Udine Wealth Management Inc. Boosts Position in DraftKings Inc. $DKNG

Key Points

• Udine Wealth Management Inc. increased its holdings in DraftKings Inc. by 38.3% in the second quarter, owning 58,721 shares valued at approximately $2.5 million.
• DraftKings faced analyst downgrades; Mizuho and BTIG reduced their target prices, indicating mixed sentiment among analysts with 27 rating the stock as a Buy.
• DraftKings reported earnings of $0.30 per share for the quarter, exceeding estimates and revealing a revenue increase of 36.9% year-over-year.

Udine Wealth Management Inc. boosted its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 38.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 58,721 shares of the company's stock after purchasing an additional 16,270 shares during the quarter. DraftKings makes up 1.5% of Udine Wealth Management Inc.'s portfolio, making the stock its 16th biggest holding. Udine Wealth Management Inc.'s holdings in DraftKings were worth $2,519,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. boosted its position in DraftKings by 0.7% during the first quarter. T. Rowe Price Investment Management Inc. now owns 18,700,071 shares of the company's stock worth $621,030,000 after purchasing an additional 130,434 shares in the last quarter. Baillie Gifford & Co. boosted its position in DraftKings by 26.5% during the first quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company's stock worth $278,640,000 after purchasing an additional 1,756,778 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in DraftKings by 4.4% during the first quarter. Massachusetts Financial Services Co. MA now owns 7,098,641 shares of the company's stock worth $235,746,000 after purchasing an additional 301,134 shares in the last quarter. Eminence Capital LP boosted its position in DraftKings by 195.2% during the first quarter. Eminence Capital LP now owns 5,178,083 shares of the company's stock worth $171,964,000 after purchasing an additional 3,423,909 shares in the last quarter. Finally, AQR Capital Management LLC boosted its position in DraftKings by 2,138.9% during the first quarter. AQR Capital Management LLC now owns 4,696,244 shares of the company's stock worth $155,962,000 after purchasing an additional 4,486,488 shares in the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

DKNG has been the topic of a number of research analyst reports. Mizuho decreased their target price on DraftKings from $58.00 to $54.00 and set an "outperform" rating on the stock in a research report on Tuesday, October 7th. BTIG Research reduced their price objective on DraftKings from $53.00 to $45.00 and set a "buy" rating on the stock in a research report on Thursday, October 2nd. Northland Securities restated an "under perform" rating and issued a $33.00 price objective (down from $53.00) on shares of DraftKings in a research report on Wednesday, October 1st. Morgan Stanley restated an "overweight" rating and issued a $52.00 price objective (up from $51.00) on shares of DraftKings in a research report on Friday, July 11th. Finally, JMP Securities reduced their price objective on DraftKings from $54.00 to $51.00 and set a "market outperform" rating on the stock in a research report on Wednesday, October 1st. Twenty-seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, DraftKings presently has a consensus rating of "Moderate Buy" and a consensus target price of $53.28.

DraftKings Stock Performance

NASDAQ DKNG opened at $32.69 on Friday. The business's 50-day moving average price is $43.20 and its 200 day moving average price is $39.63. DraftKings Inc. has a twelve month low of $29.64 and a twelve month high of $53.61. The company has a market capitalization of $16.23 billion, a PE ratio of -50.29, a price-to-earnings-growth ratio of 0.70 and a beta of 1.99. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.82.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.14. DraftKings had a negative return on equity of 30.06% and a negative net margin of 5.63%.The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.39 billion. During the same period in the prior year, the business posted $0.12 earnings per share. The firm's revenue for the quarter was up 36.9% compared to the same quarter last year. DraftKings has set its FY 2025 guidance at EPS. On average, research analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insider Activity

In related news, Director Ryan R. Moore sold 76,390 shares of the stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $45.92, for a total transaction of $3,507,828.80. Following the transaction, the director directly owned 402 shares in the company, valued at approximately $18,459.84. This represents a 99.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Matthew Kalish sold 210,000 shares of the stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $42.90, for a total value of $9,009,000.00. Following the transaction, the insider owned 4,190,233 shares in the company, valued at $179,760,995.70. This trade represents a 4.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 658,331 shares of company stock valued at $29,285,365 in the last three months. Company insiders own 51.19% 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.

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