Nicholas Hoffman & Company LLC. Purchases New Position in DraftKings Inc. (NASDAQ:DKNG)

Key Points

• Nicholas Hoffman & Company LLC acquired 10,000 shares of DraftKings Inc. valued at approximately $332,000 during the first quarter.
• Various institutional investors, including Brown Advisory Inc. and IFM Investors Pty Ltd, have increased their stakes in DraftKings, with a total of 37.70% of the company's stock now held by institutions.
• DraftKings reported $1.51 billion in revenue for the last quarter, surpassing expectations, but posted an EPS of -$0.30, falling short of estimates by 10 cents.

Nicholas Hoffman & Company LLC. bought a new stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 10,000 shares of the company's stock, valued at approximately $332,000.

Other institutional investors also recently bought and sold shares of the company. Janus Henderson Group PLC raised its position in shares of DraftKings by 31,346.8% in the fourth quarter. Janus Henderson Group PLC now owns 9,381,853 shares of the company's stock worth $349,005,000 after acquiring an additional 9,352,019 shares during the period. FMR LLC raised its position in shares of DraftKings by 110.6% in the fourth quarter. FMR LLC now owns 13,617,448 shares of the company's stock worth $506,569,000 after acquiring an additional 7,150,382 shares during the period. Baillie Gifford & Co. raised its position in shares of DraftKings by 26.5% in the first quarter. Baillie Gifford & Co. now owns 8,390,236 shares of the company's stock worth $278,640,000 after acquiring an additional 1,756,778 shares during the period. Eminence Capital LP acquired a new position in shares of DraftKings in the fourth quarter worth about $65,255,000. Finally, Fernbridge Capital Management LP acquired a new position in shares of DraftKings in the fourth quarter worth about $49,220,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Susquehanna restated a "positive" rating and set a $64.00 price target on shares of DraftKings in a research report on Friday. Cfra Research upgraded shares of DraftKings to a "moderate buy" rating in a research report on Monday, April 14th. Cowen restated a "buy" rating on shares of DraftKings in a research report on Thursday, April 24th. JMP Securities reduced their price target on shares of DraftKings from $54.00 to $50.00 and set a "market outperform" rating for the company in a research report on Thursday, June 5th. Finally, Mizuho reduced their price target on shares of DraftKings from $59.00 to $58.00 and set an "outperform" rating for the company in a research report on Monday, May 12th. One analyst has rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $54.78.

Insider Activity

In other news, insider R Stanton Dodge sold 105,554 shares of DraftKings stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $44.60, for a total transaction of $4,707,708.40. Following the completion of the sale, the insider directly owned 500,000 shares of the company's stock, valued at approximately $22,300,000. The trade was a 17.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Alan Wayne Ellingson sold 6,829 shares of DraftKings stock in a transaction on Friday, May 16th. The stock was sold at an average price of $36.77, for a total transaction of $251,102.33. Following the sale, the chief financial officer directly owned 171,268 shares of the company's stock, valued at approximately $6,297,524.36. This trade represents a 3.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 642,181 shares of company stock valued at $25,550,925 in the last 90 days. Company insiders own 51.19% of the company's stock.

DraftKings Trading Down 5.1%

Shares of NASDAQ:DKNG traded down $2.32 during mid-day trading on Friday, reaching $42.88. 16,812,787 shares of the company were exchanged, compared to its average volume of 9,222,459. The company has a debt-to-equity ratio of 2.11, a current ratio of 1.20 and a quick ratio of 1.20. The firm has a market cap of $38.13 billion, a price-to-earnings ratio of -65.97, a P/E/G ratio of 1.52 and a beta of 1.70. The firm's 50-day simple moving average is $41.49 and its 200 day simple moving average is $39.43. DraftKings Inc. has a 1 year low of $29.29 and a 1 year high of $53.61.

DraftKings (NASDAQ:DKNG - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.16 by $0.14. DraftKings had a negative net margin of 5.63% and a negative return on equity of 30.23%. The company had revenue of $1.51 billion during the quarter, compared to analysts' expectations of $1.39 billion. During the same quarter last year, the company posted $0.12 EPS. The firm's revenue was up 36.9% compared to the same quarter last year. Equities research analysts forecast that DraftKings Inc. will post 0.64 EPS for the current year.

DraftKings Company Profile

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.