Parvus Asset Management Jersey Ltd Takes Position in Flutter Entertainment PLC $FLUT

Parvus Asset Management Jersey Ltd bought a new stake in Flutter Entertainment PLC (NYSE:FLUT) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 15,191,321 shares of the company’s stock, valued at approximately $1,552,097,267. Flutter Entertainment accounts for approximately 0.1% of Parvus Asset Management Jersey Ltd’s investment portfolio, making the stock its biggest holding. Parvus Asset Management Jersey Ltd owned 8.75% of Flutter Entertainment as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in FLUT. Zions Bancorporation National Association UT lifted its position in Flutter Entertainment by 1,685.7% in the fourth quarter. Zions Bancorporation National Association UT now owns 125 shares of the company’s stock worth $27,000 after purchasing an additional 118 shares during the period. EFG International AG acquired a new position in shares of Flutter Entertainment in the fourth quarter worth approximately $36,000. IFP Advisors Inc lifted its position in shares of Flutter Entertainment by 93.8% during the fourth quarter. IFP Advisors Inc now owns 186 shares of the company’s stock valued at $40,000 after purchasing an additional 90 shares in the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA grew its position in Flutter Entertainment by 83.3% during the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 165 shares of the company’s stock worth $42,000 after buying an additional 75 shares in the last quarter. Finally, LM Advisors LLC purchased a new stake in shares of Flutter Entertainment in the 4th quarter worth about $46,000.

Insider Buying and Selling

In other Flutter Entertainment news, CEO Jeremy Peter Jackson sold 2,112 shares of Flutter Entertainment stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $93.32, for a total value of $197,091.84. Following the completion of the sale, the chief executive officer owned 72,214 shares of the company’s stock, valued at approximately $6,739,010.48. This trade represents a 2.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.13% of the stock is owned by corporate insiders.

Flutter Entertainment Trading Up 7.2%

Shares of FLUT traded up $6.87 during mid-day trading on Friday, hitting $101.88. The company had a trading volume of 3,016,411 shares, compared to its average volume of 3,353,991. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 1.32. Flutter Entertainment PLC has a 1-year low of $89.71 and a 1-year high of $309.38. The business’s 50-day simple moving average is $102.50 and its 200-day simple moving average is $106.26. The stock has a market cap of $17.68 billion, a PE ratio of -23.69, a P/E/G ratio of 2.49 and a beta of 1.28.

Flutter Entertainment (NYSE:FLUT) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.05). Flutter Entertainment had a positive return on equity of 7.27% and a negative net margin of 4.39%.The business had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the prior year, the company posted $2.95 earnings per share. The company’s revenue for the quarter was up 3.3% on a year-over-year basis. Sell-side analysts forecast that Flutter Entertainment PLC will post 3.48 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FLUT. Wedbush cut their price objective on shares of Flutter Entertainment from $138.00 to $126.00 and set an “outperform” rating on the stock in a research report on Thursday, August 6th. Citizens Jmp decreased their price target on Flutter Entertainment from $165.00 to $159.00 and set a “market outperform” rating for the company in a research note on Wednesday, July 8th. JPMorgan Chase & Co. initiated coverage on shares of Flutter Entertainment in a report on Wednesday, August 12th. They set a “neutral” rating and a $114.00 price objective for the company. BNP Paribas Exane began coverage on Flutter Entertainment in a report on Thursday, May 14th. They issued an “underperform” rating and a $80.00 price objective for the company. Finally, Needham & Company LLC cut their target price on Flutter Entertainment from $135.00 to $110.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, Flutter Entertainment currently has an average rating of “Moderate Buy” and a consensus price target of $159.12.

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.