Oak Thistle LLC Takes Position in DraftKings Inc. (NASDAQ:DKNG)

Oak Thistle LLC bought a new stake in shares of DraftKings Inc. (NASDAQ:DKNG) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 10,242 shares of the company’s stock, valued at approximately $391,000.

Several other institutional investors have also recently made changes to their positions in the company. LRI Investments LLC purchased a new stake in DraftKings in the 1st quarter worth $31,000. LifeSteps Financial Inc. purchased a new stake in DraftKings in the 1st quarter worth $33,000. Transcendent Capital Group LLC purchased a new stake in DraftKings in the 4th quarter worth $26,000. Concord Wealth Partners increased its holdings in DraftKings by 140.2% in the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock worth $35,000 after acquiring an additional 453 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV boosted its stake in DraftKings by 117.5% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 922 shares of the company’s stock worth $42,000 after purchasing an additional 498 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at DraftKings

In other news, insider Paul Liberman sold 63,206 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $39.00, for a total value of $2,465,034.00. Following the sale, the insider now directly owns 1,716,406 shares in the company, valued at $66,939,834. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Paul Liberman sold 63,206 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $39.00, for a total value of $2,465,034.00. Following the sale, the insider now directly owns 1,716,406 shares in the company, valued at $66,939,834. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the sale, the insider now owns 2,678,082 shares in the company, valued at approximately $94,402,390.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,470,537 shares of company stock valued at $54,321,570. Company insiders own 51.19% of the company’s stock.

DraftKings Price Performance

DraftKings stock opened at $36.11 on Tuesday. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market capitalization of $31.39 billion, a PE ratio of -30.60 and a beta of 1.80. DraftKings Inc. has a one year low of $25.73 and a one year high of $49.57. The business has a 50 day simple moving average of $35.22 and a 200 day simple moving average of $39.68.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.13. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same period last year, the firm earned ($0.17) EPS. The business’s revenue for the quarter was up 26.2% on a year-over-year basis. On average, sell-side analysts forecast that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

DKNG has been the topic of several recent research reports. BMO Capital Markets lowered their target price on shares of DraftKings from $54.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 target price on shares of DraftKings in a research note on Monday. Wells Fargo & Company lowered their target price on shares of DraftKings from $53.00 to $47.00 and set an “overweight” rating on the stock in a research note on Monday, August 5th. Susquehanna lifted their target price on shares of DraftKings from $47.00 to $48.00 and gave the stock a “positive” rating in a research note on Wednesday, September 4th. Finally, The Goldman Sachs Group lowered their target price on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $49.52.

DraftKings Profile

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.