Shellback Capital LP Invests $10.34 Million in Flutter Entertainment plc (NYSE:FLUT)

Shellback Capital LP purchased a new position in Flutter Entertainment plc (NYSE:FLUT) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 40,000 shares of the company’s stock, valued at approximately $10,338,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Parvus Asset Management Europe Ltd acquired a new position in shares of Flutter Entertainment during the 4th quarter valued at $2,146,227,000. Norges Bank acquired a new position in shares of Flutter Entertainment during the fourth quarter valued at about $946,681,000. Invesco Ltd. acquired a new position in shares of Flutter Entertainment during the fourth quarter valued at about $621,680,000. Lone Pine Capital LLC acquired a new position in shares of Flutter Entertainment during the fourth quarter valued at about $494,291,000. Finally, Capital World Investors raised its stake in Flutter Entertainment by 11.9% during the 4th 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 period.

Insider Transactions at Flutter Entertainment

In other news, COO James Philip Bishop sold 3,000 shares of Flutter Entertainment stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $243.20, for a total value of $729,600.00. Following the completion of the transaction, the chief operating officer now owns 4,712 shares in the company, valued at $1,145,958.40. This trade represents a 38.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Amy Howe sold 11,814 shares of Flutter Entertainment stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 62,941 shares of the company’s stock, valued at $16,396,130.50. The trade was a 15.80% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,156 shares of company stock worth $10,926,922 in the last quarter.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FLUT. Citigroup reaffirmed an “outperform” rating on shares of Flutter Entertainment in a research note on Wednesday, March 5th. JMP Securities lowered their target price on Flutter Entertainment from $328.00 to $317.00 and set a “market outperform” rating on the stock in a research report on Monday, April 14th. Wells Fargo & Company upped their price objective on shares of Flutter Entertainment from $285.00 to $300.00 and gave the stock an “overweight” rating in a report on Wednesday, March 5th. Benchmark restated a “buy” rating and set a $300.00 price objective on shares of Flutter Entertainment in a report on Monday, April 21st. Finally, Macquarie restated an “outperform” rating and issued a $340.00 target price (up previously from $330.00) on shares of Flutter Entertainment in a report on Thursday, May 8th. Twenty analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Flutter Entertainment currently has an average rating of “Buy” and an average price target of $306.28.

Flutter Entertainment Stock Performance

NYSE FLUT opened at $244.33 on Friday. Flutter Entertainment plc has a 52-week low of $174.03 and a 52-week high of $299.73. The company has a 50-day simple moving average of $233.60 and a 200 day simple moving average of $253.91. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.89 and a current ratio of 0.89. The company has a market capitalization of $43.17 billion and a PE ratio of 84.54.

Flutter Entertainment (NYSE:FLUT) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $1.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.89 by ($0.30). Flutter Entertainment had a negative return on equity of 4.52% and a negative net margin of 6.86%. The company had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.06 billion. During the same quarter last year, the business posted $0.10 EPS. The business’s quarterly revenue was up 7.9% on a year-over-year basis. On average, research analysts predict that Flutter Entertainment plc will post 4.17 EPS for the current year.

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.