DraftKings Inc. $DKNG Shares Sold by KCM Capital Inc

KCM Capital Inc lowered its holdings in DraftKings Inc. (NASDAQ:DKNG) by 28.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 500,000 shares of the company’s stock after selling 200,000 shares during the quarter. DraftKings accounts for 1.7% of KCM Capital Inc’s holdings, making the stock its 16th largest holding. KCM Capital Inc owned 0.10% of DraftKings worth $10,810,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of DKNG. Integrated Wealth Concepts LLC raised its holdings in DraftKings by 5.9% in the 1st quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company’s stock valued at $314,000 after buying an additional 524 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in DraftKings by 1,141.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company’s stock worth $1,463,000 after buying an additional 40,495 shares during the period. Empowered Funds LLC boosted its stake in DraftKings by 18.0% during the first quarter. Empowered Funds LLC now owns 9,115 shares of the company’s stock worth $303,000 after buying an additional 1,391 shares during the period. Sivia Capital Partners LLC acquired a new stake in shares of DraftKings during the second quarter valued at about $603,000. Finally, Daiwa Securities Group Inc. increased its position in shares of DraftKings by 2.2% during the second quarter. Daiwa Securities Group Inc. now owns 44,102 shares of the company’s stock valued at $1,892,000 after acquiring an additional 968 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Activity

In other DraftKings news, 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 value of $880,156.14. Following the sale, the director owned 29,820 shares of the company’s stock, valued at $766,672.20. This trade represents a 53.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider R Stanton Dodge sold 62,500 shares of DraftKings stock in a transaction dated Thursday, June 11th. The shares were 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 owned 556,258 shares of the company’s stock, valued at $16,509,737.44. The trade was a 10.10% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 97,596 shares of company stock worth $2,756,991. 47.18% of the stock is owned by company insiders.

DraftKings Stock Performance

NASDAQ:DKNG opened at $22.83 on Thursday. The company has a fifty day simple moving average of $25.74 and a two-hundred day simple moving average of $25.86. The company has a market cap of $11.33 billion, a price-to-earnings ratio of 380.50 and a beta of 1.65. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.03. DraftKings Inc. has a 52 week low of $20.46 and a 52 week high of $48.78.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data 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). The company had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.63 billion. DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The firm’s revenue was up 16.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.07) earnings per share. As a group, equities analysts anticipate that DraftKings Inc. will post 0.54 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Truist Financial decreased their price objective on shares of DraftKings from $30.00 to $29.00 and set a “buy” rating on the stock in a report on Monday. Scotiabank raised DraftKings to an “outperform” rating in a research report on Friday, April 24th. BNP Paribas Exane started coverage on DraftKings in a research note on Thursday, May 14th. They set an “underperform” rating and a $20.00 price target on the stock. New Street Research set a $29.00 price target on DraftKings in a research report on Monday, June 1st. Finally, HSBC raised DraftKings from a “hold” rating to a “hold” rating in a research note on Friday, April 24th. One investment 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 given a Sell rating to the stock. According to MarketBeat, DraftKings has an average rating of “Moderate Buy” and an average price target of $34.37.

DraftKings 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.