Stableford Capital II LLC Takes $835,000 Position in DraftKings Inc. $DKNG

Stableford Capital II LLC bought a new position in shares of DraftKings Inc. (NASDAQ:DKNG) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 33,052 shares of the company’s stock, valued at approximately $835,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Viking Global Investors LP acquired a new position in DraftKings during the third quarter worth $561,125,000. Capital World Investors grew its position in shares of DraftKings by 181.4% in the fourth quarter. Capital World Investors now owns 18,626,429 shares of the company’s stock valued at $641,867,000 after purchasing an additional 12,008,357 shares during the period. Janus Henderson Group PLC increased its stake in shares of DraftKings by 50.8% during the fourth quarter. Janus Henderson Group PLC now owns 25,313,909 shares of the company’s stock worth $858,893,000 after purchasing an additional 8,524,923 shares in the last quarter. Norges Bank purchased a new stake in shares of DraftKings during the fourth quarter worth about $284,466,000. Finally, Spruce House Investment Management LLC raised its position in shares of DraftKings by 129.6% during the 1st quarter. Spruce House Investment Management LLC now owns 9,650,000 shares of the company’s stock worth $208,633,000 after purchasing an additional 5,446,166 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling

In other DraftKings news, insider R Stanton Dodge sold 62,500 shares of the business’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 owned 556,258 shares of the company’s stock, valued at approximately $16,509,737.44. The trade was a 10.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, 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 the business’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $25.71, for a total value of $880,156.14. Following the transaction, the director directly owned 29,820 shares in the company, valued at $766,672.20. This trade represents a 53.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 97,596 shares of company stock valued at $2,756,991 over the last 90 days. Company insiders own 47.18% of the company’s stock.

DraftKings Stock Performance

DKNG opened at $23.50 on Tuesday. The firm has a market capitalization of $11.66 billion, a PE ratio of 391.67 and a beta of 1.66. DraftKings Inc. has a twelve month low of $20.46 and a twelve month high of $48.78. The firm’s 50-day moving average price is $25.50 and its 200 day moving average price is $25.22. 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 (NASDAQ:DKNG) last released its quarterly earnings data on Friday, May 8th. The company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The business had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the previous year, the company posted ($0.07) EPS. The firm’s revenue was up 16.8% on a year-over-year basis. As a group, sell-side analysts expect that DraftKings Inc. will post 0.54 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

DKNG has been the topic of several research analyst reports. JPMorgan Chase & Co. lifted their price objective on DraftKings from $31.00 to $34.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. HSBC upgraded DraftKings from a “hold” rating to a “hold” rating in a research note on Friday, April 24th. Benchmark restated a “buy” rating on shares of DraftKings in a research report on Monday, July 20th. Scotiabank upgraded DraftKings to an “outperform” rating in a research report on Friday, April 24th. Finally, Roth Capital raised DraftKings from a “sell” rating to a “buy” rating in a research note on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $34.37.

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.