Helios Capital Management PTE. Ltd. Increases Stock Position in DraftKings Inc. $DKNG

Key Points

• Helios Capital Management PTE. Ltd. boosted its DraftKings stake by 926% in Q2 to 114,000 shares worth $4.89 million, making DKNG its 11th-largest holding and 3.8% of the firm's portfolio.
• Insiders have been net sellers recently — about 500,000 shares were sold in the past three months for roughly $21.8 million — although company insiders still reportedly own about 51.19% of the stock.
• Analysts are largely positive: with 26 Buys, 2 Holds and 3 Sells, DraftKings carries a consensus "Moderate Buy" rating and an average price target of $52.34 versus the recent share price near $27.92, suggesting potential upside.

Helios Capital Management PTE. Ltd. boosted its position in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 926.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 114,000 shares of the company's stock after purchasing an additional 102,889 shares during the quarter. DraftKings comprises 3.8% of Helios Capital Management PTE. Ltd.'s investment portfolio, making the stock its 11th biggest position. Helios Capital Management PTE. Ltd.'s holdings in DraftKings were worth $4,889,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Brooklyn Investment Group lifted its stake in DraftKings by 7.3% in the 1st quarter. Brooklyn Investment Group now owns 3,987 shares of the company's stock worth $132,000 after purchasing an additional 270 shares in the last quarter. TD Private Client Wealth LLC lifted its stake in DraftKings by 54.4% in the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company's stock worth $34,000 after purchasing an additional 282 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in DraftKings by 9.1% in the 2nd quarter. Farther Finance Advisors LLC now owns 3,413 shares of the company's stock worth $146,000 after purchasing an additional 286 shares in the last quarter. Obermeyer Wealth Partners lifted its stake in DraftKings by 3.4% in the 1st quarter. Obermeyer Wealth Partners now owns 8,930 shares of the company's stock worth $297,000 after purchasing an additional 297 shares in the last quarter. Finally, Stevens Capital Management LP lifted its stake in DraftKings by 3.7% in the 1st quarter. Stevens Capital Management LP now owns 8,989 shares of the company's stock worth $299,000 after purchasing an additional 319 shares in the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Jefferies Financial Group set a $52.00 target price on shares of DraftKings in a research note on Monday, October 6th. Mizuho lowered their price objective on shares of DraftKings from $58.00 to $54.00 and set an "outperform" rating on the stock in a research report on Tuesday, October 7th. Barclays restated an "overweight" rating and set a $54.00 price objective (up previously from $51.00) on shares of DraftKings in a research report on Friday, August 8th. UBS Group lowered their price objective on shares of DraftKings from $58.00 to $56.00 and set a "buy" rating on the stock in a research report on Wednesday, September 24th. Finally, Sanford C. Bernstein lowered their price objective on shares of DraftKings from $55.00 to $50.00 and set an "outperform" rating on the stock in a research report on Monday. Twenty-six investment analysts have rated the stock with a Buy rating, two have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $52.34.

DraftKings Price Performance

DKNG stock opened at $27.92 on Thursday. The firm's 50-day moving average price is $38.64 and its two-hundred day moving average price is $39.50. DraftKings Inc. has a 12-month low of $27.89 and a 12-month high of $53.61. The stock has a market capitalization of $13.86 billion, a price-to-earnings ratio of -42.95, a PEG ratio of 0.85 and a beta of 1.86. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.82.

DraftKings (NASDAQ:DKNG - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.30 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.16 by $0.14. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.06%. The firm had revenue of $1.51 billion for the quarter, compared to analysts' expectations of $1.39 billion. During the same quarter in the previous year, the company earned $0.12 earnings per share. The company's revenue for the quarter was up 36.9% compared to the same quarter last year. As a group, equities analysts predict that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insider Transactions at DraftKings

In other DraftKings news, Director Ryan R. Moore sold 76,390 shares of the business's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $45.92, for a total value of $3,507,828.80. Following the transaction, the director owned 402 shares in the company, valued at approximately $18,459.84. The trade was a 99.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jocelyn Moore sold 4,861 shares of the business's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $43.21, for a total transaction of $210,043.81. Following the completion of the transaction, the director owned 1,461 shares in the company, valued at $63,129.81. The trade was a 76.89% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 500,000 shares of company stock valued at $21,807,391. Company insiders own 51.19% of the company's stock.

About DraftKings

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.

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