Capital Research Global Investors Has $227.98 Million Holdings in DraftKings Inc. $DKNG

Capital Research Global Investors increased its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 55.9% in the fourth quarter, Holdings Channel reports. The firm owned 6,615,721 shares of the company’s stock after buying an additional 2,372,520 shares during the quarter. Capital Research Global Investors’ holdings in DraftKings were worth $227,978,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in DKNG. Integrated Wealth Concepts LLC grew its stake in shares of DraftKings by 5.9% during the first quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company’s stock worth $314,000 after purchasing an additional 524 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in DraftKings by 1,141.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company’s stock valued at $1,463,000 after acquiring an additional 40,495 shares during the period. Empowered Funds LLC grew its stake in DraftKings by 18.0% in the first quarter. Empowered Funds LLC now owns 9,115 shares of the company’s stock valued at $303,000 after acquiring an additional 1,391 shares during the period. Sivia Capital Partners LLC acquired a new position in DraftKings in the second quarter valued at about $603,000. Finally, Daiwa Securities Group Inc. grew its stake in DraftKings by 2.2% in the second quarter. Daiwa Securities Group Inc. now owns 44,102 shares of the company’s stock valued at $1,892,000 after acquiring an additional 968 shares during the period. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Jocelyn Moore sold 2,150 shares of the company’s stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $25.60, for a total transaction of $55,040.00. Following the sale, the director owned 1,406 shares in the company, valued at approximately $35,993.60. This represents a 60.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Woodrow Levin sold 34,234 shares of the company’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $25.71, for a total value of $880,156.14. Following the sale, the director owned 29,820 shares in the company, valued at $766,672.20. The trade was a 53.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 521,663 shares of company stock worth $13,144,962. Corporate insiders own 47.18% of the company’s stock.

Wall Street Analyst Weigh In

DKNG has been the subject of a number of research analyst reports. Jefferies Financial Group cut DraftKings from a “buy” rating to a “hold” rating in a research note on Friday, April 24th. BMO Capital Markets boosted their target price on DraftKings from $42.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, March 3rd. The Goldman Sachs Group decreased their target price on DraftKings from $54.00 to $31.00 and set a “buy” rating for the company in a research note on Tuesday, February 17th. Deutsche Bank Aktiengesellschaft cut DraftKings from a “hold” rating to a “hold” rating in a research note on Friday, April 24th. Finally, Argus cut DraftKings from a “buy” rating to a “hold” rating in a research note on Tuesday, March 17th. One analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $34.35.

DraftKings Stock Performance

DKNG opened at $24.93 on Monday. DraftKings Inc. has a 52-week low of $20.46 and a 52-week high of $48.78. The firm has a market capitalization of $12.37 billion, a PE ratio of 415.50 and a beta of 1.66. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.02 and a current ratio of 1.02. The business’s 50-day simple moving average is $23.80 and its 200 day simple moving average is $27.60.

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

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.