Flutter Entertainment PLC $FLUT Holdings Decreased by Peregrine Capital Management LLC

Peregrine Capital Management LLC reduced its holdings in Flutter Entertainment PLC (NYSE:FLUT) by 6.4% in the 1st quarter, Holdings Channel reports. The fund owned 141,287 shares of the company’s stock after selling 9,692 shares during the period. Peregrine Capital Management LLC’s holdings in Flutter Entertainment were worth $14,404,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Flutter Entertainment in the 4th quarter valued at about $694,009,000. Hudson Bay Capital Management LP lifted its position in shares of Flutter Entertainment by 6.2% in the third quarter. Hudson Bay Capital Management LP now owns 395,120 shares of the company’s stock worth $100,360,000 after purchasing an additional 23,237 shares in the last quarter. TimesSquare Capital Management LLC boosted its holdings in shares of Flutter Entertainment by 5.3% during the fourth quarter. TimesSquare Capital Management LLC now owns 399,081 shares of the company’s stock worth $85,818,000 after purchasing an additional 20,203 shares during the period. First Trust Advisors LP boosted its holdings in shares of Flutter Entertainment by 3.4% during the third quarter. First Trust Advisors LP now owns 551,667 shares of the company’s stock worth $140,123,000 after purchasing an additional 17,913 shares during the period. Finally, Legal & General Group Plc grew its position in Flutter Entertainment by 5.4% during the third quarter. Legal & General Group Plc now owns 929,734 shares of the company’s stock valued at $236,627,000 after purchasing an additional 47,367 shares in the last quarter.

Flutter Entertainment Trading Down 2.0%

Shares of NYSE FLUT opened at $102.02 on Wednesday. The business has a 50 day simple moving average of $102.10 and a 200 day simple moving average of $134.56. Flutter Entertainment PLC has a 52 week low of $91.52 and a 52 week high of $313.68. The stock has a market cap of $17.75 billion, a price-to-earnings ratio of -47.67, a PEG ratio of 1.35 and a beta of 1.40. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.90 and a current ratio of 0.90.

Flutter Entertainment (NYSE:FLUT) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.13. The firm had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.24 billion. Flutter Entertainment had a negative net margin of 2.20% and a positive return on equity of 11.60%. The company’s revenue for the quarter was up 17.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.59 earnings per share. On average, research analysts predict that Flutter Entertainment PLC will post 5 earnings per share for the current fiscal year.

Flutter Entertainment announced that its board has initiated a stock repurchase program on Wednesday, March 11th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to buy up to 1.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms have weighed in on FLUT. Kepler Capital Markets lowered shares of Flutter Entertainment from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 16th. Freedom Capital raised shares of Flutter Entertainment to a “hold” rating in a research note on Monday, June 22nd. Benchmark lowered 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. UBS Group lowered their price target on shares of Flutter Entertainment from $300.00 to $160.00 and set a “buy” rating on the stock in a report on Wednesday, March 25th. Finally, Citizens Jmp dropped their price target on shares of Flutter Entertainment from $188.00 to $165.00 and set a “market outperform” rating on the stock in a research note on Thursday, May 7th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have issued a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, Flutter Entertainment currently has an average rating of “Moderate Buy” and a consensus price target of $187.42.

Insider Activity at Flutter Entertainment

In other Flutter Entertainment news, insider Don H. Liu acquired 1,459 shares of Flutter Entertainment stock in a transaction that occurred on Friday, May 8th. The stock was acquired at an average price of $102.78 per share, with a total value of $149,956.02. Following the purchase, the insider owned 22,265 shares in the company, valued at approximately $2,288,396.70. This trade represents a 7.01% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Daniel Mark Taylor acquired 1,611 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The stock was acquired at an average price of $94.29 per share, with a total value of $151,901.19. Following the completion of the acquisition, the chief executive officer directly owned 34,584 shares of the company’s stock, valued at $3,260,925.36. This represents a 4.89% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have acquired 10,453 shares of company stock worth $1,045,526 and have sold 5,994 shares worth $577,293. Company insiders own 0.13% of the company’s stock.

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.