Mediolanum International Funds Ltd Has $1.95 Million Stake in DraftKings Inc. $DKNG

Mediolanum International Funds Ltd reduced its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 75.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 52,252 shares of the company’s stock after selling 160,013 shares during the quarter. Mediolanum International Funds Ltd’s holdings in DraftKings were worth $1,954,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in DKNG. IHT Wealth Management LLC lifted its stake in shares of DraftKings by 4.1% in the 2nd quarter. IHT Wealth Management LLC now owns 6,271 shares of the company’s stock valued at $269,000 after acquiring an additional 248 shares during the last quarter. Geneos Wealth Management Inc. grew its position in DraftKings by 7.3% in the 3rd quarter. Geneos Wealth Management Inc. now owns 4,793 shares of the company’s stock valued at $179,000 after purchasing an additional 328 shares during the period. Valeo Financial Advisors LLC raised its stake in shares of DraftKings by 3.6% in the second quarter. Valeo Financial Advisors LLC now owns 10,009 shares of the company’s stock worth $429,000 after purchasing an additional 348 shares during the last quarter. Huntleigh Advisors Inc. boosted its holdings in DraftKings by 0.8% during the third quarter. Huntleigh Advisors Inc. now owns 43,630 shares of the company’s stock worth $1,632,000 after purchasing an additional 363 shares during the last quarter. Finally, TD Private Client Wealth LLC grew its stake in DraftKings by 45.6% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,165 shares of the company’s stock valued at $44,000 after purchasing an additional 365 shares during the period. 37.70% of the stock is currently owned by institutional investors.

DraftKings Stock Down 2.4%

Shares of NASDAQ DKNG opened at $26.76 on Wednesday. The company has a debt-to-equity ratio of 2.51, a current ratio of 1.10 and a quick ratio of 1.09. DraftKings Inc. has a 1 year low of $25.73 and a 1 year high of $53.61. The company has a market capitalization of $13.32 billion, a price-to-earnings ratio of -46.95, a price-to-earnings-growth ratio of 0.47 and a beta of 1.67. The business has a 50-day moving average of $33.45 and a two-hundred day moving average of $37.18.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Friday, November 7th. The company reported ($0.26) 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 analysts’ expectations of $1.40 billion. During the same quarter in the prior year, the firm earned ($0.60) earnings per share. DraftKings’s quarterly revenue was up 4.4% on a year-over-year basis. On average, analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Alan Wayne Ellingson sold 8,421 shares of DraftKings stock in a transaction that occurred on Friday, November 14th. The stock was 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 of the company’s stock, valued at approximately $3,711,917.70. The trade was a 6.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Gregory Westin Wendt bought 10,000 shares of the company’s stock in a transaction dated Tuesday, November 11th. The stock was purchased at an average cost of $30.27 per share, for a total transaction of $302,700.00. Following the completion of the transaction, the director owned 10,000 shares of the company’s stock, valued at $302,700. This represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold a total of 166,752 shares of company stock valued at $5,252,044 over the last three months. 47.08% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on DKNG. Northland Securities upgraded shares of DraftKings from an “under perform” rating to a “market perform” rating in a research note on Monday, November 10th. Bank of America lowered DraftKings from a “buy” rating to a “neutral” rating and decreased their price target for the company from $48.00 to $35.00 in a report on Tuesday, November 4th. Barclays cut their price target on shares of DraftKings from $54.00 to $40.00 and set an “overweight” rating on the stock in a report on Monday, November 10th. BTIG Research raised their target price on shares of DraftKings from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, December 5th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of DraftKings from $51.00 to $42.00 and set an “overweight” rating for the company in a research note on Monday, November 10th. Twenty-three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $46.10.

DraftKings Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.