Udine Wealth Management Inc. Lowers Stake in DraftKings Inc. (NASDAQ:DKNG)

Udine Wealth Management Inc. lessened its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 37.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 48,723 shares of the company’s stock after selling 29,126 shares during the period. DraftKings makes up 1.6% of Udine Wealth Management Inc.’s portfolio, making the stock its 15th biggest position. Udine Wealth Management Inc.’s holdings in DraftKings were worth $2,213,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in DKNG. Highlander Capital Management LLC grew its position in DraftKings by 180.0% during the fourth quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock valued at $25,000 after acquiring an additional 450 shares during the period. Transcendent Capital Group LLC purchased a new stake in shares of DraftKings in the fourth quarter worth about $26,000. Montag A & Associates Inc. purchased a new stake in shares of DraftKings in the fourth quarter worth about $29,000. FSC Wealth Advisors LLC purchased a new stake in shares of DraftKings in the fourth quarter worth about $37,000. Finally, Householder Group Estate & Retirement Specialist LLC boosted its position in shares of DraftKings by 154.2% in the fourth quarter. Householder Group Estate & Retirement Specialist LLC now owns 1,215 shares of the company’s stock worth $42,000 after buying an additional 737 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

DKNG has been the subject of several analyst reports. Barclays upped their target price on DraftKings from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Monday, May 6th. The Goldman Sachs Group initiated coverage on DraftKings in a research report on Tuesday, April 16th. They issued a “buy” rating and a $60.00 target price for the company. Oppenheimer reduced their price target on DraftKings from $60.00 to $58.00 and set an “outperform” rating for the company in a report on Monday. Deutsche Bank Aktiengesellschaft increased their price target on DraftKings from $34.00 to $35.00 and gave the company a “hold” rating in a report on Monday, May 6th. Finally, Stifel Nicolaus reduced their price target on DraftKings from $51.00 to $50.00 and set a “buy” rating for the company in a report on Wednesday, May 29th. Two analysts have rated the stock with a sell rating, two have given a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $49.17.

DraftKings Stock Performance

DKNG traded down $1.55 during trading hours on Monday, hitting $36.62. The company’s stock had a trading volume of 5,348,183 shares, compared to its average volume of 11,396,548. DraftKings Inc. has a fifty-two week low of $24.97 and a fifty-two week high of $49.57. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.51. The firm has a market capitalization of $31.83 billion, a PE ratio of -32.35 and a beta of 1.81. The company has a 50-day simple moving average of $40.67 and a 200 day simple moving average of $40.61.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The business’s revenue for the quarter was up 52.7% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.87) earnings per share. As a group, sell-side analysts expect that DraftKings Inc. will post -0.24 EPS for the current year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the completion of the transaction, the insider now directly owns 3,043,231 shares of the company’s stock, valued at approximately $124,498,580.21. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the completion of the sale, the insider now directly owns 3,043,231 shares of the company’s stock, valued at approximately $124,498,580.21. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Paul Liberman sold 668,890 shares of the firm’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total value of $25,972,998.70. Following the sale, the insider now directly owns 205,962 shares of the company’s stock, valued at $7,997,504.46. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,520,340 shares of company stock valued at $60,996,583. 48.94% of the stock is owned by corporate insiders.

About DraftKings

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.