SG Americas Securities LLC Sells 497,364 Shares of Flutter Entertainment PLC $FLUT

SG Americas Securities LLC reduced its holdings in shares of Flutter Entertainment PLC (NYSE:FLUT) by 85.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 82,269 shares of the company’s stock after selling 497,364 shares during the period. SG Americas Securities LLC’s holdings in Flutter Entertainment were worth $8,387,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Cibc World Markets Corp acquired a new position in shares of Flutter Entertainment in the 4th quarter valued at about $1,678,841,000. Capital International Investors boosted its position in shares of Flutter Entertainment by 146.8% during the 4th quarter. Capital International Investors now owns 8,039,066 shares of the company’s stock valued at $1,728,772,000 after purchasing an additional 4,782,302 shares in the last quarter. Norges Bank acquired a new stake in Flutter Entertainment during the fourth quarter worth approximately $694,009,000. Durable Capital Partners LP grew its stake in Flutter Entertainment by 274.2% during the third quarter. Durable Capital Partners LP now owns 1,243,988 shares of the company’s stock worth $315,973,000 after purchasing an additional 911,507 shares during the period. Finally, PointState Capital LP increased its holdings in Flutter Entertainment by 132.7% in the fourth quarter. PointState Capital LP now owns 1,399,735 shares of the company’s stock worth $300,999,000 after purchasing an additional 798,302 shares in the last quarter.

Wall Street Analyst Weigh In

FLUT has been the topic of several recent analyst reports. UBS Group dropped their price target on Flutter Entertainment from $300.00 to $160.00 and set a “buy” rating on the stock in a research note on Wednesday, March 25th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $167.00 price objective on shares of Flutter Entertainment in a research report on Friday, May 8th. Needham & Company LLC lowered their price objective on shares of Flutter Entertainment from $150.00 to $135.00 and set a “buy” rating for the company in a research note on Thursday, May 7th. Wells Fargo & Company boosted their target price on shares of Flutter Entertainment from $161.00 to $168.00 and gave the company an “equal weight” rating in a research report on Friday, June 12th. Finally, Barclays cut their target price on shares of Flutter Entertainment from $175.00 to $150.00 and set an “overweight” rating on the stock in a research note on Friday, May 8th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eight have given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $187.42.

Flutter Entertainment Stock Performance

FLUT opened at $104.32 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.27. The company’s fifty day moving average price is $102.35 and its two-hundred day moving average price is $136.71. Flutter Entertainment PLC has a 1-year low of $91.52 and a 1-year high of $313.68. The company has a market cap of $18.15 billion, a price-to-earnings ratio of -48.75, a PEG ratio of 1.35 and a beta of 1.40.

Flutter Entertainment (NYSE:FLUT) last released its quarterly earnings data on Wednesday, May 6th. The company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates 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 business’s quarterly revenue was up 17.4% compared to the same quarter last year. During the same period last year, the firm earned $1.59 earnings per share. On average, analysts expect that Flutter Entertainment PLC will post 5 EPS for the current fiscal year.

Flutter Entertainment declared that its board has authorized a share buyback plan on Wednesday, March 11th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other Flutter Entertainment news, Director Carolan Lennon sold 439 shares of Flutter Entertainment stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $94.63, for a total transaction of $41,542.57. Following the completion of the transaction, the director owned 1,688 shares in the company, valued at approximately $159,735.44. The trade was a 20.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Don H. Liu sold 1,259 shares of the business’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $93.37, for a total value of $117,552.83. Following the sale, the insider directly owned 21,006 shares of the company’s stock, valued at $1,961,330.22. This represents a 5.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have acquired 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.