Hsbc Holdings PLC Raises Stock Position in DraftKings Inc. $DKNG

Hsbc Holdings PLC boosted its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 82.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 176,550 shares of the company's stock after acquiring an additional 79,608 shares during the period. Hsbc Holdings PLC's holdings in DraftKings were worth $3,804,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Resona Asset Management Co. Ltd. increased its holdings in shares of DraftKings by 1.4% in the first quarter. Resona Asset Management Co. Ltd. now owns 132,210 shares of the company's stock worth $2,845,000 after purchasing an additional 1,840 shares during the period. Jackson Thornton Wealth Management LLC boosted its stake in DraftKings by 84.9% during the first quarter. Jackson Thornton Wealth Management LLC now owns 18,752 shares of the company's stock valued at $417,000 after buying an additional 8,610 shares during the period. Cohen Investment Advisors LLC grew its position in DraftKings by 1.3% during the first quarter. Cohen Investment Advisors LLC now owns 86,103 shares of the company's stock worth $1,862,000 after buying an additional 1,091 shares in the last quarter. Hodges Capital Management Inc. grew its position in DraftKings by 19.9% during the first quarter. Hodges Capital Management Inc. now owns 864,644 shares of the company's stock worth $18,694,000 after buying an additional 143,409 shares in the last quarter. Finally, Ascentis Independent Advisors bought a new position in DraftKings in the 1st quarter worth about $27,000. Institutional investors own 37.70% of the company's stock.

DraftKings Price Performance

Shares of NASDAQ:DKNG opened at $23.01 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.03. The stock has a market cap of $11.42 billion, a PE ratio of 383.50 and a beta of 1.65. The company's fifty day moving average is $25.66 and its 200 day moving average is $25.75. DraftKings Inc. has a 52 week low of $20.46 and a 52 week high of $48.78.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly earnings results on Friday, May 8th. The company reported $0.20 earnings per share (EPS) 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 analysts' expectations of $1.63 billion. During the same quarter in the previous year, the company earned ($0.07) earnings per share. The business's quarterly revenue was up 16.8% on a year-over-year basis. Research analysts anticipate that DraftKings Inc. will post 0.54 earnings per share for the current year.

Insider Activity

In other DraftKings news, Director Woodrow Levin sold 34,234 shares of DraftKings stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $25.71, for a total value of $880,156.14. Following the transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider R Stanton Dodge sold 62,500 shares of DraftKings 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 completion of the transaction, the insider directly owned 556,258 shares in the company, valued at $16,509,737.44. This trade represents 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. Insiders have sold a total of 97,596 shares of company stock valued at $2,756,991 over the last 90 days. 47.18% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Moffett Nathanson cut DraftKings from a "buy" rating to a "neutral" rating and lowered their price target for the company from $38.00 to $27.00 in a report on Friday, April 24th. Wedbush initiated coverage on DraftKings in a report on Friday, April 24th. They set an "outperform" rating for the company. BNP Paribas Exane initiated coverage on shares of DraftKings in a research report on Thursday, May 14th. They issued an "underperform" rating and a $20.00 price objective on the stock. Roth Capital upgraded shares of DraftKings from a "sell" rating to a "buy" rating in a research report on Friday, April 24th. Finally, Truist Financial decreased their price target on shares of DraftKings from $30.00 to $29.00 and set a "buy" rating on the stock in a report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $34.37.

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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