Udine Wealth Management Inc. Raises Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Udine Wealth Management Inc. grew its holdings in DraftKings Inc. (NASDAQ:DKNG) by 3.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 54,282 shares of the company’s stock after purchasing an additional 1,734 shares during the quarter. DraftKings accounts for about 1.3% of Udine Wealth Management Inc.’s holdings, making the stock its 21st biggest holding. Udine Wealth Management Inc.’s holdings in DraftKings were worth $2,019,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Marshall Wace LLP boosted its position in DraftKings by 53.3% in the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock valued at $359,196,000 after buying an additional 3,269,932 shares during the period. Fred Alger Management LLC boosted its holdings in DraftKings by 46.6% in the third quarter. Fred Alger Management LLC now owns 4,643,852 shares of the company’s stock valued at $182,039,000 after purchasing an additional 1,476,003 shares during the period. Blue Whale Capital LLP acquired a new position in DraftKings during the 2nd quarter worth $39,306,000. AQR Capital Management LLC raised its position in DraftKings by 29.0% in the 2nd quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock valued at $144,905,000 after purchasing an additional 870,789 shares in the last quarter. Finally, FMR LLC boosted its stake in shares of DraftKings by 14.7% in the 3rd quarter. FMR LLC now owns 6,467,066 shares of the company’s stock valued at $253,509,000 after buying an additional 826,626 shares during the period. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Stock Down 1.0 %

Shares of DraftKings stock opened at $39.29 on Friday. DraftKings Inc. has a one year low of $28.69 and a one year high of $49.57. The company has a market cap of $34.60 billion, a P/E ratio of -44.65, a PEG ratio of 2.99 and a beta of 1.90. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a fifty day moving average of $40.65 and a two-hundred day moving average of $37.97.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.12 billion. On average, analysts forecast that DraftKings Inc. will post -0.83 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on DKNG. Benchmark restated a “buy” rating and set a $44.00 target price on shares of DraftKings in a research note on Tuesday, January 7th. Wells Fargo & Company lifted their price objective on shares of DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Barclays increased their target price on DraftKings from $45.00 to $50.00 and gave the company an “overweight” rating in a report on Monday, November 11th. JMP Securities decreased their price target on DraftKings from $52.00 to $50.00 and set a “market outperform” rating for the company in a report on Monday, January 6th. Finally, TD Cowen increased their price objective on DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Three research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat.com, DraftKings presently has a consensus rating of “Moderate Buy” and an average price target of $51.08.

Insiders Place Their Bets

In other DraftKings news, insider Jason Robins sold 3,151 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the sale, the insider now owns 2,631,033 shares of the company’s stock, valued at approximately $115,002,452.43. This represents a 0.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction on Friday, October 25th. The stock was sold at an average price of $36.41, for a total value of $3,220,136.81. Following the transaction, the insider now directly owns 1,923,483 shares of the company’s stock, valued at $70,034,016.03. This trade represents a 4.40 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,052,183 shares of company stock worth $41,303,025. Corporate insiders own 48.94% of the company’s stock.

DraftKings Profile

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.