206,892 Shares in DraftKings Inc. $DKNG Acquired by Edgestream Partners L.P.

Edgestream Partners L.P. purchased a new stake in DraftKings Inc. (NASDAQ:DKNG) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 206,892 shares of the company’s stock, valued at approximately $4,473,000.

A number of other large investors have also added to or reduced their stakes in DKNG. Viking Global Investors LP acquired a new stake in DraftKings during the 3rd quarter valued at $561,125,000. Capital World Investors increased its holdings in shares of DraftKings by 181.4% in the fourth quarter. Capital World Investors now owns 18,626,429 shares of the company’s stock valued at $641,867,000 after purchasing an additional 12,008,357 shares during the last quarter. Janus Henderson Group PLC increased its holdings in shares of DraftKings by 50.8% in the fourth quarter. Janus Henderson Group PLC now owns 25,313,909 shares of the company’s stock valued at $858,893,000 after purchasing an additional 8,524,923 shares during the last quarter. Norges Bank bought a new position in shares of DraftKings in the fourth quarter valued at about $284,466,000. Finally, Spruce House Investment Management LLC raised its position in shares of DraftKings by 129.6% in the first quarter. Spruce House Investment Management LLC now owns 9,650,000 shares of the company’s stock valued at $208,633,000 after purchasing an additional 5,446,166 shares during the period. Institutional investors own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on DKNG shares. Benchmark reaffirmed a “buy” rating on shares of DraftKings in a report on Monday, July 20th. Northland Securities set a $27.00 price target on shares of DraftKings in a report on Monday, May 11th. Zacks Research raised shares of DraftKings from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 20th. Guggenheim restated a “buy” rating and set a $35.00 price objective on shares of DraftKings in a research report on Wednesday, June 24th. Finally, Morgan Stanley restated an “overweight” rating on shares of DraftKings in a report on Thursday, May 21st. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, DraftKings currently has a consensus rating of “Moderate Buy” and an average target price of $34.37.

DraftKings Stock Down 1.0%

DKNG opened at $23.48 on Friday. DraftKings Inc. has a fifty-two week low of $20.46 and a fifty-two week high of $48.78. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.02 and a current ratio of 1.02. The company has a market capitalization of $11.65 billion, a P/E ratio of 391.33 and a beta of 1.65. The stock has a fifty day moving average of $25.53 and a 200-day moving average of $25.36.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results on Friday, May 8th. The company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.02). DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The business had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter last year, the company posted ($0.07) earnings per share. The company’s revenue was up 16.8% on a year-over-year basis. On average, equities analysts expect that DraftKings Inc. will post 0.54 EPS for the current year.

Insider Activity at DraftKings

In related news, Director Woodrow Levin sold 34,234 shares of the business’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 value of $880,156.14. Following the completion of the sale, the director directly owned 29,820 shares in the company, valued at approximately $766,672.20. The trade was a 53.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider R Stanton Dodge sold 62,500 shares of the stock in a transaction that occurred 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 sale, the insider directly owned 556,258 shares in the company, valued at $16,509,737.44. This represents a 10.10% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 97,596 shares of company stock worth $2,756,991 over the last ninety days. Insiders own 47.18% of the company’s stock.

About DraftKings

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.