Cubist Systematic Strategies LLC Has $8.74 Million Stock Position in Flutter Entertainment plc (NYSE:FLUT)

Cubist Systematic Strategies LLC boosted its stake in Flutter Entertainment plc (NYSE:FLUT) by 495.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 47,903 shares of the company’s stock after acquiring an additional 39,860 shares during the period. Cubist Systematic Strategies LLC’s holdings in Flutter Entertainment were worth $8,736,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Marshall Wace LLP boosted its stake in shares of Flutter Entertainment by 339.2% in the 2nd quarter. Marshall Wace LLP now owns 1,076,739 shares of the company’s stock valued at $196,354,000 after purchasing an additional 831,585 shares during the last quarter. Samlyn Capital LLC acquired a new position in Flutter Entertainment in the second quarter valued at $62,932,000. Farallon Capital Management LLC acquired a new position in Flutter Entertainment in the second quarter valued at $36,618,000. Bank of Montreal Can boosted its position in Flutter Entertainment by 12.2% during the second quarter. Bank of Montreal Can now owns 347,646 shares of the company’s stock valued at $63,397,000 after acquiring an additional 37,793 shares during the last quarter. Finally, Magnetar Financial LLC acquired a new stake in Flutter Entertainment during the 2nd quarter worth about $3,158,000.

Flutter Entertainment Price Performance

NYSE:FLUT opened at $243.95 on Friday. Flutter Entertainment plc has a one year low of $148.00 and a one year high of $252.84. The firm has a 50-day moving average of $207.75 and a 200-day moving average of $200.69.

Flutter Entertainment (NYSE:FLUT) last issued its quarterly earnings data on Tuesday, August 13th. The company reported $2.33 EPS for the quarter, topping analysts’ consensus estimates of $1.07 by $1.26. The company had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $3.41 billion. As a group, sell-side analysts expect that Flutter Entertainment plc will post 4.75 EPS for the current year.

Flutter Entertainment declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, September 25th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 11.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Moffett Nathanson upped their target price on Flutter Entertainment from $245.00 to $275.00 and gave the company a “buy” rating in a research report on Thursday. Needham & Company LLC assumed coverage on Flutter Entertainment in a report on Monday. They set a “buy” rating and a $270.00 price target on the stock. Barclays raised their price objective on shares of Flutter Entertainment from $263.00 to $275.00 and gave the stock an “overweight” rating in a research report on Thursday. Susquehanna increased their target price on shares of Flutter Entertainment from $222.00 to $230.00 and gave the stock a “positive” rating in a research note on Wednesday, August 14th. Finally, Morgan Stanley assumed coverage on shares of Flutter Entertainment in a report on Thursday, August 22nd. They issued an “overweight” rating and a $247.00 price target for the company. One research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $260.45.

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.