State of Wyoming Reduces Position in Flutter Entertainment PLC $FLUT

State of Wyoming decreased its holdings in shares of Flutter Entertainment PLC (NYSE:FLUT) by 88.6% during the first quarter, HoldingsChannel reports. The institutional investor owned 782 shares of the company’s stock after selling 6,063 shares during the period. State of Wyoming’s holdings in Flutter Entertainment were worth $80,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. NewEdge Wealth LLC lifted its stake in shares of Flutter Entertainment by 83.9% during the 1st quarter. NewEdge Wealth LLC now owns 2,595 shares of the company’s stock worth $265,000 after acquiring an additional 1,184 shares during the last quarter. ABN Amro Investment Solutions bought a new position in Flutter Entertainment in the 1st quarter valued at $574,000. Oslo Pensjonsforsikring AS purchased a new stake in Flutter Entertainment in the first quarter worth $238,000. Parallel Advisors LLC increased its stake in Flutter Entertainment by 489.7% in the first quarter. Parallel Advisors LLC now owns 460 shares of the company’s stock worth $47,000 after purchasing an additional 382 shares during the period. Finally, Swiss National Bank lifted its position in shares of Flutter Entertainment by 7.1% during the first quarter. Swiss National Bank now owns 490,422 shares of the company’s stock worth $49,999,000 after purchasing an additional 32,480 shares during the last quarter.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FLUT. Citigroup reissued an “outperform” rating on shares of Flutter Entertainment in a research note on Wednesday, July 8th. Barclays lifted their price objective on shares of Flutter Entertainment from $150.00 to $151.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. Wedbush reissued an “outperform” rating and issued a $138.00 price objective on shares of Flutter Entertainment in a research report on Friday, July 17th. Stifel Nicolaus dropped their target price on shares of Flutter Entertainment from $170.00 to $161.00 and set a “buy” rating on the stock in a research note on Wednesday, July 22nd. Finally, Oppenheimer decreased their price target on shares of Flutter Entertainment from $210.00 to $160.00 and set an “outperform” rating for the company in a research note on Monday, April 13th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $176.00.

Flutter Entertainment Trading Up 1.3%

NYSE FLUT opened at $105.80 on Tuesday. Flutter Entertainment PLC has a one year low of $91.52 and a one year high of $313.68. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market capitalization of $18.41 billion, a price-to-earnings ratio of -49.44, a price-to-earnings-growth ratio of 1.43 and a beta of 1.28. The company’s 50-day simple moving average is $104.46 and its two-hundred day simple moving average is $115.76.

Flutter Entertainment (NYSE:FLUT) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $1.22 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $4.30 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter in the prior year, the company earned $1.59 EPS. The company’s revenue was up 17.4% compared to the same quarter last year. Equities analysts forecast that Flutter Entertainment PLC will post 4.72 EPS for the current fiscal year.

Insider Buying and Selling

In related news, COO James Philip Bishop bought 1,000 shares of the stock in a transaction on Monday, May 11th. The stock was bought at an average price of $99.75 per share, for a total transaction of $99,750.00. Following the completion of the acquisition, the chief operating officer directly 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 acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Jeremy Peter Jackson sold 3,084 shares of the stock in a transaction on Monday, May 11th. The shares were sold at an average price of $98.13, for a total value of $302,632.92. Following the sale, the chief executive officer directly owned 74,326 shares in the company, valued at $7,293,610.38. This trade represents a 3.98% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have purchased 10,453 shares of company stock valued at $1,045,526 and have sold 5,994 shares valued at $577,293. 0.13% of the stock is currently owned by corporate insiders.

Flutter Entertainment Company 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.