Gabelli Funds LLC Grows Stock Position in Flutter Entertainment PLC $FLUT

Gabelli Funds LLC lifted its stake in Flutter Entertainment PLC (NYSE:FLUT) by 184.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,250 shares of the company’s stock after buying an additional 5,350 shares during the period. Gabelli Funds LLC’s holdings in Flutter Entertainment were worth $1,774,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of FLUT. Makena Capital Management LLC bought a new stake in shares of Flutter Entertainment in the third quarter worth about $11,517,000. TimesSquare Capital Management LLC grew its stake in shares of Flutter Entertainment by 294.1% in the third quarter. TimesSquare Capital Management LLC now owns 378,878 shares of the company’s stock worth $96,235,000 after purchasing an additional 282,736 shares during the last quarter. AGF Management Ltd. bought a new stake in shares of Flutter Entertainment in the third quarter worth about $9,519,000. Mutual of America Capital Management LLC bought a new stake in Flutter Entertainment during the 3rd quarter valued at approximately $2,173,000. Finally, Federated Hermes Inc. bought a new stake in Flutter Entertainment during the 3rd quarter valued at approximately $169,777,000.

Wall Street Analyst Weigh In

Several research firms have weighed in on FLUT. Sanford C. Bernstein cut their price objective on Flutter Entertainment from $125.00 to $115.00 and set a “market perform” rating on the stock in a research report on Thursday, May 7th. Barclays cut their price objective on Flutter Entertainment from $175.00 to $150.00 and set an “overweight” rating on the stock in a research report on Friday, May 8th. BNP Paribas Exane began coverage on Flutter Entertainment in a research report on Thursday, May 14th. They set an “underperform” rating and a $80.00 price objective on the stock. Kepler Capital Markets cut Flutter Entertainment from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 16th. Finally, BTIG Research cut their price objective on Flutter Entertainment from $137.00 to $126.00 and set a “buy” rating on the stock in a research report on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $189.26.

Flutter Entertainment Price Performance

Shares of NYSE FLUT opened at $97.48 on Friday. Flutter Entertainment PLC has a twelve month low of $91.52 and a twelve month high of $313.68. The firm has a market cap of $16.96 billion, a P/E ratio of -45.55, a PEG ratio of 1.29 and a beta of 1.58. The company has a 50 day moving average of $104.05 and a 200 day moving average of $155.24. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.27.

Flutter Entertainment (NYSE:FLUT) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $4.30 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same period in the previous year, the business earned $1.59 EPS. The firm’s revenue for the quarter was up 17.4% on a year-over-year basis. As a group, research analysts expect that Flutter Entertainment PLC will post 4.88 EPS for the current fiscal year.

Flutter Entertainment declared that its Board of Directors has authorized a stock repurchase program on Wednesday, March 11th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to buy up to 1.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In related news, CEO Daniel Mark Taylor acquired 1,611 shares of Flutter Entertainment stock in a transaction dated Tuesday, May 12th. The stock was purchased at an average cost of $94.29 per share, for a total transaction of $151,901.19. Following the purchase, the chief executive officer directly owned 34,584 shares of the company’s stock, valued at approximately $3,260,925.36. This trade represents a 4.89% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Amy Howe sold 8,895 shares of the company’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $105.91, for a total value of $942,069.45. Following the completion of the sale, the chief executive officer owned 78,889 shares of the company’s stock, valued at $8,355,133.99. This trade represents a 10.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders bought 10,453 shares of company stock worth $1,045,526 and sold 22,306 shares worth $2,333,598. Insiders own 0.13% of the company’s stock.

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.