Mediolanum International Funds Ltd Grows Stake in DraftKings Inc. (NASDAQ:DKNG)

Key Points

• Mediolanum International Funds Ltd increased its stake in DraftKings Inc. by 5.0% during the first quarter, owning approximately 0.06% of the company worth $17.35 million.
• Several institutional investors, including American Century Companies Inc. and Thrivent Financial, have also recently boosted their positions in DraftKings
• Wall Street analysts are optimistic about DraftKings, with price targets ranging from $50 to $65, as many view the stock as a "buy".

Mediolanum International Funds Ltd boosted its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 5.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 491,746 shares of the company's stock after buying an additional 23,385 shares during the quarter. Mediolanum International Funds Ltd owned approximately 0.06% of DraftKings worth $17,354,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Thrivent Financial for Lutherans lifted its position in shares of DraftKings by 6.8% in the fourth quarter. Thrivent Financial for Lutherans now owns 8,554 shares of the company's stock valued at $318,000 after acquiring an additional 544 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of DraftKings by 92.7% during the 4th quarter. American Century Companies Inc. now owns 42,322 shares of the company's stock worth $1,574,000 after purchasing an additional 20,365 shares during the last quarter. Vanguard Group Inc. grew its holdings in DraftKings by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 43,073,314 shares of the company's stock valued at $1,602,327,000 after buying an additional 584,452 shares in the last quarter. Congress Wealth Management LLC DE increased its stake in shares of DraftKings by 8.6% in the 4th quarter. Congress Wealth Management LLC DE now owns 14,630 shares of the company's stock worth $544,000 after acquiring an additional 1,160 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp increased its position in DraftKings by 2.0% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 200,312 shares of the company's stock worth $7,452,000 after purchasing an additional 3,867 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Stock Performance

NASDAQ DKNG opened at $44.86 on Friday. The company has a market capitalization of $39.89 billion, a P/E ratio of -54.05, a PEG ratio of 1.48 and a beta of 1.67. The company has a debt-to-equity ratio of 2.11, a current ratio of 1.20 and a quick ratio of 1.20. DraftKings Inc. has a 1-year low of $28.69 and a 1-year high of $53.61. The business has a 50 day moving average price of $39.68 and a 200 day moving average price of $39.07.

Insider Buying and Selling at DraftKings

In other news, insider R Stanton Dodge sold 105,554 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $43.53, for a total transaction of $4,594,765.62. Following the completion of the transaction, the insider directly owned 500,000 shares of the company's stock, valued at $21,765,000. This trade represents a 17.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jocelyn Moore sold 3,136 shares of DraftKings stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $35.28, for a total value of $110,638.08. Following the transaction, the director owned 5,947 shares of the company's stock, valued at $209,810.16. This represents a 34.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 589,404 shares of company stock worth $22,639,746 over the last ninety days. 51.19% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on DKNG. Truist Financial increased their price target on DraftKings from $50.00 to $55.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Needham & Company LLC reiterated a "buy" rating and set a $65.00 target price on shares of DraftKings in a report on Friday, May 9th. BMO Capital Markets reaffirmed an "outperform" rating and set a $65.00 price objective on shares of DraftKings in a research report on Thursday, April 24th. Mizuho lowered their target price on DraftKings from $59.00 to $58.00 and set an "outperform" rating for the company in a research note on Monday, May 12th. Finally, Macquarie reduced their price target on DraftKings from $55.00 to $53.00 and set an "outperform" rating on the stock in a research report on Monday, May 12th. One equities research analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $54.38.

DraftKings Company 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.

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