Lone Pine Capital LLC Sells 129,428 Shares of Flutter Entertainment PLC $FLUT

Lone Pine Capital LLC trimmed its stake in Flutter Entertainment PLC (NYSE:FLUT) by 6.9% during the third quarter, Holdings Channel reports. The fund owned 1,733,336 shares of the company’s stock after selling 129,428 shares during the quarter. Flutter Entertainment accounts for 3.2% of Lone Pine Capital LLC’s holdings, making the stock its 17th largest position. Lone Pine Capital LLC’s holdings in Flutter Entertainment were worth $440,267,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Flutter Entertainment by 5.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,311 shares of the company’s stock worth $290,000 after purchasing an additional 69 shares during the period. Sivia Capital Partners LLC bought a new position in shares of Flutter Entertainment in the second quarter valued at approximately $405,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Flutter Entertainment in the second quarter valued at approximately $848,000. Allworth Financial LP lifted its stake in shares of Flutter Entertainment by 116.4% in the second quarter. Allworth Financial LP now owns 145 shares of the company’s stock worth $41,000 after buying an additional 78 shares during the last quarter. Finally, Vise Technologies Inc. bought a new stake in shares of Flutter Entertainment during the 2nd quarter worth $355,000.

Flutter Entertainment Price Performance

NYSE:FLUT opened at $108.71 on Tuesday. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.95 and a quick ratio of 0.95. Flutter Entertainment PLC has a one year low of $99.96 and a one year high of $313.68. The company has a fifty day moving average price of $150.24 and a 200 day moving average price of $208.30. The stock has a market cap of $19.06 billion, a P/E ratio of -60.39, a PEG ratio of 0.74 and a beta of 2.32.

Flutter Entertainment (NYSE:FLUT) last posted its quarterly earnings results on Thursday, February 26th. The company reported $1.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.11 by ($0.37). Flutter Entertainment had a positive return on equity of 12.12% and a negative net margin of 1.89%.The company had revenue of $4.74 billion during the quarter, compared to analyst estimates of $4.87 billion. During the same quarter in the prior year, the business earned $2.94 earnings per share. The business’s revenue for the quarter was up 24.9% on a year-over-year basis. Analysts anticipate that Flutter Entertainment PLC will post 4.17 earnings per share for the current year.

Flutter Entertainment declared that its Board of Directors has approved a share repurchase plan on Wednesday, March 11th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on FLUT. Barclays lowered their target price on shares of Flutter Entertainment from $304.00 to $225.00 and set an “overweight” rating on the stock in a research note on Friday, February 27th. Sanford C. Bernstein restated a “market perform” rating and set a $170.00 price target on shares of Flutter Entertainment in a report on Friday, February 6th. Morgan Stanley lowered their price target on Flutter Entertainment from $352.00 to $315.00 and set an “overweight” rating on the stock in a research report on Friday, December 12th. Zacks Research lowered Flutter Entertainment from a “hold” rating to a “strong sell” rating in a research note on Monday, January 19th. Finally, Craig Hallum cut Flutter Entertainment from a “buy” rating to a “hold” rating and set a $200.00 price objective for the company. in a research report on Wednesday, January 21st. Three analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $234.65.

Insider Activity at Flutter Entertainment

In other Flutter Entertainment news, CEO Jeremy Peter Jackson sold 4,326 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $108.00, for a total value of $467,208.00. Following the completion of the transaction, the chief executive officer owned 36,788 shares of the company’s stock, valued at $3,973,104. This represents a 10.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Robert Coldrake sold 4,613 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $106.45, for a total value of $491,053.85. Following the completion of the sale, the chief financial officer owned 10,006 shares of the company’s stock, valued at $1,065,138.70. This represents a 31.55% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 17,834 shares of company stock worth $1,900,331. Company insiders own 0.09% of the company’s stock.

Flutter Entertainment Company 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.