DraftKings Inc. $DKNG Shares Acquired by Strs Ohio

Strs Ohio increased its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 71.6% during the 1st quarter, HoldingsChannel.com reports. The firm owned 419,495 shares of the company’s stock after purchasing an additional 174,983 shares during the period. Strs Ohio’s holdings in DraftKings were worth $9,069,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the business. Viking Global Investors LP bought a new position in shares of DraftKings in the 3rd quarter worth about $561,125,000. Capital World Investors grew its position in shares of DraftKings by 181.4% during the 4th quarter. Capital World Investors now owns 18,626,429 shares of the company’s stock valued at $641,867,000 after buying an additional 12,008,357 shares during the last quarter. Janus Henderson Group PLC grew its position in shares of DraftKings by 50.8% during the 4th quarter. Janus Henderson Group PLC now owns 25,313,909 shares of the company’s stock valued at $858,893,000 after buying an additional 8,524,923 shares during the last quarter. Norges Bank acquired a new stake in DraftKings during the fourth quarter worth about $284,466,000. Finally, AQR Capital Management LLC raised its stake in DraftKings by 41.0% during the fourth quarter. AQR Capital Management LLC now owns 16,474,009 shares of the company’s stock worth $567,694,000 after acquiring an additional 4,788,337 shares during the period. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Northland Securities set a $27.00 target price on DraftKings in a research note on Monday, May 11th. UBS Group increased their price target on DraftKings from $43.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, June 5th. Raymond James Financial raised DraftKings from a “market perform” rating to an “outperform” rating in a report on Friday, April 24th. BTIG Research upped their price objective on DraftKings from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Finally, Guggenheim restated a “buy” rating and set a $35.00 price objective on shares of DraftKings in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, DraftKings presently has an average rating of “Moderate Buy” and an average target price of $34.24.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $25.89 on Monday. The firm’s 50 day moving average is $25.36 and its two-hundred day moving average is $26.69. The firm has a market capitalization of $12.84 billion, a P/E ratio of 431.50 and a beta of 1.65. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.03. DraftKings Inc. has a 52 week low of $20.46 and a 52 week high of $48.78.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data 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 business had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the prior year, the firm posted ($0.07) earnings per share. The business’s quarterly revenue was up 16.8% on a year-over-year basis. Analysts anticipate that DraftKings Inc. will post 0.6 earnings per share for the current year.

Insider Buying and Selling at DraftKings

In other news, insider R Stanton Dodge sold 62,500 shares of the firm’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $29.68, for a total transaction of $1,855,000.00. Following the transaction, the insider directly owned 556,258 shares of the company’s stock, valued at approximately $16,509,737.44. This trade represents a 10.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 dated Monday, May 18th. The shares were sold at an average price of $25.71, for a total transaction of $880,156.14. Following the sale, the director owned 29,820 shares in the company, valued at approximately $766,672.20. This 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 worth $2,756,991 in the last ninety days. 47.18% of the stock is owned by company insiders.

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.