Strs Ohio Grows Position in DraftKings Inc. $DKNG

Key Points

• Strs Ohio increased its stake in DraftKings by 56.2%, adding 88,020 shares to hold 244,512 shares valued at about $8.43 million per its latest SEC filing.
• Company insiders have been net sellers recently — Paul Liberman sold 484,417 shares for roughly $12.19 million, and insiders disposed of 496,718 shares (~$12.48 million) over the past 90 days, while corporate insiders still own 47.18% of the stock.
• Analysts have a consensus rating of Moderate Buy with a $34.84 average price target (27 Buy, 8 Hold, 2 Sell).

Strs Ohio increased its position in shares of DraftKings Inc. (NASDAQ:DKNG - Free Report) by 56.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 244,512 shares of the company's stock after buying an additional 88,020 shares during the quarter. Strs Ohio's holdings in DraftKings were worth $8,426,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Dagco Inc. purchased a new position in DraftKings during the 4th quarter worth approximately $26,000. Ameriflex Group Inc. lifted its position in DraftKings by 100.0% during the 3rd quarter. Ameriflex Group Inc. now owns 810 shares of the company's stock worth $30,000 after acquiring an additional 405 shares during the period. Root Financial Partners LLC acquired a new stake in DraftKings during the 3rd quarter worth approximately $33,000. Asset Dedication LLC acquired a new stake in DraftKings during the 3rd quarter worth approximately $37,000. Finally, Aventura Private Wealth LLC acquired a new stake in DraftKings during the 4th quarter worth approximately $39,000. Hedge funds and other institutional investors own 37.70% of the company's stock.

Insiders Place Their Bets

In other news, insider Paul Liberman sold 484,417 shares of the firm's stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $25.16, for a total value of $12,187,931.72. Following the completion of the sale, the insider directly owned 213,597 shares of the company's stock, valued at $5,374,100.52. This trade represents a 69.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Erik Bradbury sold 2,883 shares of the firm's stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $24.56, for a total value of $70,806.48. Following the completion of the sale, the chief accounting officer directly owned 38,168 shares of the company's stock, valued at $937,406.08. This represents a 7.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 496,718 shares of company stock valued at $12,477,308 over the last 90 days. 47.18% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on DKNG. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of DraftKings in a research report on Wednesday, January 21st. HSBC raised DraftKings from a "hold" rating to a "hold" rating in a research report on Friday, April 24th. Rothschild & Co Redburn set a $35.00 price objective on DraftKings in a research report on Friday, January 30th. Argus cut DraftKings from a "buy" rating to a "hold" rating in a research report on Tuesday, March 17th. Finally, Wells Fargo & Company increased their price objective on DraftKings from $30.00 to $31.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 7th. Twenty-seven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $34.84.

DraftKings Stock Up 2.5%

DKNG opened at $23.57 on Tuesday. The company has a debt-to-equity ratio of 2.91, a current ratio of 1.03 and a quick ratio of 1.03. The business has a 50 day simple moving average of $23.42 and a 200-day simple moving average of $28.70. The stock has a market capitalization of $11.68 billion, a P/E ratio of -589.25, a P/E/G ratio of 1.08 and a beta of 1.67. DraftKings Inc. has a 12 month low of $20.46 and a 12 month high of $48.78.

DraftKings Company 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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