HighTower Advisors LLC Grows Position in DraftKings Inc. $DKNG

Key Points

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HighTower Advisors LLC lifted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 16.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 193,897 shares of the company's stock after purchasing an additional 26,841 shares during the quarter. HighTower Advisors LLC's holdings in DraftKings were worth $6,439,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of DKNG. Guggenheim Capital LLC lifted its stake in DraftKings by 11.3% during the 4th quarter. Guggenheim Capital LLC now owns 13,459 shares of the company's stock worth $501,000 after acquiring an additional 1,364 shares in the last quarter. NewEdge Advisors LLC lifted its stake in DraftKings by 100.3% during the 4th quarter. NewEdge Advisors LLC now owns 53,211 shares of the company's stock worth $1,979,000 after acquiring an additional 26,639 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in DraftKings by 6.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,105,643 shares of the company's stock worth $41,129,000 after acquiring an additional 64,088 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S lifted its stake in DraftKings by 47.5% during the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 14,373 shares of the company's stock worth $535,000 after acquiring an additional 4,626 shares in the last quarter. Finally, Natixis acquired a new position in DraftKings during the 4th quarter worth about $1,528,000. Institutional investors and hedge funds own 37.70% of the company's stock.

Insider Transactions at DraftKings

In other DraftKings news, insider Matthew Kalish sold 210,000 shares of DraftKings stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $42.90, for a total value of $9,009,000.00. Following the transaction, the insider directly owned 4,190,233 shares in the company, valued at approximately $179,760,995.70. This trade represents a 4.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jocelyn Moore sold 4,861 shares of DraftKings stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $43.21, for a total value of $210,043.81. Following the completion of the transaction, the director owned 1,461 shares in the company, valued at $63,129.81. This trade represents a 76.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 645,938 shares of company stock worth $26,823,776. 47.08% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on DKNG shares. Morgan Stanley reissued an "overweight" rating and set a $52.00 target price (up previously from $51.00) on shares of DraftKings in a research note on Friday, July 11th. Deutsche Bank Aktiengesellschaft set a $47.00 price target on DraftKings and gave the company a "hold" rating in a research report on Friday, August 8th. Mizuho reduced their price target on DraftKings from $59.00 to $58.00 and set an "outperform" rating on the stock in a research report on Monday, May 12th. JPMorgan Chase & Co. started coverage on DraftKings in a research report on Monday, June 23rd. They issued an "overweight" rating and a $50.00 price target on the stock. Finally, Susquehanna reaffirmed a "positive" rating and issued a $64.00 price target on shares of DraftKings in a research report on Friday, August 8th. Two analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $54.50.

DraftKings Trading Up 1.7%

DKNG opened at $45.70 on Tuesday. The firm has a market cap of $40.65 billion, a price-to-earnings ratio of -70.31, a price-to-earnings-growth ratio of 1.07 and a beta of 1.70. DraftKings Inc. has a 52 week low of $29.64 and a 52 week high of $53.61. The business's 50 day moving average is $42.58 and its two-hundred day moving average is $39.49. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.82.

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

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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