RDA Financial Network Buys Shares of 5,104 DraftKings Inc. (NASDAQ:DKNG)

RDA Financial Network bought a new stake in shares of DraftKings Inc. (NASDAQ:DKNG) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 5,104 shares of the company’s stock, valued at approximately $232,000.

Several other hedge funds have also bought and sold shares of DKNG. ST Germain D J Co. Inc. raised its stake in shares of DraftKings by 26.3% during the first quarter. ST Germain D J Co. Inc. now owns 1,200 shares of the company’s stock worth $54,000 after acquiring an additional 250 shares in the last quarter. Fifth Third Bancorp raised its stake in shares of DraftKings by 8.3% during the fourth quarter. Fifth Third Bancorp now owns 4,331 shares of the company’s stock worth $153,000 after acquiring an additional 331 shares in the last quarter. Cornerstone Wealth Management LLC increased its stake in shares of DraftKings by 4.4% in the fourth quarter. Cornerstone Wealth Management LLC now owns 8,082 shares of the company’s stock worth $285,000 after buying an additional 341 shares during the period. Stratos Wealth Advisors LLC increased its stake in shares of DraftKings by 3.8% in the fourth quarter. Stratos Wealth Advisors LLC now owns 10,289 shares of the company’s stock worth $363,000 after buying an additional 381 shares during the period. Finally, Signaturefd LLC increased its stake in shares of DraftKings by 7.9% in the fourth quarter. Signaturefd LLC now owns 5,774 shares of the company’s stock worth $204,000 after buying an additional 424 shares during the period. 37.70% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Jocelyn Moore sold 1,450 shares of the company’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total transaction of $52,084.00. Following the completion of the sale, the director now owns 6,814 shares of the company’s stock, valued at approximately $244,758.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $40.91, for a total value of $8,182,000.00. Following the completion of the sale, the insider now directly owns 3,043,231 shares of the company’s stock, valued at approximately $124,498,580.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jocelyn Moore sold 1,450 shares of the stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $35.92, for a total transaction of $52,084.00. Following the completion of the sale, the director now directly owns 6,814 shares of the company’s stock, valued at $244,758.88. The disclosure for this sale can be found here. Insiders sold 851,450 shares of company stock valued at $35,023,584 in the last quarter. 51.19% of the stock is currently owned by insiders.

DraftKings Stock Performance

Shares of NASDAQ:DKNG opened at $41.69 on Monday. DraftKings Inc. has a fifty-two week low of $24.67 and a fifty-two week high of $49.57. The business has a 50-day simple moving average of $41.11 and a two-hundred day simple moving average of $40.54. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.34 and a quick ratio of 1.34.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings results 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 net margin of 13.45% and a negative return on equity of 62.74%. The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.12 billion. During the same period in the previous year, the company earned ($0.87) EPS. DraftKings’s revenue for the quarter was up 52.7% compared to the same quarter last year. Equities research analysts forecast that DraftKings Inc. will post -0.21 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently commented on DKNG. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $55.00 target price on shares of DraftKings in a research note on Thursday, March 28th. Susquehanna decreased their target price 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. Deutsche Bank Aktiengesellschaft lifted their target price on shares of DraftKings from $34.00 to $35.00 and gave the stock a “hold” rating in a research note on Monday, May 6th. BTIG Research lifted their target price on shares of DraftKings from $53.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, May 6th. Finally, JMP Securities reissued a “market outperform” rating and set a $52.00 price objective on shares of DraftKings in a research report on Monday, March 25th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and an average target price of $49.00.

DraftKings Profile

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.