Udine Wealth Management Inc. reduced its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 21.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,451 shares of the company's stock after selling 11,831 shares during the period. DraftKings comprises 0.9% of Udine Wealth Management Inc.'s portfolio, making the stock its 25th largest position. Udine Wealth Management Inc.'s holdings in DraftKings were worth $1,410,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. Raiffeisen Bank International AG purchased a new position in shares of DraftKings in the fourth quarter valued at $25,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of DraftKings in the fourth quarter valued at $28,000. Stonebridge Financial Group LLC purchased a new position in shares of DraftKings in the fourth quarter valued at $28,000. Synergy Investment Management LLC purchased a new position in shares of DraftKings in the fourth quarter valued at $37,000. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in DraftKings by 44.8% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,024 shares of the company's stock valued at $34,000 after acquiring an additional 317 shares in the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity at DraftKings
In related news, Director Jocelyn Moore sold 3,136 shares of the stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $35.28, for a total value of $110,638.08. Following the completion of the transaction, the director now owns 5,947 shares in the company, valued at $209,810.16. This represents a 34.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $32.28, for a total transaction of $1,703,641.56. Following the completion of the transaction, the insider now owns 601,520 shares of the company's stock, valued at $19,417,065.60. This represents a 8.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,127,504 shares of company stock worth $42,687,810 in the last 90 days. Corporate insiders own 51.19% of the company's stock.
DraftKings Stock Performance
Shares of DraftKings stock traded up $1.36 during trading on Tuesday, hitting $37.56. 11,493,020 shares of the stock were exchanged, compared to its average volume of 9,747,298. The stock's fifty day moving average is $34.72 and its 200 day moving average is $38.74. The stock has a market cap of $33.40 billion, a PE ratio of -35.43, a P/E/G ratio of 1.43 and a beta of 1.63. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $53.61.
Analyst Ratings Changes
A number of research firms have commented on DKNG. Stifel Nicolaus reduced their price objective on shares of DraftKings from $57.00 to $53.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Morgan Stanley reduced their price objective on shares of DraftKings from $53.00 to $51.00 and set an "overweight" rating on the stock in a research note on Friday, May 30th. Cowen reiterated a "buy" rating on shares of DraftKings in a research note on Thursday, April 24th. Jefferies Financial Group set a $60.00 price objective on shares of DraftKings and gave the company a "buy" rating in a research note on Sunday, April 13th. Finally, TD Securities reduced their price objective on shares of DraftKings from $60.00 to $55.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. One research analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $54.41.
Check Out Our Latest Stock Report on DKNG
About DraftKings
(
Free Report)
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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