Evansbrook LLC Buys Shares of 60,654 DraftKings Inc. $DKNG

Evansbrook LLC purchased a new position in shares of DraftKings Inc. (NASDAQ:DKNG) in the fourth quarter, HoldingsChannel reports. The fund purchased 60,654 shares of the company’s stock, valued at approximately $2,090,000. DraftKings comprises about 1.4% of Evansbrook LLC’s portfolio, making the stock its 13th largest holding.

Several other hedge funds also recently made changes to their positions in the business. Dagco Inc. acquired a new stake in shares of DraftKings in the fourth quarter valued at approximately $26,000. Ameriflex Group Inc. lifted its position in shares of DraftKings by 100.0% in the third quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock worth $30,000 after purchasing an additional 405 shares in the last quarter. Asset Dedication LLC acquired a new position in DraftKings during the third quarter worth $37,000. Montag A & Associates Inc. boosted its holdings in DraftKings by 82.5% during the fourth quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock worth $38,000 after purchasing an additional 500 shares during the last quarter. Finally, Aventura Private Wealth LLC bought a new position in DraftKings in the fourth quarter valued at $39,000. 37.70% of the stock is owned by institutional investors.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 62,500 shares of DraftKings stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $29.68, for a total transaction of $1,855,000.00. Following the completion of the transaction, the insider directly owned 556,258 shares of the company’s stock, valued at $16,509,737.44. The trade was a 10.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Woodrow Levin sold 34,234 shares of DraftKings 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 transaction, the director directly 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 SEC filing for this sale provides additional information. Insiders have sold a total of 97,596 shares of company stock valued at $2,756,991 in the last ninety days. Insiders own 47.18% of the company’s stock.

Wall Street Analyst Weigh In

DKNG has been the topic of several recent research reports. Roth Mkm upgraded shares of DraftKings from a “sell” rating to a “buy” rating in a research note on Friday, April 24th. Zacks Research upgraded shares of DraftKings from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 20th. Citigroup restated a “market outperform” rating on shares of DraftKings in a report on Monday, June 1st. New Street Research set a $29.00 target price on DraftKings in a research report on Monday, June 1st. Finally, BMO Capital Markets lifted their target price on DraftKings from $42.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and an average price target of $34.21.

DraftKings Stock Performance

DKNG opened at $26.39 on Friday. DraftKings Inc. has a 12-month low of $20.46 and a 12-month high of $48.78. The stock has a market cap of $13.09 billion, a price-to-earnings ratio of 439.83 and a beta of 1.66. The business has a 50 day moving average of $24.83 and a 200-day moving average of $27.42. 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 issued its earnings results on Friday, May 8th. The company reported $0.20 EPS for the quarter, missing the consensus estimate 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 return on equity of 13.51% and a net margin of 0.93%.The business’s revenue was up 16.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.07) earnings per share. On average, equities research analysts expect that DraftKings Inc. will post 0.6 earnings per share for the current year.

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.