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

Mediolanum International Funds Ltd lowered its position in DraftKings Inc. (NASDAQ:DKNG) by 75.4% in the third quarter, HoldingsChannel.com reports. 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 (SEC).

Other hedge funds also recently modified their holdings of the company. Root Financial Partners LLC purchased a new stake in DraftKings in the third quarter worth $33,000. AlphaQuest LLC bought a new position in shares of DraftKings during the third quarter valued at $41,000. TD Private Client Wealth LLC increased its position in shares of DraftKings by 45.6% during the third quarter. TD Private Client Wealth LLC now owns 1,165 shares of the company’s stock valued at $44,000 after acquiring an additional 365 shares in the last quarter. Atlantic Union Bankshares Corp purchased a new stake in shares of DraftKings during the 2nd quarter valued at about $45,000. Finally, Delos Wealth Advisors LLC purchased a new position in shares of DraftKings in the second quarter worth approximately $47,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Transactions at DraftKings

In other DraftKings news, CFO Alan Wayne Ellingson sold 8,421 shares of the business’s stock in a transaction on Friday, November 14th. The shares were sold at an average price of $29.23, for a total value of $246,145.83. Following the completion of the transaction, the chief financial officer owned 126,990 shares in the company, valued at $3,711,917.70. The trade was a 6.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Harry Sloan acquired 25,000 shares of DraftKings stock in a transaction dated Tuesday, November 11th. The stock was bought at an average price of $30.30 per share, for a total transaction of $757,500.00. Following the completion of the purchase, the director owned 249,712 shares of the company’s stock, valued at approximately $7,566,273.60. This represents a 11.13% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold a total of 166,752 shares of company stock worth $5,252,044 over the last quarter. 47.08% of the stock is owned by corporate insiders.

DraftKings Trading Down 2.4%

Shares of DraftKings stock opened at $26.76 on Wednesday. The company has a current ratio of 1.10, a quick ratio of 1.09 and a debt-to-equity ratio of 2.51. DraftKings Inc. has a twelve month low of $25.73 and a twelve month high of $53.61. The firm has a market capitalization of $13.32 billion, a PE ratio of -46.95, a P/E/G ratio of 0.47 and a beta of 1.67. The firm’s 50-day moving average price is $33.45 and its 200 day moving average price is $37.18.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results 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 company had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the prior year, the firm earned ($0.60) EPS. The firm’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 fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Benchmark reiterated a “buy” rating on shares of DraftKings in a research note on Monday, January 12th. Barclays dropped their target price on DraftKings from $54.00 to $40.00 and set an “overweight” rating for the company in a report on Monday, November 10th. Stifel Nicolaus reduced their price objective on shares of DraftKings from $46.00 to $44.00 and set a “buy” rating on the stock in a research report on Friday. Truist Financial lowered shares of DraftKings from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Finally, Northland Securities upgraded DraftKings from an “under perform” rating to a “market perform” rating in a report on Monday, November 10th. Twenty-three analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus 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.