Flutter Entertainment plc (NYSE:FLUT) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP cut its stake in Flutter Entertainment plc (NYSE:FLUT) by 10.3% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 2,319,549 shares of the company’s stock after selling 265,731 shares during the period. Wellington Management Group LLP’s holdings in Flutter Entertainment were worth $547,054,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Raymond James & Associates boosted its position in shares of Flutter Entertainment by 10.0% during the third quarter. Raymond James & Associates now owns 18,348 shares of the company’s stock worth $4,354,000 after buying an additional 1,663 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd acquired a new position in Flutter Entertainment during the 3rd quarter worth $3,888,000. GSA Capital Partners LLP grew its stake in shares of Flutter Entertainment by 48.3% in the third quarter. GSA Capital Partners LLP now owns 12,034 shares of the company’s stock worth $2,855,000 after purchasing an additional 3,922 shares in the last quarter. Ovata Capital Management Ltd acquired a new position in shares of Flutter Entertainment during the second quarter valued at $2,413,000. Finally, Hiddenite Capital Partners LP bought a new stake in shares of Flutter Entertainment during the third quarter valued at about $4,983,000.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. JMP Securities increased their target price on shares of Flutter Entertainment from $287.00 to $299.00 and gave the company a “market outperform” rating in a research report on Wednesday, November 13th. Oppenheimer increased their price target on Flutter Entertainment from $300.00 to $305.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Craig Hallum upped their price target on shares of Flutter Entertainment from $275.00 to $350.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Berenberg Bank upgraded Flutter Entertainment to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, The Goldman Sachs Group started coverage on Flutter Entertainment in a report on Friday, November 22nd. They set a “buy” rating and a $320.00 target price for the company. Fifteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $298.79.

Flutter Entertainment Stock Up 0.3 %

Shares of FLUT stock opened at $280.38 on Friday. The stock’s 50-day moving average is $247.70 and its two-hundred day moving average is $217.59. Flutter Entertainment plc has a fifty-two week low of $158.43 and a fifty-two week high of $284.79.

Flutter Entertainment declared that its board has approved a share buyback plan on Wednesday, September 25th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 11.7% of its shares through open market purchases. Shares repurchase plans are typically 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.