Flutter Entertainment plc (NYSE:FLUT) Shares Sold by Platinum Investment Management Ltd.

Platinum Investment Management Ltd. cut its holdings in Flutter Entertainment plc (NYSE:FLUT) by 21.6% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 40,000 shares of the company’s stock after selling 11,000 shares during the period. Flutter Entertainment comprises approximately 0.6% of Platinum Investment Management Ltd.’s holdings, making the stock its 24th biggest position. Platinum Investment Management Ltd.’s holdings in Flutter Entertainment were worth $10,360,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Massachusetts Financial Services Co. MA acquired a new position in Flutter Entertainment during the 3rd quarter valued at about $849,474,000. Bank of Montreal Can boosted its stake in Flutter Entertainment by 868.5% during the 3rd quarter. Bank of Montreal Can now owns 3,367,022 shares of the company’s stock valued at $798,927,000 after purchasing an additional 3,019,376 shares during the period. Cantillon Capital Management LLC boosted its stake in Flutter Entertainment by 3,827.8% during the 3rd quarter. Cantillon Capital Management LLC now owns 2,397,384 shares of the company’s stock valued at $568,851,000 after purchasing an additional 2,336,347 shares during the period. Geode Capital Management LLC acquired a new position in Flutter Entertainment during the 3rd quarter valued at about $436,599,000. Finally, State Street Corp boosted its stake in Flutter Entertainment by 61,014.6% during the 3rd quarter. State Street Corp now owns 1,011,447 shares of the company’s stock valued at $239,996,000 after purchasing an additional 1,009,792 shares during the period.

Insider Activity

In related news, CEO Amy Howe sold 11,814 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $260.50, for a total transaction of $3,077,547.00. Following the transaction, the chief executive officer now directly owns 62,941 shares of the company’s stock, valued at approximately $16,396,130.50. The trade was a 15.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Jeremy Peter Jackson sold 25,027 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $261.96, for a total transaction of $6,556,072.92. Following the transaction, the director now directly owns 21,148 shares in the company, valued at $5,539,930.08. The trade was a 54.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analysts Set New Price Targets

A number of research firms have issued reports on FLUT. BTIG Research set a $323.00 target price on shares of Flutter Entertainment in a research note on Monday, February 3rd. Susquehanna reduced their price target on shares of Flutter Entertainment from $317.00 to $315.00 and set a “positive” rating for the company in a research note on Wednesday, March 5th. Benchmark upped their price target on shares of Flutter Entertainment from $275.00 to $300.00 and gave the stock a “buy” rating in a research note on Wednesday, March 5th. Needham & Company LLC upped their price target on shares of Flutter Entertainment from $300.00 to $310.00 and gave the stock a “buy” rating in a research note on Wednesday, March 5th. Finally, Peel Hunt raised shares of Flutter Entertainment from a “hold” rating to an “add” rating in a research note on Monday, March 10th. Nineteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $311.41.

Flutter Entertainment Stock Down 2.2 %

FLUT stock opened at $234.10 on Wednesday. Flutter Entertainment plc has a 52-week low of $174.03 and a 52-week high of $299.73. The company’s 50 day simple moving average is $264.05 and its 200-day simple moving average is $252.81. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a market capitalization of $41.55 billion and a P/E ratio of 1,064.09.

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.