Tiger Global Takes New Flutter Stake While Einhorn Boosts Penn Holdings
Tiger Global Management initiated a significant position in Flutter Entertainment during Q3 2024, while Greenlight Capital increased its stake in Penn Entertainment. Here's what investors need to know:
Penn Entertainment (NASDAQ: PENN) Updates:
- Greenlight Capital now holds ~5.6 million shares
- Current value: ~$117 million (at $20.94 per share)
- Average purchase price: $22.69
- Einhorn believes ESPN Bet unit is undervalued
- Could be worth up to $20 per share if successful
Flutter Entertainment (NYSE: FLUT) Developments:
- Tiger Global purchased 3.38M shares
- Soros Capital Management increased position from 5,020 to 94,496 shares
- New York listing strategy proving successful
- Attracting more institutional investors
- Improved stock liquidity
Key Investment Insights:
- Penn stock down 19.52% year-to-date
- Greenlight maintains Penn as only direct gaming investment
- Also holds position in IAC (largest non-institutional MGM shareholder)
- Flutter's NYSE listing achieving intended goal of broader investor base
- Soros historically makes short-term gaming investments
The increased institutional interest in both companies suggests growing confidence in the gaming sector, particularly in sports betting operations and their potential for market share growth.
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