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

Udine Wealth Management Inc. grew its stake in DraftKings Inc. (NASDAQ:DKNG) by 3.3% during the 4th quarter, Holdings Channel reports. The fund owned 54,282 shares of the company’s stock after acquiring an additional 1,734 shares during the period. DraftKings comprises about 1.3% of Udine Wealth Management Inc.’s portfolio, making the stock its 21st biggest position. Udine Wealth Management Inc.’s holdings in DraftKings were worth $2,019,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in DKNG. Pine Valley Investments Ltd Liability Co grew its stake in DraftKings by 3.7% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock worth $271,000 after acquiring an additional 249 shares during the period. Claro Advisors LLC boosted its holdings in shares of DraftKings by 1.5% during the fourth quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock worth $673,000 after purchasing an additional 264 shares during the last quarter. Global Retirement Partners LLC grew its position in shares of DraftKings by 0.6% in the third quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock valued at $1,845,000 after purchasing an additional 273 shares during the period. Creative Financial Designs Inc. ADV increased its stake in DraftKings by 36.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock valued at $47,000 after purchasing an additional 320 shares during the last quarter. Finally, Arthur M. Cohen & Associates LLC lifted its position in DraftKings by 3.8% during the fourth quarter. Arthur M. Cohen & Associates LLC now owns 9,670 shares of the company’s stock worth $360,000 after buying an additional 355 shares during the period. Institutional investors and hedge funds own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on DKNG. JMP Securities dropped their price objective on shares of DraftKings from $52.00 to $50.00 and set a “market outperform” rating for the company in a research note on Monday, January 6th. JPMorgan Chase & Co. boosted their target price on shares of DraftKings from $47.00 to $53.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Mizuho increased their price target on shares of DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Benchmark reissued a “buy” rating and set a $44.00 price objective on shares of DraftKings in a research note on Tuesday, January 7th. Finally, Morgan Stanley increased their target price on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $51.08.

Insider Buying and Selling

In other news, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the sale, the insider now owns 1,923,483 shares in the company, valued at $70,034,016.03. The trade was a 4.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider R Stanton Dodge sold 228,496 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the completion of the transaction, the insider now directly owns 541,884 shares of the company’s stock, valued at $23,160,122.16. This represents a 29.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,052,183 shares of company stock worth $41,303,025 in the last three months. 48.94% of the stock is currently owned by insiders.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $39.29 on Friday. The firm has a 50-day moving average of $40.65 and a two-hundred day moving average of $37.97. The company has a market capitalization of $34.60 billion, a price-to-earnings ratio of -44.65, a PEG ratio of 2.99 and a beta of 1.90. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $49.57.

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 business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. As a group, analysts expect that DraftKings Inc. will post -0.83 earnings per share for the current fiscal year.

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.