Westpac Banking Corp Raises Stock Holdings in DraftKings Inc. $DKNG

Westpac Banking Corp increased its position in DraftKings Inc. (NASDAQ:DKNG) by 70.7% during the 4th quarter, Holdings Channel.com reports. The firm owned 48,408 shares of the company’s stock after purchasing an additional 20,048 shares during the period. Westpac Banking Corp’s holdings in DraftKings were worth $1,668,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SCP Investment LP purchased a new stake in shares of DraftKings in the fourth quarter worth $11,200,000. Dynasty Wealth Management LLC purchased a new stake in shares of DraftKings in the fourth quarter worth $208,000. One Capital Management LLC grew its stake in shares of DraftKings by 66.1% in the fourth quarter. One Capital Management LLC now owns 77,093 shares of the company’s stock worth $2,657,000 after acquiring an additional 30,692 shares during the last quarter. Rothschild Wealth LLC grew its stake in shares of DraftKings by 46.6% in the fourth quarter. Rothschild Wealth LLC now owns 8,963 shares of the company’s stock worth $309,000 after acquiring an additional 2,850 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of DraftKings in the fourth quarter worth $284,466,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other DraftKings news, insider Paul Liberman sold 484,417 shares of the stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $25.16, for a total value of $12,187,931.72. Following the transaction, the insider owned 213,597 shares of the company’s stock, valued at approximately $5,374,100.52. This represents a 69.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Woodrow Levin sold 34,234 shares of the stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $25.71, for a total value of $880,156.14. Following the completion of the transaction, the director directly owned 29,820 shares in the company, valued at approximately $766,672.20. This represents a 53.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 521,663 shares of company stock valued at $13,144,962 over the last ninety days. 47.18% of the stock is currently owned by corporate insiders.

DraftKings Trading Down 0.7%

Shares of NASDAQ:DKNG opened at $25.12 on Thursday. The company has a market cap of $12.46 billion, a P/E ratio of 418.62 and a beta of 1.66. The company has a debt-to-equity ratio of 3.03, a current ratio of 1.02 and a quick ratio of 1.02. DraftKings Inc. has a 1 year low of $20.46 and a 1 year high of $48.78. The stock’s fifty day moving average price is $23.69 and its 200-day moving average price is $27.66.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Friday, May 8th. The company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.63 billion. DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The company’s revenue for the quarter was up 16.8% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.07) earnings per share. Sell-side analysts expect that DraftKings Inc. will post 0.6 earnings per share for the current year.

Analyst Upgrades and Downgrades

DKNG has been the topic of a number of recent research reports. Benchmark reissued a “buy” rating on shares of DraftKings in a research note on Monday. Citizens Jmp cut their target price on DraftKings from $38.00 to $34.00 and set a “market outperform” rating on the stock in a research note on Wednesday, April 1st. Citigroup reissued a “market outperform” rating on shares of DraftKings in a research note on Monday. Northland Securities set a $27.00 target price on DraftKings in a research note on Monday, May 11th. Finally, Deutsche Bank Aktiengesellschaft cut DraftKings from a “hold” rating to a “hold” rating in a research note on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, nine have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, DraftKings currently has an average rating of “Moderate Buy” and a consensus target price of $34.15.

DraftKings Company 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.