DraftKings Inc. $DKNG Shares Acquired by Strs Ohio

Key Points

• Strs Ohio increased its DraftKings stake by 71.6% in the first quarter, buying 174,983 additional shares and bringing its total holding to 419,495 shares worth about $9.1 million.
• DraftKings reported Q1 revenue of $1.65 billion, topping estimates, but earnings per share came in at $0.20, slightly below the $0.22 consensus. Revenue was up 16.8% year over year.
• Insiders have been selling shares recently, including R. Stanton Dodge and director Woodrow Levin, even as analysts maintain a Moderate Buy consensus with an average price target of $34.24.

Strs Ohio lifted its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 71.6% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 419,495 shares of the company's stock after purchasing an additional 174,983 shares during the quarter. Strs Ohio owned about 0.08% of DraftKings worth $9,069,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Dagco Inc. acquired a new stake in shares of DraftKings in the fourth quarter worth $26,000. Ameriflex Group Inc. lifted its holdings in shares of DraftKings by 100.0% during the 3rd quarter. Ameriflex Group Inc. now owns 810 shares of the company's stock valued at $30,000 after acquiring an additional 405 shares in the last quarter. Asset Dedication LLC purchased a new stake in DraftKings during the 3rd quarter worth $37,000. Montag A & Associates Inc. boosted its position in DraftKings by 82.5% during the 4th quarter. Montag A & Associates Inc. now owns 1,106 shares of the company's stock worth $38,000 after purchasing an additional 500 shares during the period. Finally, Aventura Private Wealth LLC acquired a new stake in DraftKings in the 4th quarter valued at $39,000. Institutional investors and hedge funds own 37.70% of the company's stock.

DraftKings Price Performance

Shares of DraftKings stock opened at $25.89 on Monday. The business has a 50-day moving average of $25.36 and a 200-day moving average of $26.69. The company has a debt-to-equity ratio of 3.03, a current ratio of 1.02 and a quick ratio of 1.02. The company has a market capitalization of $12.84 billion, a PE ratio of 431.50 and a beta of 1.65. DraftKings Inc. has a 1-year low of $20.46 and a 1-year high of $48.78.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings results on Friday, May 8th. The company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.02). The business had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.63 billion. DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The company's revenue was up 16.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.07) EPS. As a group, equities analysts forecast that DraftKings Inc. will post 0.6 EPS for the current fiscal year.

Insider Buying and Selling

In other DraftKings news, insider R Stanton Dodge sold 62,500 shares of the company's stock in a transaction that occurred 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 transaction, the insider directly owned 556,258 shares of the company's stock, valued at $16,509,737.44. This represents a 10.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at 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 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 directly owned 29,820 shares of the company's stock, valued at $766,672.20. The trade was a 53.45% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 97,596 shares of company stock worth $2,756,991. 47.18% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on DKNG. HSBC raised DraftKings from a "hold" rating to a "hold" rating in a research report on Friday, April 24th. BTIG Research increased their target price on DraftKings from $28.00 to $30.00 and gave the company a "buy" rating in a research note on Friday, May 8th. UBS Group raised their target price on DraftKings from $43.00 to $49.00 and gave the company a "buy" rating in a report on Friday, June 5th. Weiss Ratings lowered DraftKings from a "sell (d+)" rating to a "sell (d)" rating in a research report on Monday, May 11th. Finally, Roth Mkm upgraded DraftKings from a "sell" rating to a "buy" rating in a report on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $34.24.

DraftKings Company 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.

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