarter. Vanguard Group Inc. now owns 17,257,475 shares of the company's stock valued at $4,931,496,000 after purchasing an additional 13,822,673 shares in the last quarter. Parvus Asset Management Jersey Ltd purchased a new position in shares of Flutter Entertainment during the 2nd quarter valued at approximately $2,231,266,000. Norges Bank purchased a new position in shares of Flutter Entertainment during the 2nd quarter valued at approximately $930,349,000. State Street Corp grew its position in shares of Flutter Entertainment by 120.3% during the second quarter. State Street Corp now owns 3,086,730 shares of the company's stock worth $882,064,000 after buying an additional 1,685,556 shares in the last quarter. Finally, Durable Capital Partners LP grew its position in shares of Flutter Entertainment by 274.2% during the third quarter. Durable Capital Partners LP now owns 1,243,988 shares of the company's stock worth $315,973,000 after buying an additional 911,507 shares in the last quarter.

Insider Activity at Flutter Entertainment

In other Flutter Entertainment news, CEO Jeremy Peter Jackson sold 4,326 shares of the business's stock in a transaction dated Wednesday, March 11th. The shares were 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 directly owned 36,788 shares of the company's stock, valued at $3,973,104. The trade was a 10.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Amy Howe sold 8,895 shares of the company'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 transaction, the chief executive officer owned 78,889 shares of the company's stock, valued at approximately $8,355,133.99. This trade represents a 10.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 17,834 shares of company stock worth $1,900,331 in the last ninety days. 0.09% of the stock is owned by insiders.

Flutter Entertainment Price Performance

Shares of FLUT opened at $108.71 on Tuesday. Flutter Entertainment PLC has a 12 month low of $99.96 and a 12 month high of $313.68. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a fifty day moving average price of $150.24 and a 200 day moving average price of $208.30. The company has a market cap of $19.06 billion, a P/E ratio of -60.39, a PEG ratio of 0.74 and a beta of 2.32.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last posted its earnings results on Thursday, February 26th. The company reported $1.74 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.11 by ($0.37). The company had revenue of $4.74 billion during the quarter, compared to the consensus estimate of $4.87 billion. Flutter Entertainment had a negative net margin of 1.89% and a positive return on equity of 12.12%. The business's quarterly revenue was up 24.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.94 earnings per share. On average, research analysts forecast that Flutter Entertainment PLC will post 4.17 earnings per share for the current year.

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

Analysts Set New Price Targets

FLUT has been the topic of several recent analyst reports. Barclays cut their price target on shares of Flutter Entertainment from $304.00 to $225.00 and set an "overweight" rating on the stock in a report on Friday, February 27th. Morgan Stanley decreased their price objective on shares of Flutter Entertainment from $352.00 to $315.00 and set an "overweight" rating for the company in a report on Friday, December 12th. Wells Fargo & Company restated an "equal weight" rating and issued a $228.00 target price (down from $248.00) on shares of Flutter Entertainment in a research note on Wednesday, January 14th. Oppenheimer reduced their price target on shares of Flutter Entertainment from $280.00 to $210.00 and set an "outperform" rating on the stock in a research report on Thursday, February 26th. Finally, Benchmark decreased their price target on Flutter Entertainment from $285.00 to $175.00 and set a "buy" rating for the company in a research note on Friday, February 27th. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Flutter Entertainment presently has a consensus rating of "Moderate Buy" and an average price target of $234.65.

Flutter Entertainment Company 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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