Candlestick Capital Management LP Invests $50.33 Million in Flutter Entertainment plc (NYSE:FLUT)

Candlestick Capital Management LP bought a new position in shares of Flutter Entertainment plc (NYSE:FLUT) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 194,717 shares of the company’s stock, valued at approximately $50,325,000. Flutter Entertainment comprises 1.2% of Candlestick Capital Management LP’s investment portfolio, making the stock its 24th largest position.

Other large investors also recently made changes to their positions in the company. Harvest Fund Management Co. Ltd bought a new stake in shares of Flutter Entertainment during the fourth quarter worth $25,000. Farther Finance Advisors LLC boosted its holdings in Flutter Entertainment by 585.7% in the fourth quarter. Farther Finance Advisors LLC now owns 96 shares of the company’s stock valued at $25,000 after acquiring an additional 82 shares during the last quarter. Raleigh Capital Management Inc. bought a new position in Flutter Entertainment in the fourth quarter valued at about $26,000. BOCHK Asset Management Ltd bought a new position in Flutter Entertainment in the fourth quarter valued at about $26,000. Finally, IFP Advisors Inc boosted its holdings in Flutter Entertainment by 244.1% in the fourth quarter. IFP Advisors Inc now owns 117 shares of the company’s stock valued at $31,000 after acquiring an additional 83 shares during the last quarter.

Flutter Entertainment Trading Up 1.1 %

NYSE:FLUT opened at $232.86 on Monday. Flutter Entertainment plc has a fifty-two week low of $174.03 and a fifty-two week high of $299.73. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market capitalization of $41.33 billion and a PE ratio of 1,058.45. The business’s 50-day simple moving average is $240.54 and its 200-day simple moving average is $252.83.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Benchmark reiterated a “buy” rating and issued a $300.00 price target on shares of Flutter Entertainment in a report on Monday, April 21st. Barclays decreased their price target on Flutter Entertainment from $308.00 to $300.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Peel Hunt upgraded Flutter Entertainment from a “hold” rating to an “add” rating in a report on Monday, March 10th. Wells Fargo & Company raised their price target on Flutter Entertainment from $285.00 to $300.00 and gave the company an “overweight” rating in a report on Wednesday, March 5th. Finally, Stifel Nicolaus cut their target price on Flutter Entertainment from $320.00 to $315.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. Twenty analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Flutter Entertainment currently has a consensus rating of “Buy” and an average target price of $306.67.

Insider Activity

In other news, CEO Amy Howe sold 11,814 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $260.50, for a total value of $3,077,547.00. Following the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Jeremy Peter Jackson sold 25,027 shares of the business’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $261.96, for a total transaction of $6,556,072.92. Following the completion of the sale, the director now directly owns 21,148 shares in the company, valued at approximately $5,539,930.08. This represents a 54.20 % decrease in their position. The disclosure for this sale can be found here.

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.