Incline Global Management LLC Cuts Stake in Flutter Entertainment PLC $FLUT

Incline Global Management LLC trimmed its position in shares of Flutter Entertainment PLC (NYSE:FLUT) by 91.8% during the 4th quarter, HoldingsChannel.com reports. The firm owned 3,838 shares of the company’s stock after selling 42,720 shares during the period. Incline Global Management LLC’s holdings in Flutter Entertainment were worth $825,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. MassMutual Private Wealth & Trust FSB grew its position in Flutter Entertainment by 219.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 115 shares of the company’s stock valued at $25,000 after purchasing an additional 79 shares during the last quarter. JFS Wealth Advisors LLC purchased a new stake in shares of Flutter Entertainment during the 3rd quarter valued at about $27,000. Zions Bancorporation National Association UT boosted its holdings in shares of Flutter Entertainment by 1,685.7% during the 4th quarter. Zions Bancorporation National Association UT now owns 125 shares of the company’s stock valued at $27,000 after acquiring an additional 118 shares during the last quarter. EFG International AG purchased a new stake in shares of Flutter Entertainment during the 4th quarter valued at about $36,000. Finally, IFP Advisors Inc boosted its holdings in shares of Flutter Entertainment by 93.8% during the 4th quarter. IFP Advisors Inc now owns 186 shares of the company’s stock valued at $40,000 after acquiring an additional 90 shares during the last quarter.

Flutter Entertainment Price Performance

NYSE FLUT opened at $101.41 on Thursday. Flutter Entertainment PLC has a 12 month low of $91.52 and a 12 month high of $313.68. The stock has a market cap of $17.64 billion, a price-to-earnings ratio of -47.39, a PEG ratio of 1.41 and a beta of 1.40. The company’s 50 day moving average is $103.28 and its two-hundred day moving average is $141.56. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.27.

Flutter Entertainment (NYSE:FLUT) last released its earnings results on Wednesday, May 6th. The company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.13. Flutter Entertainment had a negative net margin of 2.20% and a positive return on equity of 11.60%. The company had revenue of $4.30 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter last year, the business earned $1.59 EPS. The firm’s revenue was up 17.4% compared to the same quarter last year. As a group, research analysts anticipate that Flutter Entertainment PLC will post 5 earnings per share for the current year.

Flutter Entertainment declared that its board has approved a stock repurchase program on Wednesday, March 11th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Benchmark dropped their price target on shares of Flutter Entertainment from $175.00 to $132.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Citigroup downgraded shares of Flutter Entertainment from a “buy” rating to a “sell” rating in a report on Thursday, April 16th. Needham & Company LLC dropped their price target on shares of Flutter Entertainment from $150.00 to $135.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $167.00 price target on shares of Flutter Entertainment in a report on Friday, May 8th. Finally, Wedbush assumed coverage on shares of Flutter Entertainment in a report on Monday. They set an “outperform” rating and a $138.00 price target on the stock. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $187.42.

Insider Activity at Flutter Entertainment

In other Flutter Entertainment news, Director Carolan Lennon sold 439 shares of the stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $94.63, for a total transaction of $41,542.57. Following the completion of the sale, the director directly owned 1,688 shares of the company’s stock, valued at $159,735.44. This trade represents a 20.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO James Philip Bishop acquired 1,000 shares of the business’s stock in a transaction on Monday, May 11th. The shares were bought at an average cost of $99.75 per share, with a total value of $99,750.00. Following the completion of the acquisition, the chief operating officer owned 17,605 shares in the company, valued at approximately $1,756,098.75. This represents a 6.02% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have purchased 10,453 shares of company stock worth $1,045,526 and have sold 5,994 shares worth $577,293. 0.13% of the stock is currently owned by insiders.

About Flutter Entertainment

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.