HighPoint Advisor Group LLC Takes Position in DraftKings Inc. (NASDAQ:DKNG)

HighPoint Advisor Group LLC acquired a new position in DraftKings Inc. (NASDAQ:DKNG) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 8,168 shares of the company’s stock, valued at approximately $288,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in DKNG. PNC Financial Services Group Inc. grew its stake in DraftKings by 20.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 56,997 shares of the company’s stock valued at $1,678,000 after acquiring an additional 9,820 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new stake in DraftKings in the 3rd quarter worth approximately $795,000. Kestra Advisory Services LLC lifted its position in DraftKings by 35.0% in the 3rd quarter. Kestra Advisory Services LLC now owns 47,353 shares of the company’s stock worth $1,394,000 after buying an additional 12,283 shares in the last quarter. Prudential PLC acquired a new stake in shares of DraftKings during the 3rd quarter valued at $349,000. Finally, Korea Investment CORP purchased a new position in shares of DraftKings during the 3rd quarter valued at $484,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other DraftKings news, Director Harry Sloan sold 250,000 shares of DraftKings stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the sale, the director now directly owns 250,000 shares of the company’s stock, valued at $9,537,500. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Harry Sloan sold 250,000 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $38.15, for a total value of $9,537,500.00. Following the sale, the director now owns 250,000 shares of the company’s stock, valued at approximately $9,537,500. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the transaction, the insider now directly owns 3,043,231 shares of the company’s stock, valued at $124,498,580.21. The disclosure for this sale can be found here. Insiders sold 851,450 shares of company stock valued at $35,023,584 over the last quarter. Corporate insiders own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

DKNG has been the subject of a number of research reports. Jefferies Financial Group lifted their price objective on DraftKings from $52.00 to $54.00 and gave the company a “buy” rating in a research report on Monday, May 6th. Berenberg Bank upgraded DraftKings to a “hold” rating in a report on Friday, May 31st. Deutsche Bank Aktiengesellschaft increased their price objective on DraftKings from $34.00 to $35.00 and gave the stock a “hold” rating in a report on Monday, May 6th. Mizuho assumed coverage on shares of DraftKings in a research note on Tuesday, March 26th. They issued a “buy” rating and a $58.00 target price for the company. Finally, Susquehanna dropped their price target on shares of DraftKings from $56.00 to $49.00 and set a “positive” rating on the stock in a research note on Wednesday, June 5th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $49.00.

DraftKings Price Performance

Shares of DKNG stock opened at $41.99 on Friday. DraftKings Inc. has a 12 month low of $24.62 and a 12 month high of $49.57. The company has a market capitalization of $36.50 billion, a P/E ratio of -35.58 and a beta of 1.81. The stock has a 50 day moving average of $41.11 and a two-hundred day moving average of $40.48. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.51.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. The firm’s quarterly revenue was up 52.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.87) EPS. As a group, equities analysts expect that DraftKings Inc. will post -0.21 EPS for the current year.

About DraftKings

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.