Mediolanum International Funds Ltd Takes $17.33 Million Position in DraftKings Inc. (NASDAQ:DKNG)

Mediolanum International Funds Ltd purchased a new position in shares of DraftKings Inc. (NASDAQ:DKNG) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 468,361 shares of the company’s stock, valued at approximately $17,334,000. Mediolanum International Funds Ltd owned approximately 0.05% of DraftKings at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in DKNG. Synergy Asset Management LLC acquired a new stake in shares of DraftKings during the 4th quarter worth $30,000. Strategic Planning Group LLC grew its stake in DraftKings by 4.1% during the fourth quarter. Strategic Planning Group LLC now owns 75,103 shares of the company’s stock worth $2,794,000 after buying an additional 2,925 shares in the last quarter. Highland Capital Management LLC bought a new position in DraftKings in the 4th quarter valued at about $1,086,000. Forsta AP Fonden raised its position in shares of DraftKings by 25.9% in the 4th quarter. Forsta AP Fonden now owns 122,800 shares of the company’s stock valued at $4,568,000 after buying an additional 25,300 shares in the last quarter. Finally, Foundations Investment Advisors LLC lifted its holdings in shares of DraftKings by 30.4% during the 4th quarter. Foundations Investment Advisors LLC now owns 51,741 shares of the company’s stock worth $1,925,000 after acquiring an additional 12,074 shares during the period. Institutional investors own 37.70% of the company’s stock.

Insiders Place Their Bets

In related news, insider Jason Robins sold 3,151 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the transaction, the insider now directly owns 2,631,033 shares in the company, valued at $115,002,452.43. This trade represents a 0.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider R Stanton Dodge sold 228,496 shares of DraftKings stock in a transaction on Monday, December 9th. The shares were sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the completion of the sale, the insider now directly owns 541,884 shares of the company’s stock, valued at approximately $23,160,122.16. The trade was a 29.66 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 963,742 shares of company stock worth $38,082,888. 51.19% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. JPMorgan Chase & Co. boosted their price objective on shares of DraftKings from $47.00 to $53.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. JMP Securities dropped their price objective on DraftKings from $52.00 to $50.00 and set a “market outperform” rating for the company in a research report on Monday, January 6th. Benchmark reiterated a “buy” rating and issued a $44.00 target price on shares of DraftKings in a research report on Tuesday, January 7th. Susquehanna dropped their target price on shares of DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a report on Wednesday, January 8th. Finally, Mizuho lifted their price target on shares of DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Three investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $51.08.

DraftKings Stock Up 2.0 %

Shares of DraftKings stock opened at $42.73 on Friday. The stock’s 50-day moving average is $40.50 and its 200 day moving average is $38.19. DraftKings Inc. has a one year low of $28.69 and a one year high of $49.57. The firm has a market cap of $37.63 billion, a price-to-earnings ratio of -48.56, a PEG ratio of 3.07 and a beta of 1.90. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.00 and a quick ratio of 1.00.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. Equities research analysts anticipate that DraftKings Inc. will post -0.9 EPS for the current year.

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.