Third Point LLC Has $214.90 Million Holdings in Flutter Entertainment PLC $FLUT

Key Points

• Third Point LLC increased its stake in Flutter Entertainment PLC by 11.5%, owning approximately $214.90 million of the company's stock, which constitutes about 3.3% of their total holdings.
• Analyst ratings for Flutter Entertainment are generally positive, with a consensus of 20 Buy ratings, 4 Hold ratings, and a price target averaging $332.70.
• Flutter Entertainment has approved a $245 million stock buyback program, indicating management's belief in the company's undervaluation.

Third Point LLC grew its stake in Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 11.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 970,000 shares of the company's stock after purchasing an additional 100,000 shares during the quarter. Flutter Entertainment comprises approximately 3.3% of Third Point LLC's holdings, making the stock its 9th largest holding. Third Point LLC owned 0.55% of Flutter Entertainment worth $214,904,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. GPS Wealth Strategies Group LLC increased its holdings in Flutter Entertainment by 1,375.0% in the first quarter. GPS Wealth Strategies Group LLC now owns 118 shares of the company's stock valued at $26,000 after purchasing an additional 110 shares during the last quarter. SVB Wealth LLC acquired a new position in shares of Flutter Entertainment during the 1st quarter worth about $27,000. Tower Research Capital LLC TRC acquired a new position in shares of Flutter Entertainment during the 4th quarter worth about $33,000. Parallel Advisors LLC increased its stake in shares of Flutter Entertainment by 78.9% in the 1st quarter. Parallel Advisors LLC now owns 136 shares of the company's stock valued at $30,000 after acquiring an additional 60 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its position in shares of Flutter Entertainment by 90.6% in the 1st quarter. Farther Finance Advisors LLC now owns 183 shares of the company's stock valued at $41,000 after acquiring an additional 87 shares during the period.

Analyst Upgrades and Downgrades

FLUT has been the topic of several recent analyst reports. Jefferies Financial Group started coverage on shares of Flutter Entertainment in a research note on Tuesday, July 8th. They set a "buy" rating and a $380.00 price objective on the stock. Macquarie boosted their price target on shares of Flutter Entertainment from $320.00 to $340.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Peel Hunt cut shares of Flutter Entertainment from an "add" rating to a "hold" rating in a research report on Friday, August 8th. Zacks Research raised Flutter Entertainment from a "strong sell" rating to a "hold" rating in a research note on Friday, August 15th. Finally, Bank of America lifted their target price on Flutter Entertainment from $295.00 to $330.00 and gave the stock a "buy" rating in a report on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $332.70.

Insider Transactions at Flutter Entertainment

In related news, CEO Amy Howe sold 4,097 shares of Flutter Entertainment stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $305.91, for a total value of $1,253,313.27. Following the sale, the chief executive officer owned 69,850 shares of the company's stock, valued at approximately $21,367,813.50. This trade represents a 5.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Daniel Mark Taylor sold 15,283 shares of the business's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $284.80, for a total value of $4,352,598.40. Following the completion of the sale, the insider owned 16,589 shares in the company, valued at $4,724,547.20. The trade was a 47.95% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 23,396 shares of company stock valued at $6,759,745 in the last ninety days. Corporate insiders own 0.09% of the company's stock.

Flutter Entertainment Trading Up 1.0%

Shares of NYSE:FLUT opened at $295.19 on Friday. The firm has a market cap of $51.98 billion, a price-to-earnings ratio of 145.41, a PEG ratio of 1.43 and a beta of 2.29. Flutter Entertainment PLC has a 12 month low of $196.88 and a 12 month high of $313.68. The company's fifty day simple moving average is $296.23 and its 200 day simple moving average is $263.41. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.95.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $2.95 earnings per share for the quarter, topping analysts' consensus estimates of $2.08 by $0.87. Flutter Entertainment had a net margin of 2.96% and a return on equity of 12.15%. The firm had revenue of $4.19 billion during the quarter, compared to analyst estimates of $3.06 billion. The firm's revenue was up 16.0% on a year-over-year basis. Flutter Entertainment has set its FY 2025 guidance at EPS. As a group, research analysts forecast that Flutter Entertainment PLC will post 4.17 EPS for the current fiscal year.

Flutter Entertainment declared that its Board of Directors has approved a stock buyback program on Friday, August 8th that allows the company to buyback $245.00 million in shares. This buyback authorization allows the company to reacquire up to 0.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its stock is undervalued.

About Flutter Entertainment

Flutter Entertainment plc operates as a sports betting and gaming company in the United Kingdom, Ireland, Australia, the United States, Italy, and internationally. The company operates through four segments: UK & Ireland, Australia, International, and US. It offers sports betting, iGaming, daily fantasy sports, online racing wagering, and TV broadcasting products; sportsbooks and exchange sports betting products, and gaming products; and online sports betting.

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