Mediolanum International Funds Ltd Makes New Investment in DraftKings Inc. (NASDAQ:DKNG)

Mediolanum International Funds Ltd bought a new stake in DraftKings Inc. (NASDAQ:DKNG) in the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 468,361 shares of the company’s stock, valued at approximately $17,334,000.

A number of other large investors also recently made changes to their positions in DKNG. The Manufacturers Life Insurance Company increased its stake in DraftKings by 2.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 24,621 shares of the company’s stock valued at $940,000 after buying an additional 487 shares during the last quarter. Mackenzie Financial Corp increased its position in shares of DraftKings by 5.4% during the second quarter. Mackenzie Financial Corp now owns 23,356 shares of the company’s stock valued at $891,000 after acquiring an additional 1,195 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in DraftKings by 2.1% during the second quarter. NewEdge Advisors LLC now owns 43,191 shares of the company’s stock worth $1,649,000 after acquiring an additional 902 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in DraftKings by 5.6% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 35,916 shares of the company’s stock worth $1,371,000 after purchasing an additional 1,902 shares during the last quarter. Finally, Quarry LP bought a new position in DraftKings in the 2nd quarter valued at $87,000. 37.70% of the stock is owned by institutional investors.

DraftKings Stock Performance

Shares of DKNG opened at $42.73 on Friday. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $49.57. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. The company has a market cap of $37.63 billion, a PE ratio of -48.56, a price-to-earnings-growth ratio of 3.07 and a beta of 1.90. The stock has a 50-day moving average price of $40.50 and a 200-day moving average price of $38.19.

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

Insider Activity at DraftKings

In other DraftKings news, insider Jason Robins sold 3,151 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the sale, the insider now directly owns 2,631,033 shares of the company’s stock, valued at $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider R Stanton Dodge sold 228,496 shares of the company’s stock in a transaction dated 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 sale, the insider now 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 963,742 shares of company stock valued at $38,082,888 over the last 90 days. 51.19% of the stock is owned by insiders.

Analysts Set New Price Targets

DKNG has been the topic of a number of recent analyst reports. Morgan Stanley lifted their target price on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Wells Fargo & Company boosted their target price on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Macquarie lifted their price target on shares of DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Mizuho upped their price objective on DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Finally, JMP Securities decreased their target price 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. Three analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $51.08.

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.