Parvus has doubled its stake in Flutter this year, according to recent regulatory filings. The London-based activist fund, led by founder Edoardo Mercadante, disclosed a holding of more than 5% on 18 November. Data from Modular Finance shows Parvus has been adding steadily since December, when it held 2.4% of the gaming group’s shares. The fund previously controlled more than 7% of Flutter in 2022, but the latest position is via direct ownership under Parvus Asset Management Jersey Limited. Flutter shares have fallen nearly 17% over the past six months. Parvus has been active across Europe this year, building a position in Novo Nordisk after a share price pullback and lifting its Ryanair stake to 8% via swaps, making it the airline’s second-largest shareholder. The fund has a history in the gambling sector, having opposed William Hill’s attempted merger with Amaya. Davy this week cut its price target on Flutter to $307 from $334 but reiterated an outperform rating. Flutter shares were trading at £147 in London and $195.93 in New York on Wednesday.