DraftKings Inc. $DKNG Shares Sold by Mediolanum International Funds Ltd

Mediolanum International Funds Ltd lowered its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 56.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 212,265 shares of the company’s stock after selling 279,481 shares during the period. Mediolanum International Funds Ltd’s holdings in DraftKings were worth $9,104,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the company. AQR Capital Management LLC boosted its stake in shares of DraftKings by 2,138.9% during the 1st 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 during the last quarter. Eminence Capital LP lifted its stake in shares of DraftKings by 195.2% during the first quarter. Eminence Capital LP now owns 5,178,083 shares of the company’s stock valued at $171,964,000 after buying an additional 3,423,909 shares during the period. Nuveen LLC acquired a new stake in DraftKings during the first quarter worth approximately $107,739,000. AGF Management Ltd. purchased a new stake in DraftKings in the 1st quarter worth approximately $83,622,000. Finally, Baillie Gifford & Co. grew its stake in DraftKings by 26.5% in the 1st quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company’s stock worth $278,640,000 after acquiring an additional 1,756,778 shares during the period. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Trading Up 3.4%

NASDAQ DKNG opened at $29.99 on Friday. The firm has a market capitalization of $14.93 billion, a price-to-earnings ratio of -52.61, a PEG ratio of 2.40 and a beta of 1.86. The company has a debt-to-equity ratio of 2.51, a quick ratio of 1.09 and a current ratio of 1.10. DraftKings Inc. has a one year low of $26.23 and a one year high of $53.61. The company’s 50 day moving average price is $34.53 and its 200 day moving average price is $39.13.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Friday, November 7th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.27). DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.The business had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period in the previous year, the company earned ($0.60) EPS. DraftKings’s revenue was up 4.4% on a year-over-year basis. On average, sell-side analysts predict that DraftKings Inc. will post 0.64 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Citigroup initiated coverage on DraftKings in a report on Friday. They set a “buy” rating and a $48.00 price objective on the stock. BTIG Research lowered their price target on DraftKings from $45.00 to $42.00 and set a “buy” rating for the company in a report on Friday, November 7th. Stifel Nicolaus reaffirmed a “buy” rating and set a $46.00 price objective (down previously from $50.00) on shares of DraftKings in a research note on Monday, November 10th. Needham & Company LLC reissued a “buy” rating and issued a $52.00 target price on shares of DraftKings in a research report on Wednesday. Finally, Mizuho dropped their price target on shares of DraftKings from $54.00 to $46.00 and set an “outperform” rating for the company in a research report on Thursday, November 13th. Twenty-five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, DraftKings presently has an average rating of “Moderate Buy” and an average price target of $47.38.

Insider Buying and Selling

In other news, Director Gregory Westin Wendt acquired 10,000 shares of the stock in a transaction on Tuesday, November 11th. The stock was bought at an average price of $30.27 per share, with a total value of $302,700.00. Following the completion of the transaction, the director directly owned 10,000 shares of the company’s stock, valued at $302,700. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Alan Wayne Ellingson sold 8,421 shares of DraftKings stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $29.23, for a total transaction of $246,145.83. Following the sale, the chief financial officer owned 126,990 shares in the company, valued at $3,711,917.70. This represents a 6.22% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 219,529 shares of company stock valued at $8,601,273. 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.