DraftKings Inc. $DKNG Shares Bought by Udine Wealth Management Inc.

Udine Wealth Management Inc. grew its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 38.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 58,721 shares of the company’s stock after acquiring an additional 16,270 shares during the quarter. DraftKings comprises 1.5% of Udine Wealth Management Inc.’s portfolio, making the stock its 16th biggest position. Udine Wealth Management Inc.’s holdings in DraftKings were worth $2,519,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. FNY Investment Advisers LLC acquired a new stake in DraftKings during the first quarter worth about $26,000. TD Private Client Wealth LLC grew its stake in shares of DraftKings by 54.4% in the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after buying an additional 282 shares in the last quarter. Smallwood Wealth Investment Management LLC acquired a new stake in shares of DraftKings in the first quarter valued at about $27,000. GPS Wealth Strategies Group LLC grew its stake in shares of DraftKings by 197.9% in the first quarter. GPS Wealth Strategies Group LLC now owns 849 shares of the company’s stock valued at $28,000 after buying an additional 564 shares in the last quarter. Finally, Bank of Jackson Hole Trust acquired a new stake in shares of DraftKings in the first quarter valued at about $31,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $32.69 on Friday. DraftKings Inc. has a fifty-two week low of $29.64 and a fifty-two week high of $53.61. The business has a 50 day moving average price of $43.20 and a two-hundred day moving average price of $39.63. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.82. The firm has a market cap of $16.23 billion, a PE ratio of -50.29, a price-to-earnings-growth ratio of 0.70 and a beta of 1.99.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.14. DraftKings had a negative return on equity of 30.06% and a negative net margin of 5.63%.The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.39 billion. During the same quarter last year, the firm earned $0.12 EPS. DraftKings’s quarterly revenue was up 36.9% on a year-over-year basis. DraftKings has set its FY 2025 guidance at EPS. Sell-side analysts expect that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

Insider Activity at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 105,554 shares of the stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $44.60, for a total transaction of $4,707,708.40. Following the transaction, the insider owned 500,000 shares of the company’s stock, valued at $22,300,000. This trade represents a 17.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Ryan R. Moore sold 76,390 shares of the stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $45.92, for a total value of $3,507,828.80. Following the transaction, the director directly owned 402 shares in the company, valued at approximately $18,459.84. This represents a 99.48% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 658,331 shares of company stock worth $29,285,365 over the last quarter. 51.19% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on DKNG shares. Deutsche Bank Aktiengesellschaft set a $47.00 target price on DraftKings and gave the company a “hold” rating in a research note on Friday, August 8th. JMP Securities lowered their target price on DraftKings from $54.00 to $51.00 and set a “market outperform” rating for the company in a research note on Wednesday, October 1st. Barclays reiterated an “overweight” rating and issued a $54.00 target price (up previously from $51.00) on shares of DraftKings in a research note on Friday, August 8th. Susquehanna reiterated a “positive” rating and issued a $64.00 target price on shares of DraftKings in a research note on Friday, August 8th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $52.00 target price (up previously from $51.00) on shares of DraftKings in a research note on Friday, July 11th. Twenty-seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.28.

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.