Entropy Technologies LP Lowers Position in Flutter Entertainment PLC (NYSE:FLUT)

Entropy Technologies LP decreased its holdings in Flutter Entertainment PLC (NYSE:FLUT) by 30.3% in the 1st quarter, HoldingsChannel reports. The fund owned 6,845 shares of the company’s stock after selling 2,982 shares during the quarter. Entropy Technologies LP’s holdings in Flutter Entertainment were worth $1,517,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in FLUT. Keystone Investors PTE Ltd. purchased a new position in Flutter Entertainment during the 1st quarter valued at about $794,000. Forsta AP Fonden grew its position in shares of Flutter Entertainment by 76.4% in the first quarter. Forsta AP Fonden now owns 66,500 shares of the company’s stock valued at $14,733,000 after purchasing an additional 28,800 shares during the period. Citigroup Inc. increased its stake in shares of Flutter Entertainment by 90.6% during the 1st quarter. Citigroup Inc. now owns 529,831 shares of the company’s stock valued at $117,384,000 after acquiring an additional 251,827 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Flutter Entertainment by 12.7% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 143,420 shares of the company’s stock worth $31,775,000 after purchasing an additional 16,119 shares during the period. Finally, Headlands Technologies LLC purchased a new position in shares of Flutter Entertainment in the 1st quarter worth $886,000.

Analysts Set New Price Targets

A number of brokerages have weighed in on FLUT. JMP Securities lifted their price target on shares of Flutter Entertainment from $323.00 to $345.00 and gave the company a “market outperform” rating in a research report on Friday. Peel Hunt cut shares of Flutter Entertainment from an “add” rating to a “hold” rating in a report on Friday. Hsbc Global Res raised Flutter Entertainment to a “hold” rating in a report on Wednesday, June 18th. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Flutter Entertainment in a report on Friday. Finally, Canaccord Genuity Group upped their price objective on Flutter Entertainment from $330.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday. Three analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $328.62.

Insider Activity

In related news, Director Holly K. Koeppel sold 267 shares of the company’s stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $245.36, for a total value of $65,511.12. Following the completion of the sale, the director owned 2,556 shares in the company, valued at approximately $627,140.16. This represents a 9.46% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Carolan Lennon sold 430 shares of Flutter Entertainment stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $245.71, for a total value of $105,655.30. Following the transaction, the director owned 769 shares in the company, valued at $188,950.99. This represents a 35.86% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,455 shares of company stock worth $601,632. 0.09% of the stock is owned by company insiders.

Flutter Entertainment Stock Down 8.1%

Shares of FLUT stock opened at $281.25 on Monday. The business’s fifty day moving average is $283.14 and its 200-day moving average is $260.20. The stock has a market cap of $49.53 billion, a PE ratio of 138.55, a price-to-earnings-growth ratio of 1.12 and a beta of 2.31. Flutter Entertainment PLC has a 1 year low of $183.18 and a 1 year high of $313.68. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.95 and a current ratio of 0.95.

Flutter Entertainment (NYSE:FLUT) last posted its quarterly earnings results on Thursday, August 7th. The company reported $2.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.08 by $0.87. The firm had revenue of $4.19 billion for the quarter, compared to analyst estimates of $3.06 billion. Flutter Entertainment had a net margin of 2.96% and a return on equity of 12.15%. The business’s revenue for the quarter was up 16.0% on a year-over-year basis. Equities analysts expect that Flutter Entertainment PLC will post 4.17 earnings per share for the current fiscal year.

Flutter Entertainment announced that its board has initiated a share repurchase plan on Friday, August 8th that permits the company to buyback $245.00 million in shares. This buyback authorization permits the company to reacquire up to 0.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are 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.