Swiss National Bank Purchases 90,400 Shares of DraftKings Inc. $DKNG

Swiss National Bank increased its holdings in DraftKings Inc. (NASDAQ:DKNG) by 7.4% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,314,864 shares of the company’s stock after buying an additional 90,400 shares during the period. Swiss National Bank’s holdings in DraftKings were worth $28,427,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Ascentis Independent Advisors bought a new position in DraftKings in the 1st quarter worth about $27,000. Montag A & Associates Inc. boosted its position in shares of DraftKings by 82.5% during the 4th quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock valued at $38,000 after acquiring an additional 500 shares during the last quarter. SHP Wealth Management purchased a new position in shares of DraftKings during the fourth quarter worth about $42,000. Root Financial Partners LLC grew its holdings in shares of DraftKings by 208.0% during the first quarter. Root Financial Partners LLC now owns 2,775 shares of the company’s stock worth $60,000 after purchasing an additional 1,874 shares in the last quarter. Finally, Advisory Services Network LLC purchased a new position in shares of DraftKings during the third quarter worth about $62,000. Institutional investors own 37.70% of the company’s stock.

DraftKings Price Performance

DKNG stock opened at $22.81 on Friday. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.02 and a current ratio of 1.02. DraftKings Inc. has a 52 week low of $20.46 and a 52 week high of $48.78. The firm’s fifty day moving average is $25.70 and its 200 day moving average is $25.77. The firm has a market cap of $11.32 billion, a P/E ratio of 380.17 and a beta of 1.65.

DraftKings (NASDAQ:DKNG) last issued its earnings results 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 company 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 company’s revenue was up 16.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.07) earnings per share. Research analysts predict that DraftKings Inc. will post 0.54 earnings per share for the current year.

Analysts Set New Price Targets

DKNG has been the topic of a number of recent analyst reports. Truist Financial lowered their target price on shares of DraftKings from $30.00 to $29.00 and set a “buy” rating on the stock in a research note on Monday. Morgan Stanley reissued an “overweight” rating on shares of DraftKings in a research note on Thursday, May 21st. Barclays increased their price target on shares of DraftKings from $33.00 to $35.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Citizens Jmp lifted their price objective on shares of DraftKings from $34.00 to $36.00 and gave the stock a “market outperform” rating in a report on Thursday, June 25th. Finally, Moffett Nathanson downgraded shares of DraftKings from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $38.00 to $27.00 in a report on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, DraftKings has an average rating of “Moderate Buy” and a consensus target price of $34.37.

Insider Buying and Selling

In other DraftKings 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 transaction, the director owned 29,820 shares in the company, valued at approximately $766,672.20. This represents a 53.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider R Stanton Dodge sold 62,500 shares of the company’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 in the company, valued at approximately $16,509,737.44. The trade was a 10.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 97,596 shares of company stock worth $2,756,991. Corporate insiders own 47.18% of the company’s stock.

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.