Lake Street Advisors Group LLC Sells 251 Shares of Flutter Entertainment plc (NYSE:FLUT)

Lake Street Advisors Group LLC reduced its position in shares of Flutter Entertainment plc (NYSE:FLUT) by 12.4% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,774 shares of the company’s stock after selling 251 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Flutter Entertainment were worth $421,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of FLUT. Assenagon Asset Management S.A. boosted its stake in Flutter Entertainment by 28.4% during the 3rd quarter. Assenagon Asset Management S.A. now owns 7,395 shares of the company’s stock valued at $1,755,000 after purchasing an additional 1,635 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Flutter Entertainment during the third quarter valued at $3,660,000. Raymond James & Associates increased its holdings in Flutter Entertainment by 10.0% in the 3rd quarter. Raymond James & Associates now owns 18,348 shares of the company’s stock worth $4,354,000 after buying an additional 1,663 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd purchased a new position in Flutter Entertainment in the 3rd quarter worth about $3,888,000. Finally, Marathon Asset Management Ltd bought a new position in Flutter Entertainment during the 3rd quarter valued at about $451,631,000.

Flutter Entertainment Price Performance

Flutter Entertainment stock opened at $224.92 on Friday. Flutter Entertainment plc has a 12-month low of $148.00 and a 12-month high of $252.84. The firm has a 50 day moving average of $224.42 and a 200 day moving average of $204.34.

Flutter Entertainment (NYSE:FLUT) last announced its quarterly earnings data on Tuesday, August 13th. The company reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.07 by $1.26. The firm had revenue of $3.61 billion during the quarter, compared to analysts’ expectations of $3.41 billion. Sell-side analysts predict that Flutter Entertainment plc will post 4.75 earnings per share for the current year.

Flutter Entertainment declared that its board has authorized a share repurchase program on Wednesday, September 25th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the company to reacquire up to 11.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Wells Fargo & Company upgraded shares of Flutter Entertainment from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $224.00 to $295.00 in a research note on Monday, October 14th. Morgan Stanley started coverage on shares of Flutter Entertainment in a research note on Thursday, August 22nd. They set an “overweight” rating and a $247.00 target price for the company. Berenberg Bank raised Flutter Entertainment to a “strong-buy” rating in a report on Tuesday, August 27th. Moffett Nathanson upped their price objective on Flutter Entertainment from $245.00 to $275.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Finally, Needham & Company LLC started coverage on Flutter Entertainment in a research report on Monday, September 23rd. They issued a “buy” rating and a $270.00 target price on the stock. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $275.92.

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.