Mark Asset Management LP Invests $3.66 Million in Flutter Entertainment plc (NYSE:FLUT)

Mark Asset Management LP bought a new position in shares of Flutter Entertainment plc (NYSE:FLUT) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 20,064 shares of the company’s stock, valued at approximately $3,659,000.

Several other institutional investors also recently modified their holdings of the stock. Capital World Investors bought a new position in shares of Flutter Entertainment during the 1st quarter valued at about $2,880,796,000. Capital Research Global Investors bought a new position in shares of Flutter Entertainment during the 1st quarter valued at about $2,418,032,000. Vanguard Group Inc. bought a new position in shares of Flutter Entertainment during the 1st quarter valued at about $1,578,442,000. Capital International Investors bought a new position in shares of Flutter Entertainment during the 1st quarter valued at about $507,170,000. Finally, Marshall Wace LLP lifted its holdings in shares of Flutter Entertainment by 339.2% during 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 in the last quarter.

Flutter Entertainment Stock Up 1.7 %

NYSE:FLUT opened at $243.95 on Friday. Flutter Entertainment plc has a twelve month low of $148.00 and a twelve month high of $252.84. The stock’s 50 day moving average price is $207.75 and its two-hundred day moving average price is $200.69.

Flutter Entertainment (NYSE:FLUT) last posted its quarterly earnings results on Tuesday, August 13th. The company reported $2.33 earnings per share for the quarter, topping the consensus estimate of $1.07 by $1.26. The company had revenue of $3.61 billion for the quarter, compared to analyst estimates of $3.41 billion. Sell-side analysts anticipate that Flutter Entertainment plc will post 4.75 EPS for the current fiscal year.

Flutter Entertainment declared that its board has authorized a share repurchase program on Wednesday, September 25th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 11.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Morgan Stanley assumed coverage on Flutter Entertainment in a report on Thursday, August 22nd. They set an “overweight” rating and a $247.00 price objective on the stock. Berenberg Bank upgraded Flutter Entertainment to a “strong-buy” rating in a report on Tuesday, August 27th. Susquehanna lifted their price objective on Flutter Entertainment from $222.00 to $230.00 and gave the company a “positive” rating in a report on Wednesday, August 14th. Moffett Nathanson boosted their target price on Flutter Entertainment from $245.00 to $275.00 and gave the company a “buy” rating in a research note on Thursday. Finally, JMP Securities restated a “market outperform” rating and issued a $255.00 target price on shares of Flutter Entertainment in a research note on Thursday. One equities research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $260.45.

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.