Sterling Capital Management LLC Lowers Position in DraftKings Inc. $DKNG

Sterling Capital Management LLC lessened its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 95.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,431 shares of the company’s stock after selling 69,945 shares during the quarter. Sterling Capital Management LLC’s holdings in DraftKings were worth $74,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Pinnacle Wealth Management Advisory Group LLC increased its holdings in shares of DraftKings by 86.1% in the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 13,274 shares of the company’s stock worth $287,000 after buying an additional 6,143 shares during the last quarter. Wealth Effects LLC bought a new stake in shares of DraftKings during the 1st quarter worth $223,000. Ritholtz Wealth Management lifted its holdings in shares of DraftKings by 16.0% during the 1st quarter. Ritholtz Wealth Management now owns 9,873 shares of the company’s stock worth $213,000 after acquiring an additional 1,362 shares during the last quarter. RFG Advisory LLC lifted its stake in DraftKings by 40.4% during the first quarter. RFG Advisory LLC now owns 41,904 shares of the company’s stock worth $906,000 after purchasing an additional 12,066 shares during the last quarter. Finally, OP Asset Management Ltd bought a new stake in DraftKings in the 1st quarter worth approximately $1,022,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Woodrow Levin sold 34,234 shares of the company’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 completion of the transaction, the director owned 29,820 shares in the company, valued at $766,672.20. This represents a 53.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider R Stanton Dodge sold 62,500 shares of the firm’s stock in a transaction 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 completion of the sale, the insider directly 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. 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. In the last 90 days, insiders have sold 97,596 shares of company stock valued at $2,756,991. 47.18% of the stock is owned by corporate insiders.

DraftKings Stock Performance

Shares of NASDAQ:DKNG opened at $27.17 on Thursday. 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 company has a 50-day moving average price of $25.59 and a 200-day moving average price of $26.53. The company has a market cap of $13.48 billion, a price-to-earnings ratio of 452.83 and a beta of 1.65. DraftKings Inc. has a 12 month low of $20.46 and a 12 month high of $48.78.

DraftKings (NASDAQ:DKNG) last posted its earnings results 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 business had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the previous year, the business earned ($0.07) earnings per share. The firm’s revenue for the quarter was up 16.8% compared to the same quarter last year. As a group, equities analysts anticipate that DraftKings Inc. will post 0.6 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Mizuho upped their price target on shares of DraftKings from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Tuesday, May 12th. BNP Paribas Exane started coverage on DraftKings in a report on Thursday, May 14th. They set an “underperform” rating and a $20.00 target price for the company. Freedom Capital upgraded DraftKings to a “strong-buy” rating in a research report on Wednesday, May 20th. Northland Securities set a $27.00 price target on DraftKings in a research report on Monday, May 11th. Finally, Roth Capital raised DraftKings from a “sell” rating to a “buy” rating in a research note on Friday, April 24th. One research 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 assigned a Sell rating to the stock. Based on data from MarketBeat, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.24.

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.