Swiss National Bank Raises Position in DraftKings Inc. $DKNG

Swiss National Bank grew its stake in DraftKings Inc. (NASDAQ:DKNG - Free Report) by 7.4% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,314,864 shares of the company's stock after purchasing an additional 90,400 shares during the quarter. Swiss National Bank owned approximately 0.27% of DraftKings worth $28,427,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of DKNG. Montag A & Associates Inc. grew its holdings in DraftKings by 82.5% during the fourth quarter. Montag A & Associates Inc. now owns 1,106 shares of the company's stock worth $38,000 after buying an additional 500 shares in the last quarter. SHP Wealth Management purchased a new position in DraftKings during the 4th quarter worth $42,000. Ascentis Independent Advisors purchased a new position in DraftKings during the 1st quarter worth $27,000. Advisory Services Network LLC bought a new stake in shares of DraftKings in the 3rd quarter worth $62,000. Finally, TD Private Client Wealth LLC grew its stake in shares of DraftKings by 62.3% in the 4th quarter. TD Private Client Wealth LLC now owns 1,891 shares of the company's stock worth $65,000 after acquiring an additional 726 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company's stock.

Insider Transactions at DraftKings

In other news, insider R Stanton Dodge sold 62,500 shares of the company's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $29.68, for a total transaction of $1,855,000.00. Following the sale, the insider directly owned 556,258 shares in the company, valued at $16,509,737.44. This represents a 10.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Woodrow Levin sold 34,234 shares of the stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $25.71, for a total transaction of $880,156.14. Following the completion of the sale, the director directly owned 29,820 shares in the company, valued at approximately $766,672.20. The trade was a 53.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 97,596 shares of company stock worth $2,756,991 in the last three months. 47.18% of the stock is currently owned by insiders.

DraftKings Trading Down 0.1%

Shares of DKNG stock opened at $22.81 on Friday. The stock has a market capitalization of $11.32 billion, a price-to-earnings ratio of 380.17 and a beta of 1.65. The company's fifty day simple moving average is $25.70 and its two-hundred day simple moving average is $25.77. DraftKings Inc. has a 1 year low of $20.46 and a 1 year high of $48.78. The company has a debt-to-equity ratio of 3.03, a current ratio of 1.02 and a quick ratio of 1.02.

DraftKings (NASDAQ:DKNG - Get Free Report) last posted its quarterly earnings results on Friday, May 8th. The company reported $0.20 EPS for the quarter, missing analysts' consensus estimates of $0.22 by ($0.02). The company had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.63 billion. DraftKings had a return on equity of 13.51% and a net margin of 0.93%.DraftKings's revenue was up 16.8% on a year-over-year basis. During the same period in the previous year, the business earned ($0.07) earnings per share. As a group, analysts anticipate that DraftKings Inc. will post 0.54 earnings per share for the current year.

Analyst Upgrades and Downgrades

DKNG has been the topic of a number of recent analyst reports. BNP Paribas Exane started coverage on shares of DraftKings in a research report on Thursday, May 14th. They set an "underperform" rating and a $20.00 price target on the stock. Guggenheim reaffirmed a "buy" rating and issued a $35.00 price objective on shares of DraftKings in a research report on Wednesday, June 24th. New Street Research set a $29.00 price objective on shares of DraftKings in a research note on Monday, June 1st. Jefferies Financial Group reissued a "buy" rating on shares of DraftKings in a research report on Wednesday, June 10th. Finally, Citigroup restated a "market outperform" rating on shares of DraftKings in a research note on Monday, June 22nd. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $34.37.

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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