Bamco Inc. NY Buys 568,487 Shares of DraftKings Inc. $DKNG

Bamco Inc. NY increased its stake in DraftKings Inc. (NASDAQ:DKNG) by 13.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,674,455 shares of the company’s stock after buying an additional 568,487 shares during the quarter. Bamco Inc. NY owned about 0.94% of DraftKings worth $161,082,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of DKNG. Integrated Wealth Concepts LLC boosted its holdings in DraftKings by 5.9% during the 1st quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company’s stock valued at $314,000 after acquiring an additional 524 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in DraftKings by 1,141.0% during the 1st 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 boosted its holdings in DraftKings by 18.0% during the 1st 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 purchased a new position in DraftKings during the 2nd quarter valued at $603,000. Finally, Daiwa Securities Group Inc. boosted its holdings in DraftKings by 2.2% during the 2nd 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. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling at DraftKings

In other 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 value 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 approximately $16,509,737.44. The trade was a 10.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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 completion of the transaction, the director directly owned 29,820 shares of the company’s stock, valued at approximately $766,672.20. The trade was a 53.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 97,596 shares of company stock valued at $2,756,991. Corporate insiders own 47.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on DKNG. Stephens began coverage on DraftKings in a report on Friday, April 24th. They set an “overweight” rating for the company. Benchmark restated a “buy” rating on shares of DraftKings in a report on Monday, June 1st. Barclays boosted their price objective on DraftKings from $33.00 to $35.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Wedbush assumed coverage on DraftKings in a report on Friday, April 24th. They set an “outperform” rating for the company. Finally, JPMorgan Chase & Co. decreased their target price on DraftKings from $32.00 to $31.00 and set an “overweight” rating for the company in a research report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $34.21.

DraftKings Trading Down 7.7%

Shares of NASDAQ DKNG opened at $26.32 on Thursday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.03. The business has a fifty day simple moving average of $24.76 and a two-hundred day simple moving average of $27.47. The firm has a market cap of $13.06 billion, a PE ratio of 438.67 and a beta of 1.66. DraftKings Inc. has a twelve month low of $20.46 and a twelve month high of $48.78.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). The firm had revenue of $1.65 billion for 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 company’s revenue for the quarter was up 16.8% on a year-over-year basis. During the same period last year, the firm earned ($0.07) earnings per share. 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.