Pinpoint Asset Management Singapore Pte. Ltd. Has $968,000 Position in DraftKings Inc. $DKNG

Pinpoint Asset Management Singapore Pte. Ltd. grew its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 795.7% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 28,098 shares of the company’s stock after buying an additional 24,961 shares during the period. Pinpoint Asset Management Singapore Pte. Ltd.’s holdings in DraftKings were worth $968,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Dagco Inc. acquired a new position in shares of DraftKings during the fourth quarter valued at about $26,000. Ameriflex Group Inc. raised its position in shares of DraftKings by 100.0% during the third quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock valued at $30,000 after buying an additional 405 shares during the last quarter. Asset Dedication LLC acquired a new position in shares of DraftKings during the third quarter valued at about $37,000. AlphaQuest LLC acquired a new position in shares of DraftKings during the third quarter valued at about $41,000. Finally, Montag A & Associates Inc. raised its position in shares of DraftKings by 82.5% during the fourth quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock valued at $38,000 after buying an additional 500 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 company’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $25.71, for a total transaction of $880,156.14. Following the sale, the director directly owned 29,820 shares of the company’s stock, valued at approximately $766,672.20. This represents a 53.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 97,596 shares of company stock worth $2,756,991 over the last ninety days. Insiders own 47.18% of the company’s stock.

DraftKings Price Performance

Shares of DraftKings stock opened at $29.00 on Friday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.03. The stock has a market capitalization of $14.39 billion, a price-to-earnings ratio of 483.33 and a beta of 1.66. DraftKings Inc. has a 1-year low of $20.46 and a 1-year high of $48.78. The firm’s 50-day moving average price is $24.47 and its two-hundred day moving average price is $27.57.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.02). The firm had revenue of $1.65 billion for 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 quarterly revenue was up 16.8% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.07) earnings per share. On average, equities analysts predict that DraftKings Inc. will post 0.6 earnings per share for the current fiscal year.

Key Headlines Impacting DraftKings

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: DraftKings is drawing bullish attention after Oppenheimer reiterated a Buy rating, reinforcing optimism around the company’s growth outlook. DraftKings (DKNG) Receives a Buy from Oppenheimer
• Positive Sentiment: Investor enthusiasm picked up after DraftKings disclosed strong growth in its Predictions platform, with May volume reportedly surging and some articles calling it a potential new growth engine for the stock. Why DraftKings (DKNG) Stock Is Up Today
• Positive Sentiment: DraftKings also benefited from World Cup-related optimism, with analysts saying it could be a clear winner as sports betting activity rises during the tournament and marketing spend ramps up. Intel surges on rare double upgrade, DraftKings scores ahead of World Cup
• Positive Sentiment: Unusually heavy call-option buying and a strong weekly rally suggest traders are positioning for additional upside in DKNG. DKNG Bulls Are Eyeing A Breakout After Strongest Weekly Rally In 16 Months
• Neutral Sentiment: Some commentary notes DraftKings’ prediction-market business is growing quickly but is still relatively small versus larger rivals, so the long-term opportunity remains early-stage. DraftKings: Prediction Market Potential Is Becoming Clearer
• Negative Sentiment: JPMorgan cautioned that while May operating data showed progress, it does not yet point to immediate upside, which may temper some of the bullish momentum. DKNG Bulls Are Eyeing A Breakout After Strongest Weekly Rally In 16 Months

Analyst Ratings Changes

DKNG has been the subject of several recent research reports. Scotiabank raised shares of DraftKings to an “outperform” rating in a research report on Friday, April 24th. Mizuho increased their price target on shares of DraftKings from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 12th. Roth Mkm raised shares of DraftKings from a “sell” rating to a “buy” rating in a research report on Friday, April 24th. BTIG Research increased their price target on shares of DraftKings from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Finally, Northland Securities set a $27.00 price target on shares of DraftKings in a research report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have given 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, the stock presently has an average rating of “Moderate Buy” and an average target price of $34.21.

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.