Buckland Partners Management Co LLC Invests $1.52 Million in DraftKings Inc. $DKNG

Key Points

• Buckland Partners Management acquired 60,000 DraftKings shares worth approximately $1.52 million during the second quarter. Institutional investors collectively own 37.70% of the company.
• DraftKings reported quarterly EPS of $0.09, beating estimates of $0.02, but revenue of $1.44 billion fell short of forecasts and declined 4.6% year over year.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $34.11 versus the stock’s reported $25.30 price.

Buckland Partners Management Co LLC acquired a new position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 60,000 shares of the company's stock, valued at approximately $1,516,000.

A number of other institutional investors and hedge funds also recently modified their holdings of DKNG. Integrated Wealth Concepts LLC boosted its holdings in shares of DraftKings by 5.9% during the 1st quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company's stock worth $314,000 after buying an additional 524 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in DraftKings by 1,141.0% in 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 lifted its position in DraftKings by 18.0% during the first quarter. Empowered Funds LLC now owns 9,115 shares of the company's stock worth $303,000 after acquiring an additional 1,391 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in DraftKings during the second quarter worth approximately $603,000. Finally, Daiwa Securities Group Inc. boosted its holdings in shares of DraftKings by 2.2% during the second quarter. Daiwa Securities Group Inc. now owns 44,102 shares of the company's stock worth $1,892,000 after acquiring an additional 968 shares during the period. 37.70% of the stock is owned by institutional investors.

DraftKings Stock Performance

NASDAQ:DKNG opened at $25.30 on Tuesday. The stock's 50-day moving average is $25.37 and its 200-day moving average is $24.67. DraftKings Inc. has a 1-year low of $20.46 and a 1-year high of $48.78. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.22. The stock has a market cap of $12.56 billion, a P/E ratio of -66.58 and a beta of 1.66.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported $0.09 earnings per share for the quarter, topping analysts' consensus estimates of $0.02 by $0.07. DraftKings had a negative net margin of 2.68% and a negative return on equity of 11.26%. The firm had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.51 billion. During the same period in the previous year, the firm posted $0.30 EPS. The company's revenue for the quarter was down 4.6% compared to the same quarter last year. Equities research analysts anticipate that DraftKings Inc. will post 0.54 earnings per share for the current year.

Insiders Place Their Bets

In other DraftKings news, insider R Stanton Dodge sold 62,500 shares of the firm's stock in a transaction that occurred 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 owned 556,258 shares in the company, valued at approximately $16,509,737.44. This trade represents a 10.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 47.18% of the company's stock.

Wall Street Analysts Forecast Growth

DKNG has been the subject of a number of recent analyst reports. TD Cowen upped their target price on DraftKings from $30.00 to $35.00 and gave the company a "buy" rating in a research report on Friday, July 10th. HSBC raised DraftKings from a "hold" rating to a "hold" rating in a research note on Friday, April 24th. JPMorgan Chase & Co. cut their price objective on shares of DraftKings from $34.00 to $33.00 and set an "overweight" rating for the company in a research report on Monday, August 10th. Wedbush started coverage on shares of DraftKings in a research note on Friday, April 24th. They set an "outperform" rating on the stock. Finally, Moffett Nathanson decreased their target price on shares of DraftKings from $27.00 to $25.00 in a report on Wednesday, July 15th. 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 company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $34.11.

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.

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