Renaissance Technologies LLC Acquires Shares of 397,860 Flutter Entertainment PLC $FLUT

Renaissance Technologies LLC acquired a new stake in Flutter Entertainment PLC (NYSE:FLUT) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 397,860 shares of the company’s stock, valued at approximately $40,562,000. Renaissance Technologies LLC owned about 0.23% of Flutter Entertainment at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Cibc World Markets Corp acquired a new position in Flutter Entertainment during the fourth quarter valued at $1,678,841,000. Hsbc Holdings PLC grew its position in Flutter Entertainment by 33,988.7% during the 1st quarter. Hsbc Holdings PLC now owns 5,605,543 shares of the company’s stock worth $575,185,000 after purchasing an additional 5,589,099 shares during the period. Capital International Investors raised its stake 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 buying an additional 4,782,302 shares during the last quarter. Norges Bank purchased a new position in shares of Flutter Entertainment during the 4th quarter valued at about $694,009,000. Finally, Durable Capital Partners LP lifted its holdings in shares of Flutter Entertainment by 274.2% in the 3rd quarter. Durable Capital Partners LP now owns 1,243,988 shares of the company’s stock valued at $315,973,000 after buying an additional 911,507 shares during the period.

Wall Street Analysts Forecast Growth

FLUT has been the topic of a number of recent research reports. Zacks Research upgraded Flutter Entertainment from a “strong sell” rating to a “hold” rating in a research note on Monday, July 6th. Sanford C. Bernstein decreased their price target on Flutter Entertainment from $125.00 to $115.00 and set a “market perform” rating for the company in a report on Thursday, May 7th. Oppenheimer lowered their price objective on Flutter Entertainment from $210.00 to $160.00 and set an “outperform” rating on the stock in a research report on Monday, April 13th. Truist Financial dropped their price objective on shares of Flutter Entertainment from $140.00 to $130.00 and set a “buy” rating on the stock in a research note on Thursday, May 7th. Finally, Citigroup reaffirmed an “outperform” rating on shares of Flutter Entertainment in a report on Wednesday, July 8th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, nine 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 a consensus target price of $176.26.

Flutter Entertainment Stock Performance

NYSE FLUT opened at $105.72 on Tuesday. The stock has a market capitalization of $18.39 billion, a price-to-earnings ratio of -49.40, a PEG ratio of 1.39 and a beta of 1.31. The stock has a 50-day moving average of $103.60 and a 200 day moving average of $119.46. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.27. Flutter Entertainment PLC has a twelve month low of $91.52 and a twelve month high of $313.68.

Flutter Entertainment (NYSE:FLUT) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.09 by $0.13. The company had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.24 billion. Flutter Entertainment had a positive return on equity of 11.60% and a negative net margin of 2.20%.Flutter Entertainment’s quarterly revenue was up 17.4% compared to the same quarter last year. During the same period last year, the company earned $1.59 earnings per share. Sell-side analysts anticipate that Flutter Entertainment PLC will post 4.72 EPS for the current fiscal year.

Insider Activity

In related news, COO James Philip Bishop purchased 1,000 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The shares were purchased at an average price of $99.75 per share, with a total value of $99,750.00. Following the purchase, the chief operating officer owned 17,605 shares of the company’s stock, valued at $1,756,098.75. The trade was a 6.02% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jeremy Peter Jackson sold 3,084 shares of the business’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $98.13, for a total transaction of $302,632.92. Following the completion of the sale, the chief executive officer directly owned 74,326 shares of the company’s stock, valued at approximately $7,293,610.38. The trade was a 3.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have bought 10,453 shares of company stock worth $1,045,526 and have sold 5,994 shares worth $577,293. Corporate insiders own 0.13% of the company’s stock.

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.