Fieldview Capital Management LLC Invests $2.46 Million in DraftKings Inc. $DKNG

Fieldview Capital Management LLC purchased a new position in shares of DraftKings Inc. (NASDAQ:DKNG) during the fourth quarter, HoldingsChannel reports. The firm purchased 71,462 shares of the company’s stock, valued at approximately $2,463,000.

Other hedge funds have also bought and sold shares of the company. Dagco Inc. bought a new position in DraftKings during the fourth quarter worth $26,000. Ameriflex Group Inc. increased 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 worth $30,000 after acquiring an additional 405 shares in the last quarter. Asset Dedication LLC purchased a new position in DraftKings during the third quarter worth about $37,000. Montag A & Associates Inc. boosted 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 purchasing an additional 500 shares during the last quarter. Finally, Aventura Private Wealth LLC purchased a new position in DraftKings during the fourth quarter worth about $39,000. Institutional investors own 37.70% of the company’s stock.

Analysts Set New Price Targets

DKNG has been the topic of several analyst reports. The Goldman Sachs Group cut their price target on shares of DraftKings from $54.00 to $31.00 and set a “buy” rating on the stock in a report on Tuesday, February 17th. Jefferies Financial Group restated a “buy” rating on shares of DraftKings in a report on Wednesday. HSBC upgraded shares of DraftKings from a “hold” rating to a “hold” rating in a report on Friday, April 24th. TD Cowen restated a “buy” rating and set a $30.00 price target on shares of DraftKings in a report on Monday, June 8th. Finally, Roth Mkm upgraded shares of DraftKings from a “sell” rating to a “buy” rating in a report on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $34.21.

DraftKings Stock Performance

Shares of DKNG stock opened at $29.00 on Friday. The stock has a market capitalization of $14.39 billion, a P/E ratio of 483.33 and a beta of 1.66. 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 firm’s 50 day moving average is $24.47 and its 200 day moving average is $27.57. DraftKings Inc. has a 12 month low of $20.46 and a 12 month high of $48.78.

DraftKings (NASDAQ:DKNG) last announced 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 business had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.63 billion. DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The business’s quarterly revenue was up 16.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.07) earnings per share. On average, sell-side analysts anticipate that DraftKings Inc. will post 0.6 earnings per share for the current year.

Trending Headlines about 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

Insider Activity at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 62,500 shares of the stock in a transaction that occurred on 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 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 on 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 transaction, the director directly owned 29,820 shares in the company, valued at $766,672.20. The trade was a 53.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 97,596 shares of company stock worth $2,756,991 over the last quarter. Corporate insiders own 47.18% of the company’s stock.

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.