Flutter Entertainment plc (NYSE:FLUT) is Palestra Capital Management LLC's 5th Largest Position

Palestra Capital Management LLC decreased its position in shares of Flutter Entertainment plc (NYSE:FLUT - Free Report) by 22.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 670,695 shares of the company's stock after selling 198,914 shares during the quarter. Flutter Entertainment comprises approximately 4.7% of Palestra Capital Management LLC's investment portfolio, making the stock its 5th largest position. Palestra Capital Management LLC owned approximately 0.38% of Flutter Entertainment worth $173,341,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FLUT. Farther Finance Advisors LLC lifted its stake in Flutter Entertainment by 585.7% in the fourth quarter. Farther Finance Advisors LLC now owns 96 shares of the company's stock valued at $25,000 after buying an additional 82 shares during the period. Harvest Fund Management Co. Ltd bought a new stake in shares of Flutter Entertainment in the 4th quarter valued at $25,000. Raleigh Capital Management Inc. bought a new position in Flutter Entertainment during the fourth quarter worth $26,000. BOCHK Asset Management Ltd bought a new position in Flutter Entertainment during the fourth quarter worth $26,000. Finally, IFP Advisors Inc grew its holdings in Flutter Entertainment by 244.1% in the fourth quarter. IFP Advisors Inc now owns 117 shares of the company's stock worth $31,000 after purchasing an additional 83 shares during the period.

Insider Activity at Flutter Entertainment

In other Flutter Entertainment news, Director Jeremy Peter Jackson sold 25,027 shares of the company's stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $261.96, for a total value of $6,556,072.92. Following the completion of the sale, the director now owns 21,148 shares of the company's stock, valued at $5,539,930.08. This represents a 54.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Amy Howe sold 11,814 shares of Flutter Entertainment stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $260.50, for a total transaction of $3,077,547.00. Following the transaction, the chief executive officer now directly owns 62,941 shares in the company, valued at $16,396,130.50. This trade represents a 15.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Ratings Changes

Several analysts have recently commented on the company. Macquarie restated an "outperform" rating and issued a $340.00 target price on shares of Flutter Entertainment in a research note on Wednesday, March 5th. JMP Securities reduced their price objective on Flutter Entertainment from $328.00 to $317.00 and set a "market outperform" rating for the company in a research note on Monday, April 14th. Benchmark reaffirmed a "buy" rating and set a $300.00 target price on shares of Flutter Entertainment in a research report on Monday, April 21st. BTIG Research reduced their price target on shares of Flutter Entertainment from $323.00 to $289.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Finally, Citigroup restated an "outperform" rating on shares of Flutter Entertainment in a research note on Wednesday, March 5th. Twenty analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $306.67.

Flutter Entertainment Price Performance

Shares of NYSE:FLUT traded up $0.91 on Monday, hitting $249.59. The company's stock had a trading volume of 1,586,105 shares, compared to its average volume of 1,827,446. The company has a market capitalization of $44.11 billion and a PE ratio of 1,134.50. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.89 and a quick ratio of 0.89. The company has a 50-day simple moving average of $237.02 and a 200 day simple moving average of $253.30. Flutter Entertainment plc has a 1 year low of $174.03 and a 1 year high of $299.73.

Flutter Entertainment Profile

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.