Massmutual Trust Co. FSB ADV Raises Stake in DraftKings Inc. (NASDAQ:DKNG)

Massmutual Trust Co. FSB ADV boosted its position in DraftKings Inc. (NASDAQ:DKNG) by 117.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 922 shares of the company’s stock after buying an additional 498 shares during the quarter. Massmutual Trust Co. FSB ADV’s holdings in DraftKings were worth $42,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Highlander Capital Management LLC raised its holdings in shares of DraftKings by 180.0% during the fourth quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock valued at $25,000 after acquiring an additional 450 shares in the last quarter. Transcendent Capital Group LLC bought a new position in shares of DraftKings during the fourth quarter valued at approximately $26,000. Montag A & Associates Inc. bought a new position in shares of DraftKings during the fourth quarter valued at approximately $29,000. FSC Wealth Advisors LLC bought a new position in shares of DraftKings during the fourth quarter valued at approximately $37,000. Finally, Householder Group Estate & Retirement Specialist LLC raised its holdings in shares of DraftKings by 154.2% during the fourth quarter. Householder Group Estate & Retirement Specialist LLC now owns 1,215 shares of the company’s stock valued at $42,000 after acquiring an additional 737 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on DKNG. Stifel Nicolaus decreased their price objective on DraftKings from $51.00 to $50.00 and set a “buy” rating for the company in a report on Wednesday, May 29th. The Goldman Sachs Group began coverage on DraftKings in a report on Tuesday, April 16th. They issued a “buy” rating and a $60.00 price objective for the company. Susquehanna decreased their price objective on DraftKings from $56.00 to $49.00 and set a “positive” rating for the company in a report on Wednesday, June 5th. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price objective on shares of DraftKings in a report on Wednesday, June 12th. Finally, JMP Securities reissued a “market outperform” rating and issued a $52.00 target price on shares of DraftKings in a research note on Monday, March 25th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $49.00.

Insider Buying and Selling

In related news, Director Harry Sloan sold 250,000 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $38.15, for a total value of $9,537,500.00. Following the transaction, the director now directly 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. In related news, Director Harry Sloan sold 250,000 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $38.15, for a total value of $9,537,500.00. Following the transaction, the director now directly 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 the business’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $43.59, for a total value of $8,718,000.00. Following the completion of the transaction, the insider now directly owns 2,668,954 shares in the company, valued at $116,339,704.86. The disclosure for this sale can be found here. In the last three months, insiders have sold 851,450 shares of company stock valued at $35,023,584. Corporate insiders own 51.19% of the company’s stock.

DraftKings Stock Down 2.3 %

NASDAQ DKNG opened at $41.99 on Friday. The stock’s 50-day moving average price is $41.11 and its 200-day moving average price is $40.51. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.51. DraftKings Inc. has a 52 week low of $24.62 and a 52 week 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.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.02). DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same period last year, the business earned ($0.87) EPS. The firm’s quarterly revenue was up 52.7% compared to the same quarter last year. On average, equities research analysts predict that DraftKings Inc. will post -0.21 earnings per share 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.