DraftKings Inc. $DKNG Shares Acquired by Chicago Partners Investment Group LLC

Chicago Partners Investment Group LLC lifted its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 135.6% during the first quarter, Holdings Channel reports. The fund owned 55,701 shares of the company’s stock after acquiring an additional 32,057 shares during the period. Chicago Partners Investment Group LLC’s holdings in DraftKings were worth $1,252,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Dagco Inc. purchased a new position in DraftKings in the fourth quarter valued at $26,000. Ascentis Independent Advisors purchased a new stake in DraftKings during the 1st quarter worth about $27,000. Asset Dedication LLC purchased a new stake in DraftKings during the 3rd quarter worth about $37,000. Montag A & Associates Inc. raised its position in DraftKings by 82.5% in the 4th quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock valued at $38,000 after purchasing an additional 500 shares in the last quarter. Finally, Aventura Private Wealth LLC acquired a new stake in DraftKings in the 4th quarter valued at about $39,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on DKNG shares. Morgan Stanley reiterated an “overweight” rating on shares of DraftKings in a research note on Thursday, May 21st. Guggenheim restated a “buy” rating and set a $35.00 target price on shares of DraftKings in a research note on Wednesday, June 24th. Stephens started coverage on shares of DraftKings in a report on Friday, April 24th. They issued an “overweight” rating on the stock. Weiss Ratings downgraded shares of DraftKings from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, May 11th. Finally, New Street Research set a $29.00 price target on shares of DraftKings in a report on Monday, June 1st. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $34.56.

Insider Transactions at DraftKings

In related news, Director Woodrow Levin sold 34,234 shares of the firm’s stock in a transaction that occurred 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 transaction, the director owned 29,820 shares in the company, valued at $766,672.20. This trade represents a 53.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider R Stanton Dodge sold 62,500 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $29.68, for a total value of $1,855,000.00. Following the transaction, the insider owned 556,258 shares in the company, valued at $16,509,737.44. This represents a 10.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 97,596 shares of company stock valued at $2,756,991. Insiders own 47.18% of the company’s stock.

DraftKings Price Performance

Shares of DKNG opened at $25.25 on Thursday. 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 Inc. has a 1-year low of $20.46 and a 1-year high of $48.78. The stock has a market cap of $12.53 billion, a PE ratio of 420.83 and a beta of 1.65. The firm has a fifty day moving average price of $25.83 and a 200 day moving average price of $26.23.

DraftKings (NASDAQ:DKNG) last issued 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). DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The firm had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the previous year, the business posted ($0.07) EPS. The business’s revenue for the quarter was up 16.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that DraftKings Inc. will post 0.57 EPS for the current year.

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.