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

Udine Wealth Management Inc. cut its holdings in DraftKings Inc. (NASDAQ:DKNG) by 37.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 48,723 shares of the company’s stock after selling 29,126 shares during the quarter. DraftKings accounts for approximately 1.6% of Udine Wealth Management Inc.’s investment portfolio, making the stock its 15th largest position. Udine Wealth Management Inc.’s holdings in DraftKings were worth $2,213,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Highlander Capital Management LLC grew its holdings in shares of DraftKings by 180.0% in the fourth quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock valued at $25,000 after purchasing an additional 450 shares in the last quarter. Transcendent Capital Group LLC purchased a new position in DraftKings during the fourth quarter worth $26,000. Montag A & Associates Inc. purchased a new position in DraftKings during the fourth quarter worth $29,000. FSC Wealth Advisors LLC purchased a new position in DraftKings during the fourth quarter worth $37,000. Finally, Householder Group Estate & Retirement Specialist LLC boosted its stake in DraftKings by 154.2% during the fourth quarter. Householder Group Estate & Retirement Specialist LLC now owns 1,215 shares of the company’s stock worth $42,000 after buying an additional 737 shares during the period. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Paul Liberman sold 668,890 shares of the company’s stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the completion of the transaction, the insider now directly owns 205,962 shares of the company’s stock, valued at approximately $7,997,504.46. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, insider Paul Liberman sold 668,890 shares of the stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total value of $25,972,998.70. Following the completion of the transaction, the insider now directly owns 205,962 shares of the company’s stock, valued at approximately $7,997,504.46. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jocelyn Moore sold 1,450 shares of the stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total value of $52,084.00. Following the completion of the transaction, the director now directly owns 6,814 shares of the company’s stock, valued at $244,758.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,520,340 shares of company stock worth $60,996,583. Corporate insiders own 48.94% of the company’s stock.

Analysts Set New Price Targets

DKNG has been the subject of several recent analyst reports. Benchmark lifted their price objective on shares of DraftKings from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, May 3rd. Oppenheimer dropped their price objective on shares of DraftKings from $60.00 to $58.00 and set an “outperform” rating for the company in a research note on Monday. Barclays lifted their price objective on shares of DraftKings from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Monday, May 6th. JPMorgan Chase & Co. reissued an “overweight” rating and set a $55.00 target price on shares of DraftKings in a research note on Thursday, March 28th. Finally, Guggenheim lowered their target price on shares of DraftKings from $53.00 to $52.00 and set a “buy” rating for the company in a research note on Wednesday, June 26th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $49.17.

DraftKings Stock Performance

NASDAQ DKNG traded down $1.55 during trading hours on Monday, reaching $36.62. The stock had a trading volume of 5,348,183 shares, compared to its average volume of 11,396,548. The stock has a fifty day moving average of $40.67 and a 200 day moving average of $40.61. The stock has a market cap of $31.83 billion, a P/E ratio of -32.35 and a beta of 1.81. DraftKings Inc. has a 52-week low of $24.97 and a 52-week high of $49.57. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.34 and a current ratio of 1.34.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, May 2nd. The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter in the prior year, the company earned ($0.87) EPS. DraftKings’s quarterly revenue was up 52.7% on a year-over-year basis. Sell-side analysts predict that DraftKings Inc. will post -0.24 earnings per share for the current year.

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.