DraftKings Inc. $DKNG Shares Bought by Sei Investments Co.

Sei Investments Co. lifted its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 260.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 387,483 shares of the company’s stock after acquiring an additional 280,033 shares during the quarter. Sei Investments Co.’s holdings in DraftKings were worth $8,377,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Ascentis Independent Advisors acquired a new position in DraftKings during the first quarter worth $27,000. Montag A & Associates Inc. boosted its position in DraftKings by 82.5% during the fourth quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock worth $38,000 after purchasing an additional 500 shares in the last quarter. SHP Wealth Management acquired a new stake in DraftKings in the fourth quarter valued at $42,000. Root Financial Partners LLC grew its holdings in DraftKings by 208.0% in the first quarter. Root Financial Partners LLC now owns 2,775 shares of the company’s stock valued at $60,000 after purchasing an additional 1,874 shares during the last quarter. Finally, Advisory Services Network LLC purchased a new position in shares of DraftKings in the third quarter valued at $62,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Stock Performance

DraftKings stock opened at $23.48 on Monday. The stock has a 50-day moving average price of $25.53 and a 200 day moving average price of $25.29. DraftKings Inc. has a 52 week low of $20.46 and a 52 week high of $48.78. The stock has a market cap of $11.65 billion, a PE ratio of 391.33 and a beta of 1.65. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.03.

DraftKings (NASDAQ:DKNG) last released its earnings results 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). The firm had revenue of $1.65 billion during 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%. DraftKings’s revenue for the quarter was up 16.8% on a year-over-year basis. During the same quarter last year, the company posted ($0.07) earnings per share. Equities research analysts predict that DraftKings Inc. will post 0.54 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on DKNG. Freedom Capital raised DraftKings to a “strong-buy” rating in a research note on Wednesday, May 20th. Moffett Nathanson cut shares of DraftKings from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $38.00 to $27.00 in a research note on Friday, April 24th. Wedbush assumed coverage on shares of DraftKings in a report on Friday, April 24th. They set an “outperform” rating for the company. Morgan Stanley reaffirmed an “overweight” rating on shares of DraftKings in a report on Thursday, May 21st. Finally, Barclays increased their price target on shares of DraftKings from $33.00 to $35.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. One investment 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.37.

Insider Buying and Selling

In other 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 value of $880,156.14. Following the completion of the transaction, the director owned 29,820 shares of the company’s stock, valued at $766,672.20. The trade was a 53.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider R Stanton Dodge sold 62,500 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $29.68, for a total transaction of $1,855,000.00. Following the transaction, the insider directly owned 556,258 shares in the company, valued at $16,509,737.44. The trade was 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. In the last three months, insiders sold 97,596 shares of company stock valued at $2,756,991. Company 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.