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

Udine Wealth Management Inc. lessened its position in DraftKings Inc. (NASDAQ:DKNG) by 21.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 42,451 shares of the company’s stock after selling 11,831 shares during the quarter. DraftKings comprises 0.9% of Udine Wealth Management Inc.’s holdings, 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.

Several other hedge funds and other institutional investors have also made changes to their positions in DKNG. Spire Wealth Management acquired a new stake in shares of DraftKings in the fourth quarter valued at approximately $106,000. YANKCOM Partnership acquired a new stake in shares of DraftKings in the fourth quarter valued at approximately $48,000. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of DraftKings by 18.2% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 39,428 shares of the company’s stock valued at $1,467,000 after purchasing an additional 6,059 shares during the last quarter. Golden State Wealth Management LLC acquired a new stake in shares of DraftKings in the fourth quarter valued at approximately $73,000. Finally, Empowered Funds LLC increased its holdings in shares of DraftKings by 12.9% in the fourth quarter. Empowered Funds LLC now owns 7,724 shares of the company’s stock valued at $287,000 after purchasing an additional 885 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on DKNG shares. BMO Capital Markets reaffirmed an “outperform” rating and issued a $65.00 price target on shares of DraftKings in a report on Thursday, April 24th. Macquarie cut their price target on DraftKings from $55.00 to $53.00 and set an “outperform” rating for the company in a report on Monday, May 12th. Morgan Stanley cut their price target on DraftKings from $53.00 to $51.00 and set an “overweight” rating for the company in a report on Friday, May 30th. BTIG Research cut their price target on DraftKings from $64.00 to $52.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. Finally, JMP Securities cut their target price on DraftKings from $54.00 to $50.00 and set a “market outperform” rating for the company in a research note on Thursday. One analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.41.

Insider Activity at DraftKings

In related news, Director Jocelyn Moore sold 3,136 shares of DraftKings stock in a transaction 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 completion of the transaction, the director now directly owns 5,947 shares in the company, valued at approximately $209,810.16. This trade represents a 34.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider R Stanton Dodge sold 52,777 shares of DraftKings stock in a transaction on Monday, March 17th. The shares were sold at an average price of $39.00, for a total value of $2,058,303.00. Following the completion of the transaction, the insider now owns 653,843 shares of the company’s stock, valued at approximately $25,499,877. This trade represents a 7.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,127,504 shares of company stock worth $42,687,810. Company insiders own 51.19% of the company’s stock.

DraftKings Trading Up 6.2%

Shares of NASDAQ DKNG opened at $35.81 on Friday. The stock has a market capitalization of $31.85 billion, a PE ratio of -33.78, a PEG ratio of 1.43 and a beta of 1.89. The stock has a fifty day simple moving average of $34.58 and a 200-day simple moving average of $38.86. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $53.61. The company has a current ratio of 0.93, a quick ratio of 1.00 and a debt-to-equity ratio of 1.24.

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.