Nordea Investment Management AB Sells 10,252 Shares of Flutter Entertainment PLC $FLUT

Nordea Investment Management AB trimmed its holdings in shares of Flutter Entertainment PLC (NYSE:FLUT) by 53.1% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 9,059 shares of the company’s stock after selling 10,252 shares during the period. Nordea Investment Management AB’s holdings in Flutter Entertainment were worth $1,963,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. MassMutual Private Wealth & Trust FSB raised its position in Flutter Entertainment by 219.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 115 shares of the company’s stock worth $25,000 after purchasing an additional 79 shares in the last quarter. WGI DM LLC boosted its holdings in Flutter Entertainment by 58.2% during the third quarter. WGI DM LLC now owns 476,261 shares of the company’s stock valued at $120,970,000 after purchasing an additional 175,168 shares in the last quarter. Mirabella Financial Services LLP boosted its holdings in Flutter Entertainment by 147.2% during the third quarter. Mirabella Financial Services LLP now owns 6,634 shares of the company’s stock valued at $1,682,000 after purchasing an additional 3,950 shares in the last quarter. Hudson Bay Capital Management LP grew its stake in shares of Flutter Entertainment by 6.2% in the 3rd quarter. Hudson Bay Capital Management LP now owns 395,120 shares of the company’s stock valued at $100,360,000 after purchasing an additional 23,237 shares during the period. Finally, AMS Capital Ltda bought a new stake in shares of Flutter Entertainment in the 3rd quarter valued at approximately $5,059,000.

Insider Transactions at Flutter Entertainment

In other news, CEO Jeremy Peter Jackson sold 4,326 shares of the firm’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $108.00, for a total value of $467,208.00. Following the completion of the sale, the chief executive officer directly owned 36,788 shares in the company, valued at approximately $3,973,104. This trade represents a 10.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Robert Coldrake sold 4,613 shares of Flutter Entertainment stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $106.45, for a total value of $491,053.85. Following the completion of the transaction, the chief financial officer directly owned 10,006 shares of the company’s stock, valued at $1,065,138.70. This represents a 31.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 17,834 shares of company stock worth $1,900,331. Insiders own 0.09% of the company’s stock.

Flutter Entertainment Stock Down 2.6%

Shares of FLUT opened at $100.84 on Friday. The company has a market capitalization of $17.68 billion, a P/E ratio of -56.02, a PEG ratio of 0.68 and a beta of 2.30. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.95 and a quick ratio of 0.95. Flutter Entertainment PLC has a one year low of $99.96 and a one year high of $313.68. The business’s 50 day simple moving average is $132.02 and its 200-day simple moving average is $196.87.

Flutter Entertainment (NYSE:FLUT) last released its quarterly earnings results on Friday, February 27th. The company reported $1.74 earnings per share for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.37). Flutter Entertainment had a negative net margin of 1.89% and a positive return on equity of 12.12%. The business had revenue of $4.76 billion for the quarter, compared to analyst estimates of $4.87 billion. During the same period in the prior year, the business earned $2.94 earnings per share. The company’s revenue for the quarter was up 24.9% on a year-over-year basis. As a group, sell-side analysts predict that Flutter Entertainment PLC will post 4.17 EPS for the current fiscal year.

Flutter Entertainment declared that its Board of Directors has initiated a share buyback program on Wednesday, March 11th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 1.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts recently commented on FLUT shares. Morgan Stanley cut their target price on Flutter Entertainment from $352.00 to $315.00 and set an “overweight” rating for the company in a research report on Friday, December 12th. Craig Hallum cut Flutter Entertainment from a “buy” rating to a “hold” rating and set a $200.00 price target on the stock. in a research report on Wednesday, January 21st. Stifel Nicolaus dropped their price objective on Flutter Entertainment from $304.00 to $259.00 and set a “buy” rating for the company in a research note on Friday, January 30th. BTIG Research cut their price objective on Flutter Entertainment from $180.00 to $177.00 and set a “buy” rating for the company in a report on Thursday. Finally, Texas Capital upgraded shares of Flutter Entertainment to a “strong-buy” rating in a research note on Thursday, January 8th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $227.50.

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.