Royal Bank of Canada Sells 106,890 Shares of Flutter Entertainment PLC $FLUT

Royal Bank of Canada lessened its stake in shares of Flutter Entertainment PLC (NYSE:FLUT) by 71.0% in the first quarter, HoldingsChannel.com reports. The firm owned 43,710 shares of the company’s stock after selling 106,890 shares during the quarter. Royal Bank of Canada’s holdings in Flutter Entertainment were worth $4,457,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Capital International Investors increased its stake in shares of Flutter Entertainment by 146.8% in the fourth quarter. Capital International Investors now owns 8,039,066 shares of the company’s stock worth $1,728,772,000 after buying an additional 4,782,302 shares during the period. Cibc World Markets Corp purchased a new stake in Flutter Entertainment during the 4th quarter valued at $1,678,841,000. Caledonia Private Investments Pty Ltd grew its holdings in Flutter Entertainment by 3.8% in the 4th quarter. Caledonia Private Investments Pty Ltd now owns 7,191,861 shares of the company’s stock worth $1,546,538,000 after acquiring an additional 264,856 shares during the last quarter. Hsbc Holdings PLC grew its holdings in Flutter Entertainment by 33,988.7% in the 1st quarter. Hsbc Holdings PLC now owns 5,605,543 shares of the company’s stock worth $575,185,000 after acquiring an additional 5,589,099 shares during the last quarter. Finally, Tiger Global Management LLC increased its position in shares of Flutter Entertainment by 9.4% in the fourth quarter. Tiger Global Management LLC now owns 4,003,542 shares of the company’s stock valued at $860,922,000 after acquiring an additional 345,350 shares during the period.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Flutter Entertainment in a research note on Wednesday, May 27th. Wedbush reduced their price target on Flutter Entertainment from $138.00 to $126.00 and set an “outperform” rating on the stock in a report on Thursday, August 6th. Stifel Nicolaus lowered their price target on Flutter Entertainment from $161.00 to $133.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. Needham & Company LLC lowered their price target on Flutter Entertainment from $135.00 to $110.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. Finally, Freedom Capital upgraded Flutter Entertainment to a “hold” rating in a report on Monday, June 22nd. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Flutter Entertainment has a consensus rating of “Moderate Buy” and an average target price of $159.12.

Insiders Place Their Bets

In other Flutter Entertainment news, Director Carolan Lennon sold 439 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $94.63, for a total transaction of $41,542.57. Following the transaction, the director owned 1,688 shares in the company, valued at approximately $159,735.44. This represents a 20.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 1,522 shares of company stock worth $144,027. Insiders own 0.13% of the company’s stock.

Flutter Entertainment Trading Up 0.1%

NYSE:FLUT opened at $98.17 on Friday. The company has a 50-day moving average price of $104.16 and a 200-day moving average price of $110.66. Flutter Entertainment PLC has a 12 month low of $89.71 and a 12 month high of $309.41. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 1.32. The stock has a market cap of $17.04 billion, a price-to-earnings ratio of -22.83, a P/E/G ratio of 1.83 and a beta of 1.28.

Flutter Entertainment (NYSE:FLUT) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.05). Flutter Entertainment had a negative net margin of 4.39% and a positive return on equity of 7.27%. The company had revenue of $4.33 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter in the prior year, the firm earned $2.95 EPS. Flutter Entertainment’s quarterly revenue was up 3.3% compared to the same quarter last year. Equities analysts predict that Flutter Entertainment PLC will post 4.72 EPS for the current year.

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.