Quantbot Technologies LP Buys 5,894 Shares of Flutter Entertainment PLC $FLUT

Quantbot Technologies LP grew its stake in shares of Flutter Entertainment PLC (NYSE:FLUT) by 37.6% during the first quarter, Holdings Channel.com reports. The institutional investor owned 21,578 shares of the company’s stock after acquiring an additional 5,894 shares during the quarter. Quantbot Technologies LP’s holdings in Flutter Entertainment were worth $4,781,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FLUT. Raymond James Financial Inc. acquired a new stake in shares of Flutter Entertainment during the fourth quarter worth about $8,006,000. XTX Topco Ltd raised its position in shares of Flutter Entertainment by 13.2% during the fourth quarter. XTX Topco Ltd now owns 1,787 shares of the company’s stock worth $462,000 after purchasing an additional 209 shares during the period. Gabelli Funds LLC acquired a new stake in shares of Flutter Entertainment during the fourth quarter worth about $251,000. NewEdge Advisors LLC raised its position in shares of Flutter Entertainment by 21.7% during the fourth quarter. NewEdge Advisors LLC now owns 1,358 shares of the company’s stock worth $352,000 after purchasing an additional 242 shares during the period. Finally, MML Investors Services LLC raised its position in shares of Flutter Entertainment by 101.0% during the fourth quarter. MML Investors Services LLC now owns 7,140 shares of the company’s stock worth $1,845,000 after purchasing an additional 3,588 shares during the period.

Analyst Upgrades and Downgrades

FLUT has been the topic of a number of research analyst reports. Peel Hunt lowered Flutter Entertainment from an “add” rating to a “hold” rating in a research report on Friday, August 8th. Macquarie lifted their target price on Flutter Entertainment from $320.00 to $340.00 and gave the company an “outperform” rating in a research report on Friday, August 8th. Jefferies Financial Group initiated coverage on Flutter Entertainment in a research report on Tuesday, July 8th. They issued a “buy” rating and a $380.00 target price on the stock. Canaccord Genuity Group lifted their target price on Flutter Entertainment from $330.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, August 8th. Finally, Sanford C. Bernstein reissued a “market perform” rating on shares of Flutter Entertainment in a research report on Friday, August 8th. Three analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Flutter Entertainment presently has an average rating of “Moderate Buy” and a consensus price target of $328.62.

Insider Activity at Flutter Entertainment

In other news, insider James Philip Bishop sold 1,904 shares of Flutter Entertainment stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $281.64, for a total transaction of $536,242.56. Following the completion of the transaction, the insider directly owned 4,712 shares in the company, valued at approximately $1,327,087.68. The trade was a 28.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Nancy Cruickshank sold 281 shares of Flutter Entertainment stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $245.71, for a total value of $69,044.51. Following the transaction, the director owned 1,797 shares of the company’s stock, valued at $441,540.87. This represents a 13.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,642 shares of company stock worth $5,490,473 in the last three months. 0.09% of the stock is owned by company insiders.

Flutter Entertainment Stock Performance

Shares of NYSE FLUT opened at $294.05 on Tuesday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.95. Flutter Entertainment PLC has a 12 month low of $196.88 and a 12 month high of $313.68. The stock has a 50 day moving average of $288.17 and a 200-day moving average of $261.18. The company has a market capitalization of $51.78 billion, a P/E ratio of 144.85, a P/E/G ratio of 1.22 and a beta of 2.31.

Flutter Entertainment (NYSE:FLUT) last issued its earnings results on Thursday, August 7th. The company reported $2.95 EPS for the quarter, topping the consensus estimate of $2.08 by $0.87. Flutter Entertainment had a return on equity of 12.15% and a net margin of 2.96%. The company had revenue of $4.19 billion during the quarter, compared to the consensus estimate of $3.06 billion. Flutter Entertainment’s quarterly revenue was up 16.0% compared to the same quarter last year. As a group, equities research analysts predict that Flutter Entertainment PLC will post 4.17 EPS for the current year.

Flutter Entertainment declared that its Board of Directors has approved a stock buyback program on Friday, August 8th that allows the company to buyback $245.00 million in shares. This buyback authorization allows the company to repurchase up to 0.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Flutter Entertainment 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.