Southpoint Capital Advisors LP Sells 200,000 Shares of Flutter Entertainment plc (NYSE:FLUT)

Southpoint Capital Advisors LP lessened its holdings in Flutter Entertainment plc (NYSE:FLUT) by 40.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 300,000 shares of the company’s stock after selling 200,000 shares during the quarter. Flutter Entertainment accounts for approximately 1.7% of Southpoint Capital Advisors LP’s investment portfolio, making the stock its 27th biggest holding. Southpoint Capital Advisors LP’s holdings in Flutter Entertainment were worth $71,184,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in FLUT. Rothschild Investment LLC bought a new stake in Flutter Entertainment during the second quarter worth $37,000. CWM LLC bought a new position in shares of Flutter Entertainment in the second quarter valued at about $40,000. US Bancorp DE raised its position in shares of Flutter Entertainment by 71.7% in the third quarter. US Bancorp DE now owns 237 shares of the company’s stock valued at $56,000 after purchasing an additional 99 shares during the period. Venturi Wealth Management LLC bought a new position in shares of Flutter Entertainment in the third quarter valued at about $82,000. Finally, Hilltop National Bank bought a new position in shares of Flutter Entertainment in the second quarter valued at about $101,000.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Needham & Company LLC increased their price objective on shares of Flutter Entertainment from $270.00 to $300.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. JMP Securities increased their price objective on shares of Flutter Entertainment from $287.00 to $299.00 and gave the stock a “market outperform” rating in a research note on Wednesday, November 13th. Bank of America assumed coverage on shares of Flutter Entertainment in a research note on Monday, October 14th. They set a “buy” rating and a $300.00 price objective on the stock. Craig Hallum increased their price objective on shares of Flutter Entertainment from $275.00 to $350.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, Benchmark increased their price objective on shares of Flutter Entertainment from $265.00 to $275.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Fifteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $298.79.

Flutter Entertainment Stock Performance

Flutter Entertainment stock opened at $276.57 on Friday. Flutter Entertainment plc has a 52-week low of $150.65 and a 52-week high of $279.04. The firm has a 50 day moving average price of $243.32 and a two-hundred day moving average price of $215.07.

Flutter Entertainment announced that its Board of Directors has approved a stock repurchase program on Wednesday, September 25th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the company to buy up to 11.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

About Flutter Entertainment

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.