Third Point LLC Raises Stock Position in Flutter Entertainment plc (NYSE:FLUT)

Third Point LLC lifted its holdings in shares of Flutter Entertainment plc (NYSE:FLUT - Free Report) by 70.6% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 870,000 shares of the company's stock after purchasing an additional 360,000 shares during the period. Flutter Entertainment accounts for about 3.0% of Third Point LLC's portfolio, making the stock its 10th largest position. Third Point LLC owned 0.49% of Flutter Entertainment worth $224,852,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Parvus Asset Management Europe Ltd bought a new stake in shares of Flutter Entertainment during the fourth quarter worth $2,146,227,000. Norges Bank acquired a new stake in Flutter Entertainment in the fourth quarter worth about $946,681,000. Invesco Ltd. acquired a new position in Flutter Entertainment during the 4th quarter valued at about $621,680,000. Lone Pine Capital LLC acquired a new stake in shares of Flutter Entertainment during the 4th quarter worth approximately $494,291,000. Finally, Capital World Investors raised its stake in shares of Flutter Entertainment by 11.9% during the fourth quarter. Capital World Investors now owns 15,426,515 shares of the company's stock worth $3,986,968,000 after buying an additional 1,635,241 shares during the last quarter.

Flutter Entertainment Stock Down 1.6 %

Shares of NYSE FLUT traded down $4.02 during mid-day trading on Tuesday, reaching $245.23. 743,872 shares of the company's stock traded hands, compared to its average volume of 1,823,295. The stock has a market cap of $43.34 billion and a P/E ratio of 1,114.65. Flutter Entertainment plc has a 1-year low of $174.03 and a 1-year high of $299.73. The business has a 50-day simple moving average of $236.55 and a 200 day simple moving average of $253.42. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.89 and a quick ratio of 0.89.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on FLUT. JMP Securities reduced their price objective on shares of Flutter Entertainment from $328.00 to $317.00 and set a "market outperform" rating on the stock in a research note on Monday, April 14th. Stifel Nicolaus decreased their price objective on Flutter Entertainment from $320.00 to $315.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. BTIG Research dropped their price objective on Flutter Entertainment from $323.00 to $289.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Citigroup restated an "outperform" rating on shares of Flutter Entertainment in a report on Wednesday, March 5th. Finally, Wells Fargo & Company upped their price target on Flutter Entertainment from $285.00 to $300.00 and gave the company an "overweight" rating in a research note on Wednesday, March 5th. Twenty equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Flutter Entertainment has an average rating of "Buy" and a consensus target price of $306.67.

Flutter Entertainment Company 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.