Forsta AP Fonden cut its stake in shares of Flutter Entertainment PLC (NYSE:FLUT – Free Report) by 58.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 36,460 shares of the company’s stock after selling 50,940 shares during the period. Forsta AP Fonden’s holdings in Flutter Entertainment were worth $7,840,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB raised its position in Flutter Entertainment by 219.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 115 shares of the company’s stock worth $25,000 after acquiring an additional 79 shares during the period. JFS Wealth Advisors LLC acquired a new stake in shares of Flutter Entertainment in the third quarter valued at about $27,000. Atlantic Union Bankshares Corp acquired a new stake in shares of Flutter Entertainment in the third quarter valued at about $34,000. IFP Advisors Inc increased its position in Flutter Entertainment by 93.8% during the fourth quarter. IFP Advisors Inc now owns 186 shares of the company’s stock worth $40,000 after purchasing an additional 90 shares during the last quarter. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA increased its position in Flutter Entertainment by 83.3% during the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 165 shares of the company’s stock worth $42,000 after purchasing an additional 75 shares during the last quarter.
Wall Street Analyst Weigh In
Several equities research analysts recently issued reports on FLUT shares. Canaccord Genuity Group cut their price objective on shares of Flutter Entertainment from $270.00 to $220.00 and set a “buy” rating for the company in a research report on Monday, March 2nd. Sanford C. Bernstein dropped their price target on shares of Flutter Entertainment from $125.00 to $115.00 and set a “market perform” rating for the company in a research report on Thursday, May 7th. Truist Financial dropped their price target on shares of Flutter Entertainment from $140.00 to $130.00 and set a “buy” rating for the company in a research report on Thursday, May 7th. BNP Paribas Exane assumed coverage on shares of Flutter Entertainment in a research note on Thursday, May 14th. They issued an “underperform” rating and a $80.00 price objective for the company. Finally, Stifel Nicolaus lowered their price objective on shares of Flutter Entertainment from $216.00 to $189.00 and set a “buy” rating for the company in a research note on Thursday, April 9th. Two 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’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $189.26.
Flutter Entertainment Stock Performance
Shares of Flutter Entertainment stock opened at $104.04 on Tuesday. The firm’s fifty day simple moving average is $102.82 and its 200-day simple moving average is $149.37. The stock has a market capitalization of $18.10 billion, a price-to-earnings ratio of -48.62, a PEG ratio of 1.28 and a beta of 1.40. Flutter Entertainment PLC has a 12 month low of $91.52 and a 12 month high of $313.68. 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 (NYSE:FLUT – Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.13. The business had revenue of $4.30 billion for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 17.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.59 EPS. As a group, equities analysts forecast that Flutter Entertainment PLC will post 4.88 earnings per share for the current year.
Flutter Entertainment declared that its board has initiated a share buyback plan on Wednesday, March 11th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
Insider Buying and Selling at Flutter Entertainment
In related news, Director John A. Bryant purchased 1,950 shares of the stock in a transaction dated Friday, May 8th. The shares were acquired at an average cost of $102.86 per share, with a total value of $200,577.00. Following the purchase, the director directly owned 9,235 shares in the company, valued at $949,912.10. This trade represents a 26.77% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Robert Coldrake sold 4,613 shares of the company’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $106.45, for a total transaction of $491,053.85. Following the transaction, the chief financial officer directly owned 10,006 shares in the company, valued at approximately $1,065,138.70. This trade represents a 31.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders acquired 10,453 shares of company stock worth $1,045,526 and sold 23,828 shares worth $2,477,625. Company insiders own 0.13% of the company’s stock.
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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