Highland Capital Management LLC Acquires New Holdings in DraftKings Inc. $DKNG

Highland Capital Management LLC bought a new position in shares of DraftKings Inc. (NASDAQ:DKNG) during the 3rd quarter, HoldingsChannel reports. The institutional investor bought 31,803 shares of the company’s stock, valued at approximately $1,189,000.

A number of other institutional investors have also recently added to or reduced their stakes in DKNG. IHT Wealth Management LLC raised its stake in shares of DraftKings by 4.1% during the second quarter. IHT Wealth Management LLC now owns 6,271 shares of the company’s stock valued at $269,000 after acquiring an additional 248 shares during the last quarter. TD Private Client Wealth LLC increased its holdings in DraftKings by 54.4% in the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after purchasing an additional 282 shares during the period. Farther Finance Advisors LLC increased its holdings in DraftKings by 9.1% in the second quarter. Farther Finance Advisors LLC now owns 3,413 shares of the company’s stock valued at $146,000 after purchasing an additional 286 shares during the period. Valeo Financial Advisors LLC raised its position in DraftKings by 3.6% during the 2nd quarter. Valeo Financial Advisors LLC now owns 10,009 shares of the company’s stock worth $429,000 after purchasing an additional 348 shares during the last quarter. Finally, Wealthfront Advisers LLC lifted its holdings in DraftKings by 5.1% during the 2nd quarter. Wealthfront Advisers LLC now owns 7,630 shares of the company’s stock worth $327,000 after buying an additional 367 shares during the period. 37.70% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

DKNG has been the subject of several recent research reports. Zacks Research cut DraftKings from a “hold” rating to a “strong sell” rating in a research note on Thursday, November 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of DraftKings in a report on Wednesday, October 8th. Susquehanna lowered their price target on shares of DraftKings from $59.00 to $48.00 and set a “positive” rating for the company in a report on Monday, November 10th. Needham & Company LLC restated a “buy” rating and issued a $52.00 price target on shares of DraftKings in a research report on Wednesday, November 19th. Finally, Citigroup started coverage on shares of DraftKings in a research report on Friday, November 21st. They set a “buy” rating and a $48.00 price objective for the company. Twenty-five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $47.07.

Insider Activity at DraftKings

In other news, insider R Stanton Dodge sold 52,777 shares of the company’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $33.84, for a total transaction of $1,785,973.68. Following the transaction, the insider owned 512,182 shares in the company, valued at approximately $17,332,238.88. This represents a 9.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Alan Wayne Ellingson sold 8,421 shares of the stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $29.23, for a total transaction of $246,145.83. Following the transaction, the chief financial officer directly owned 126,990 shares in the company, valued at $3,711,917.70. This trade represents a 6.22% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 166,752 shares of company stock valued at $5,387,153. 51.19% of the stock is currently owned by company insiders.

DraftKings Price Performance

Shares of DKNG opened at $34.88 on Friday. The firm has a market cap of $17.36 billion, a PE ratio of -61.19, a price-to-earnings-growth ratio of 2.85 and a beta of 1.60. DraftKings Inc. has a 52-week low of $26.23 and a 52-week high of $53.61. The business’s 50 day moving average price is $32.39 and its two-hundred day moving average price is $38.85. The company has a debt-to-equity ratio of 2.51, a quick ratio of 1.09 and a current ratio of 1.10.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Friday, November 7th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.27). DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.The company had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same period last year, the business earned ($0.60) EPS. The business’s quarterly revenue was up 4.4% compared to the same quarter last year. On average, equities analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current year.

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.