Gateway Investment Advisers LLC Takes $227,000 Position in DraftKings Inc. (NASDAQ:DKNG)

Gateway Investment Advisers LLC purchased a new stake in DraftKings Inc. (NASDAQ:DKNG) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 4,988 shares of the company’s stock, valued at approximately $227,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. ST Germain D J Co. Inc. boosted its position in DraftKings by 26.3% in the first quarter. ST Germain D J Co. Inc. now owns 1,200 shares of the company’s stock valued at $54,000 after buying an additional 250 shares in the last quarter. Fifth Third Bancorp boosted its position in DraftKings by 8.3% in the fourth quarter. Fifth Third Bancorp now owns 4,331 shares of the company’s stock valued at $153,000 after buying an additional 331 shares in the last quarter. Cornerstone Wealth Management LLC raised 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 acquiring an additional 341 shares during the last quarter. Stratos Wealth Advisors LLC raised 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 acquiring an additional 381 shares during the last quarter. Finally, Signaturefd LLC raised 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 acquiring an additional 424 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have weighed in on DKNG. Benchmark boosted their target price on shares of DraftKings from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, May 3rd. UBS Group boosted their target price on shares of DraftKings from $56.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, May 15th. 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. JMP Securities reaffirmed a “market outperform” rating and issued a $52.00 target price on shares of DraftKings in a research note on Monday, March 25th. Finally, BMO Capital Markets boosted their price target on shares of DraftKings from $51.00 to $54.00 and gave the stock an “outperform” rating in a research note on Monday, May 6th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and an average price target of $49.24.

Insiders Place Their Bets

In other DraftKings news, Director Jocelyn Moore sold 1,450 shares of the company’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total transaction of $52,084.00. Following the sale, the director now directly owns 6,814 shares of the company’s stock, valued at $244,758.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other DraftKings news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on 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 sale, the insider now directly owns 3,043,231 shares of the company’s stock, valued at $124,498,580.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jocelyn Moore sold 1,450 shares of the company’s stock in a transaction 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 sale, the director now directly owns 6,814 shares in the company, valued at $244,758.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 851,450 shares of company stock valued at $35,023,584. 51.19% of the stock is currently owned by corporate insiders.

DraftKings Stock Performance

Shares of DKNG opened at $37.67 on Thursday. DraftKings Inc. has a 12 month low of $24.97 and a 12 month high of $49.57. The firm has a fifty day simple moving average of $40.90 and a 200 day simple moving average of $40.59. The stock has a market capitalization of $32.74 billion, a price-to-earnings ratio of -31.92 and a beta of 1.81. 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 announced its 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 return on equity of 62.74% and a negative net margin of 13.45%. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same quarter in the previous year, the company posted ($0.87) EPS. The business’s revenue for the quarter was up 52.7% compared to the same quarter last year. Research analysts forecast that DraftKings Inc. will post -0.22 EPS for the current fiscal 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.