Marshall Wace LLP Has $181.86 Million Position in Flutter Entertainment PLC $FLUT

Marshall Wace LLP lessened its stake in Flutter Entertainment PLC (NYSE:FLUT) by 67.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 636,415 shares of the company’s stock after selling 1,343,666 shares during the quarter. Marshall Wace LLP owned about 0.36% of Flutter Entertainment worth $181,862,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp boosted its stake in Flutter Entertainment by 120.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 454,660 shares of the company’s stock valued at $129,924,000 after purchasing an additional 248,109 shares during the period. Gunderson Capital Management Inc. boosted its holdings in Flutter Entertainment by 17.8% in the 2nd quarter. Gunderson Capital Management Inc. now owns 15,646 shares of the company’s stock valued at $4,471,000 after purchasing an additional 2,364 shares during the period. Corton Capital Inc. acquired a new stake in shares of Flutter Entertainment in the second quarter valued at approximately $556,000. Fortis Capital Advisors LLC bought a new position in shares of Flutter Entertainment in the second quarter worth $665,000. Finally, Cigna Investments Inc. New acquired a new stake in Flutter Entertainment in the second quarter valued at approximately $491,000.

Flutter Entertainment Stock Down 0.4%

Shares of NYSE FLUT opened at $210.86 on Friday. Flutter Entertainment PLC has a 52 week low of $189.33 and a 52 week high of $313.68. The company has a market cap of $36.94 billion, a price-to-earnings ratio of -162.20 and a beta of 1.92. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.27. The firm’s fifty day moving average is $229.62 and its 200 day moving average is $263.93.

Flutter Entertainment announced that its board has authorized a stock repurchase program on Friday, August 8th that authorizes the company to repurchase $245.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 0.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms have issued reports on FLUT. Wells Fargo & Company began coverage on shares of Flutter Entertainment in a report on Tuesday, November 18th. They set an “overweight” rating and a $272.00 price target for the company. Sanford C. Bernstein cut their price target on Flutter Entertainment from $330.00 to $325.00 and set a “market perform” rating for the company in a research note on Monday, November 3rd. Barclays cut their price target on shares of Flutter Entertainment from $352.00 to $325.00 and set an “overweight” rating on the stock in a report on Thursday, November 13th. Benchmark decreased their price objective on shares of Flutter Entertainment from $310.00 to $285.00 and set a “buy” rating for the company in a report on Monday. Finally, Needham & Company LLC cut their price target on Flutter Entertainment from $325.00 to $300.00 and set a “buy” rating for the company in a research note on Thursday, November 13th. Three analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $309.53.

Flutter Entertainment Company Profile

Flutter Entertainment plc operates as a sports betting and gaming company in the United Kingdom, Ireland, Australia, the United States, Italy, and internationally. The company operates through four segments: UK & Ireland, Australia, International, and US. It offers sports betting, iGaming, daily fantasy sports, online racing wagering, and TV broadcasting products; sportsbooks and exchange sports betting products, and gaming products; and online sports betting.