Focus Partners Advisor Solutions LLC Buys 21,979 Shares of DraftKings Inc. $DKNG

Focus Partners Advisor Solutions LLC boosted its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 51.5% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 64,650 shares of the company’s stock after purchasing an additional 21,979 shares during the period. Focus Partners Advisor Solutions LLC’s holdings in DraftKings were worth $2,228,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC raised its holdings in shares of DraftKings by 5.9% in the 1st quarter. Integrated Wealth Concepts LLC now owns 9,460 shares of the company’s stock valued at $314,000 after purchasing an additional 524 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of DraftKings by 1,141.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,044 shares of the company’s stock valued at $1,463,000 after purchasing an additional 40,495 shares in the last quarter. Empowered Funds LLC raised its holdings in shares of DraftKings by 18.0% in the 1st quarter. Empowered Funds LLC now owns 9,115 shares of the company’s stock valued at $303,000 after purchasing an additional 1,391 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in shares of DraftKings in the 2nd quarter valued at about $603,000. Finally, Daiwa Securities Group Inc. raised its holdings in shares of DraftKings by 2.2% in the 2nd quarter. Daiwa Securities Group Inc. now owns 44,102 shares of the company’s stock valued at $1,892,000 after purchasing an additional 968 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on DKNG shares. Sanford C. Bernstein restated an “outperform” rating and issued a $30.00 price target on shares of DraftKings in a report on Thursday, March 5th. Berenberg Bank set a $26.40 price target on shares of DraftKings in a report on Tuesday, February 24th. Wells Fargo & Company restated an “overweight” rating and issued a $32.00 price target on shares of DraftKings in a report on Sunday, May 10th. Morgan Stanley restated an “overweight” rating on shares of DraftKings in a report on Thursday, May 21st. Finally, Scotiabank upgraded shares of DraftKings to an “outperform” rating in a report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.21.

Insider Activity at DraftKings

In other DraftKings news, Director Woodrow Levin sold 34,234 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $25.71, for a total transaction of $880,156.14. Following the sale, the director owned 29,820 shares of the company’s stock, valued at approximately $766,672.20. The trade was a 53.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jocelyn Moore sold 2,150 shares of the business’s stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $25.60, for a total transaction of $55,040.00. Following the sale, the director directly owned 1,406 shares in the company, valued at approximately $35,993.60. This represents a 60.46% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 37,246 shares of company stock worth $957,031. 47.18% of the stock is owned by insiders.

DraftKings Stock Up 4.3%

Shares of DraftKings stock opened at $28.79 on Thursday. The firm’s 50 day moving average price is $24.17 and its 200-day moving average price is $27.56. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.03. DraftKings Inc. has a 52-week low of $20.46 and a 52-week high of $48.78. The company has a market cap of $14.28 billion, a P/E ratio of 479.83 and a beta of 1.66.

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 analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the previous year, the firm earned ($0.07) EPS. The firm’s quarterly revenue was up 16.8% on a year-over-year basis. On average, sell-side analysts predict that DraftKings Inc. will post 0.6 EPS for the current fiscal year.

Key DraftKings News

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: DraftKings reported rapid growth on its prediction-markets platform, with annualized consumer volume reaching $1.3 billion and total volume climbing to $3.1 billion, fueling optimism about a new growth engine. DraftKings Sees $1.3 Billion in Prediction Market Trading. The Stock Is Soaring.
• Positive Sentiment: Retail traders and options activity accelerated after the update, with call buying signaling expectations for more upside if prediction-market momentum continues. Call Traders Target DraftKings Stock Amid Strong Volume Growth
• Positive Sentiment: UBS reiterated a Buy rating on DraftKings, reinforcing the view that Wall Street is becoming more constructive on the company’s growth outlook. UBS Remains a Buy on DraftKings (DKNG)
• Neutral Sentiment: DraftKings CEO Jason Robins is scheduled to participate in an upcoming investor conference, which could provide more color on strategy but is not itself a major catalyst. DraftKings Announces Jason Robins’ Participation in Upcoming Event
• Neutral Sentiment: DraftKings also had a short-interest filing showing no meaningful short base, which does not appear to be a major driver of the move.

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.