Platinum Investment Management Ltd. Sells 11,000 Shares of Flutter Entertainment plc (NYSE:FLUT)

Platinum Investment Management Ltd. trimmed its holdings in Flutter Entertainment plc (NYSE:FLUT) by 21.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 40,000 shares of the company’s stock after selling 11,000 shares during the period. Flutter Entertainment accounts for approximately 0.6% of Platinum Investment Management Ltd.’s holdings, making the stock its 24th largest position. Platinum Investment Management Ltd.’s holdings in Flutter Entertainment were worth $10,360,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in FLUT. Farther Finance Advisors LLC boosted its holdings in shares of Flutter Entertainment by 585.7% during the 4th quarter. Farther Finance Advisors LLC now owns 96 shares of the company’s stock worth $25,000 after buying an additional 82 shares during the period. Raleigh Capital Management Inc. bought a new stake in shares of Flutter Entertainment during the 4th quarter worth $26,000. BOCHK Asset Management Ltd bought a new stake in shares of Flutter Entertainment during the 4th quarter worth $26,000. IFP Advisors Inc boosted its holdings in shares of Flutter Entertainment by 244.1% during the 4th quarter. IFP Advisors Inc now owns 117 shares of the company’s stock worth $31,000 after buying an additional 83 shares during the period. Finally, Harbor Investment Advisory LLC boosted its holdings in shares of Flutter Entertainment by 64.1% during the 4th quarter. Harbor Investment Advisory LLC now owns 128 shares of the company’s stock worth $33,000 after buying an additional 50 shares during the period.

Flutter Entertainment Price Performance

Shares of FLUT opened at $234.10 on Wednesday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.66. The business’s fifty day moving average is $264.05 and its 200 day moving average is $252.81. Flutter Entertainment plc has a 12-month low of $174.03 and a 12-month high of $299.73. The stock has a market cap of $41.55 billion and a P/E ratio of 1,064.09.

Insider Buying and Selling at Flutter Entertainment

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

Wall Street Analyst Weigh In

Several research firms recently issued reports on FLUT. Peel Hunt raised shares of Flutter Entertainment from a “hold” rating to an “add” rating in a report on Monday, March 10th. Benchmark upped their price objective on shares of Flutter Entertainment from $275.00 to $300.00 and gave the stock a “buy” rating in a report on Wednesday, March 5th. Truist Financial began coverage on shares of Flutter Entertainment in a research note on Wednesday, February 26th. They set a “buy” rating and a $330.00 target price for the company. Barclays upped their target price on shares of Flutter Entertainment from $301.00 to $308.00 and gave the company an “overweight” rating in a research note on Wednesday, March 5th. Finally, Needham & Company LLC increased their price objective on shares of Flutter Entertainment from $300.00 to $310.00 and gave the company a “buy” rating in a research note on Wednesday, March 5th. Nineteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $311.41.

Flutter Entertainment 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.