State of Wyoming Buys 26,132 Shares of DraftKings Inc. $DKNG

State of Wyoming raised its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 564.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 30,758 shares of the company’s stock after acquiring an additional 26,132 shares during the period. State of Wyoming’s holdings in DraftKings were worth $665,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of DraftKings by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock valued at $1,542,368,000 after acquiring an additional 1,354,457 shares during the period. Waycross Partners LLC purchased a new stake in shares of DraftKings during the 4th quarter worth $2,584,000. Stableford Capital II LLC purchased a new stake in shares of DraftKings during the 4th quarter worth $2,476,000. Sumitomo Mitsui Trust Group Inc. boosted its position in DraftKings by 11.0% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,370,903 shares of the company’s stock valued at $150,621,000 after purchasing an additional 433,963 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its position in DraftKings by 50.8% during the fourth quarter. Janus Henderson Group PLC now owns 25,313,909 shares of the company’s stock valued at $858,893,000 after purchasing an additional 8,524,923 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on DKNG shares. BTIG Research boosted their target price on shares of DraftKings from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, May 8th. TD Cowen raised their price target on shares of DraftKings from $30.00 to $35.00 and gave the company a “buy” rating in a report on Friday, July 10th. Scotiabank raised shares of DraftKings to an “outperform” rating in a research report on Friday, April 24th. Mizuho boosted their price objective on shares of DraftKings from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 12th. Finally, Barclays increased their target price on shares of DraftKings from $33.00 to $35.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. 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 issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $34.37.

Insider Buying and Selling at DraftKings

In other DraftKings news, Director Woodrow Levin sold 34,234 shares of DraftKings stock in a transaction dated 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 sale, the director owned 29,820 shares of the company’s stock, valued at approximately $766,672.20. The trade was a 53.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider R Stanton Dodge sold 62,500 shares of the business’s stock in a transaction dated 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 sale, the insider owned 556,258 shares in the company, valued at approximately $16,509,737.44. The trade was 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 over the last quarter. Insiders own 47.18% of the company’s stock.

DraftKings Stock Performance

Shares of DraftKings stock opened at $22.81 on Friday. The company has a 50 day moving average price of $25.70 and a 200 day moving average price of $25.77. The firm has a market capitalization of $11.32 billion, a P/E ratio of 380.17 and a beta of 1.65. 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 Inc. has a 52 week low of $20.46 and a 52 week high of $48.78.

DraftKings (NASDAQ:DKNG) last released its 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). DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The company had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the prior year, the firm posted ($0.07) EPS. The firm’s revenue for the quarter was up 16.8% on a year-over-year basis. Sell-side analysts expect that DraftKings Inc. will post 0.54 EPS for the current year.

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.