Ieq Capital LLC Increases Stock Holdings in DraftKings Inc. $DKNG

Ieq Capital LLC boosted its stake in DraftKings Inc. (NASDAQ:DKNG) by 11.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,113,232 shares of the company’s stock after purchasing an additional 219,198 shares during the quarter. Ieq Capital LLC owned about 0.42% of DraftKings worth $72,822,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. raised its stake in DraftKings by 3.1% in the fourth quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock valued at $1,542,368,000 after purchasing an additional 1,354,457 shares in the last quarter. Citigroup Inc. raised its stake in DraftKings by 40.6% in the third quarter. Citigroup Inc. now owns 1,939,764 shares of the company’s stock valued at $72,547,000 after purchasing an additional 560,139 shares in the last quarter. Bedell Frazier Investment Counselling LLC purchased a new stake in DraftKings in the third quarter valued at approximately $4,492,000. Waycross Partners LLC purchased a new position in shares of DraftKings during the fourth quarter worth approximately $2,584,000. Finally, DAVENPORT & Co LLC raised its stake in shares of DraftKings by 11.2% during the fourth quarter. DAVENPORT & Co LLC now owns 3,456,735 shares of the company’s stock worth $119,602,000 after acquiring an additional 348,333 shares in the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Stock Performance

NASDAQ:DKNG opened at $29.00 on Friday. The stock has a market cap of $14.39 billion, a P/E ratio of 483.33 and a beta of 1.66. The firm’s fifty day simple moving average is $24.47 and its 200 day simple moving average is $27.57. DraftKings Inc. has a twelve month low of $20.46 and a twelve month high of $48.78. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.03.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.02). The company had revenue of $1.65 billion during 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 business’s revenue was up 16.8% on a year-over-year basis. During the same quarter last year, the firm earned ($0.07) EPS. As a group, research analysts predict that DraftKings Inc. will post 0.6 EPS for the current year.

Analyst Upgrades and Downgrades

DKNG has been the topic of several research reports. Weiss Ratings downgraded shares of DraftKings from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, May 11th. Needham & Company LLC reissued a “buy” rating and set a $35.00 price target on shares of DraftKings in a research note on Monday, May 11th. Oppenheimer decreased their price target on shares of DraftKings from $50.00 to $35.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 17th. Wells Fargo & Company reissued an “overweight” rating and set a $32.00 price target on shares of DraftKings in a research note on Sunday, May 10th. Finally, Morgan Stanley reissued an “overweight” rating on shares of DraftKings in a research note on Thursday, May 21st. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $34.21.

DraftKings News Roundup

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: DraftKings is drawing bullish attention after Oppenheimer reiterated a Buy rating, reinforcing optimism around the company’s growth outlook. DraftKings (DKNG) Receives a Buy from Oppenheimer
• Positive Sentiment: Investor enthusiasm picked up after DraftKings disclosed strong growth in its Predictions platform, with May volume reportedly surging and some articles calling it a potential new growth engine for the stock. Why DraftKings (DKNG) Stock Is Up Today
• Positive Sentiment: DraftKings also benefited from World Cup-related optimism, with analysts saying it could be a clear winner as sports betting activity rises during the tournament and marketing spend ramps up. Intel surges on rare double upgrade, DraftKings scores ahead of World Cup
• Positive Sentiment: Unusually heavy call-option buying and a strong weekly rally suggest traders are positioning for additional upside in DKNG. DKNG Bulls Are Eyeing A Breakout After Strongest Weekly Rally In 16 Months
• Neutral Sentiment: Some commentary notes DraftKings’ prediction-market business is growing quickly but is still relatively small versus larger rivals, so the long-term opportunity remains early-stage. DraftKings: Prediction Market Potential Is Becoming Clearer
• Negative Sentiment: JPMorgan cautioned that while May operating data showed progress, it does not yet point to immediate upside, which may temper some of the bullish momentum. DKNG Bulls Are Eyeing A Breakout After Strongest Weekly Rally In 16 Months

Insider Buying and Selling at DraftKings

In other DraftKings news, Director Woodrow Levin sold 34,234 shares of the firm’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $25.71, for a total transaction of $880,156.14. Following the completion of the transaction, the director owned 29,820 shares of the company’s stock, valued at approximately $766,672.20. This trade represents a 53.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider R Stanton Dodge sold 62,500 shares of the firm’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $29.68, for a total value of $1,855,000.00. Following the transaction, the insider directly owned 556,258 shares of the company’s stock, valued at $16,509,737.44. This represents a 10.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 97,596 shares of company stock valued at $2,756,991 in the last three months. Insiders own 47.18% of the company’s stock.

About DraftKings

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.