Evansbrook LLC Takes Position in DraftKings Inc. $DKNG

Key Points

• Evansbrook LLC opened a new position in DraftKings during the fourth quarter, buying 60,654 shares valued at about $2.09 million. The stake makes up roughly 1.4% of its portfolio.
• DraftKings reported Q1 revenue of $1.65 billion, up 16.8% year over year, but earnings of $0.20 per share came in below the $0.22 consensus estimate.
• Analysts remain generally positive on the stock, with a consensus “Moderate Buy” rating and an average price target of $34.21. Several firms recently reiterated buy or outperform ratings, even as some insiders sold shares.

Evansbrook LLC bought a new position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 60,654 shares of the company's stock, valued at approximately $2,090,000. DraftKings comprises approximately 1.4% of Evansbrook LLC's portfolio, making the stock its 13th biggest position.

Several other large investors have also made changes to their positions in DKNG. Viking Global Investors LP acquired a new stake in DraftKings in the third quarter worth about $561,125,000. Capital World Investors lifted its position in DraftKings by 181.4% during the 4th 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 lifted its position in DraftKings by 50.8% during the 4th 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 during the period. Norges Bank bought a new position in shares of DraftKings in the 4th quarter valued at about $284,466,000. Finally, AQR Capital Management LLC boosted its stake in shares of DraftKings by 41.0% in the 4th quarter. AQR Capital Management LLC now owns 16,474,009 shares of the company's stock valued at $567,694,000 after purchasing an additional 4,788,337 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company's stock.

DraftKings Stock Up 0.3%

Shares of DraftKings stock opened at $26.39 on Friday. The company has a market capitalization of $13.09 billion, a P/E ratio of 439.83 and a beta of 1.66. 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 business has a 50-day moving average of $24.83 and a two-hundred day moving average of $27.42. 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 data 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 net margin of 0.93% and a return on equity of 13.51%. The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter last year, the firm earned ($0.07) EPS. The company's revenue for the quarter was up 16.8% on a year-over-year basis. As a group, equities analysts predict that DraftKings Inc. will post 0.6 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on DKNG shares. Jefferies Financial Group reissued a "buy" rating on shares of DraftKings in a research note on Wednesday, June 10th. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of DraftKings in a research note on Thursday, June 11th. BTIG Research lifted 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. UBS Group upped their target price on shares of DraftKings from $43.00 to $49.00 and gave the company a "buy" rating in a research report on Friday, June 5th. Finally, Guggenheim cut their price target on DraftKings from $37.00 to $35.00 and set a "buy" rating on the stock in a research note on Monday, May 11th. One research 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 given a Sell rating to the stock. According to data from MarketBeat.com, DraftKings has a consensus rating of "Moderate Buy" and a consensus target price of $34.21.

Insider Buying and Selling

In other DraftKings news, Director Woodrow Levin sold 34,234 shares of DraftKings stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $25.71, for a total value of $880,156.14. Following the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider R Stanton Dodge sold 62,500 shares of the firm'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 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 97,596 shares of company stock worth $2,756,991. Insiders own 47.18% of the company's stock.

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.

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