Traynor Capital Management Inc. Boosts Stake in DraftKings Inc. (NASDAQ:DKNG)

Traynor Capital Management Inc. lifted its holdings in DraftKings Inc. (NASDAQ:DKNG) by 27.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,417 shares of the company’s stock after buying an additional 2,858 shares during the quarter. Traynor Capital Management Inc.’s holdings in DraftKings were worth $609,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of DKNG. PNC Financial Services Group Inc. boosted its position in DraftKings by 20.8% during the third quarter. PNC Financial Services Group Inc. now owns 56,997 shares of the company’s stock worth $1,678,000 after purchasing an additional 9,820 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new stake in DraftKings during the third quarter worth $795,000. Kestra Advisory Services LLC boosted its position in DraftKings by 35.0% during the third quarter. Kestra Advisory Services LLC now owns 47,353 shares of the company’s stock worth $1,394,000 after purchasing an additional 12,283 shares in the last quarter. Korea Investment CORP purchased a new stake in DraftKings during the third quarter worth $484,000. Finally, Envestnet Portfolio Solutions Inc. purchased a new stake in DraftKings during the third quarter worth $529,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $40.91, for a total value of $8,182,000.00. Following the completion of the transaction, the insider now owns 3,043,231 shares of the company’s stock, valued at $124,498,580.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Jocelyn Moore sold 1,450 shares of the stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $35.92, for a total value of $52,084.00. Following the completion of the transaction, the director now owns 6,814 shares of the company’s stock, valued at $244,758.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction dated 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 transaction, the insider now directly owns 3,043,231 shares of the company’s stock, valued at approximately $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. Company insiders own 48.94% of the company’s stock.

Analysts Set New Price Targets

DKNG has been the subject of a number of analyst reports. The Goldman Sachs Group initiated coverage on DraftKings in a report on Tuesday, April 16th. They issued a “buy” rating and a $60.00 price target for the company. Morgan Stanley boosted their price target on DraftKings from $49.00 to $50.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. Oppenheimer reissued an “outperform” rating and issued a $60.00 price target on shares of DraftKings in a report on Tuesday, May 28th. Berenberg Bank raised DraftKings to a “hold” rating in a report on Friday, May 31st. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on DraftKings from $34.00 to $35.00 and gave the stock a “hold” rating in a report on Monday, May 6th. 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 company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $49.00.

DraftKings Trading Down 4.7 %

Shares of NASDAQ DKNG opened at $40.01 on Tuesday. DraftKings Inc. has a 1-year low of $24.67 and a 1-year high of $49.57. The business has a 50-day moving average of $41.04 and a 200-day moving average of $40.57. 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 (NASDAQ:DKNG) last issued its earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share 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 analysts’ expectations of $1.12 billion. During the same period in the previous year, the company earned ($0.87) EPS. DraftKings’s quarterly revenue was up 52.7% on a year-over-year basis. As a group, equities analysts anticipate that DraftKings Inc. will post -0.21 EPS for the current year.

DraftKings Company 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.