Hiddenite Capital Partners LP Takes $4.98 Million Position in Flutter Entertainment plc (NYSE:FLUT)

Hiddenite Capital Partners LP bought a new position in shares of Flutter Entertainment plc (NYSE:FLUT - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 21,000 shares of the company's stock, valued at approximately $4,983,000. Flutter Entertainment accounts for 1.6% of Hiddenite Capital Partners LP's holdings, making the stock its 14th biggest holding.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Rothschild Investment LLC purchased a new position in shares of Flutter Entertainment during the second quarter valued at approximately $37,000. CWM LLC acquired a new stake in Flutter Entertainment during the 2nd quarter valued at $40,000. US Bancorp DE grew its holdings in Flutter Entertainment by 71.7% during the 3rd quarter. US Bancorp DE now owns 237 shares of the company's stock valued at $56,000 after purchasing an additional 99 shares in the last quarter. Venturi Wealth Management LLC acquired a new position in Flutter Entertainment during the 3rd quarter worth $82,000. Finally, Hilltop National Bank acquired a new position in Flutter Entertainment during the 2nd quarter worth $101,000.

Flutter Entertainment Stock Performance

Shares of FLUT stock traded up $14.97 during trading on Wednesday, hitting $263.14. 2,449,163 shares of the company were exchanged, compared to its average volume of 1,119,230. The business's 50-day simple moving average is $230.06 and its 200 day simple moving average is $208.23. Flutter Entertainment plc has a twelve month low of $149.00 and a twelve month high of $266.22.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last posted its earnings results on Tuesday, August 13th. The company reported $2.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.07 by $1.26. The business had revenue of $3.61 billion during the quarter, compared to analyst estimates of $3.41 billion. Research analysts anticipate that Flutter Entertainment plc will post 4.72 earnings per share for the current fiscal year.

Flutter Entertainment announced that its board has initiated a share buyback plan on Wednesday, September 25th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the company to purchase up to 11.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on FLUT. Barclays lifted their price objective on shares of Flutter Entertainment from $275.00 to $301.00 and gave the company an "overweight" rating in a research report on Wednesday. Craig Hallum raised their target price on shares of Flutter Entertainment from $275.00 to $350.00 and gave the company a "buy" rating in a research note on Wednesday. Bank of America initiated coverage on shares of Flutter Entertainment in a research note on Monday, October 14th. They issued a "buy" rating and a $300.00 price objective on the stock. JMP Securities lifted 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. Finally, Moffett Nathanson lifted their price objective on shares of Flutter Entertainment from $245.00 to $275.00 and gave the stock a "buy" rating in a research note on Thursday, September 26th. Fourteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $293.77.

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.