Sunbelt Securities Inc. Purchases 382 Shares of DraftKings Inc. (NASDAQ:DKNG)

Sunbelt Securities Inc. boosted its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 15.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,860 shares of the company’s stock after purchasing an additional 382 shares during the period. Sunbelt Securities Inc.’s holdings in DraftKings were worth $130,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Hsbc Holdings PLC grew its holdings in shares of DraftKings by 655.1% in the 3rd quarter. Hsbc Holdings PLC now owns 64,994 shares of the company’s stock valued at $1,913,000 after acquiring an additional 56,387 shares in the last quarter. Acadian Asset Management LLC bought a new position in shares of DraftKings in the 3rd quarter valued at about $45,000. LPL Financial LLC grew its holdings in shares of DraftKings by 7.0% in the 3rd quarter. LPL Financial LLC now owns 447,511 shares of the company’s stock valued at $13,175,000 after acquiring an additional 29,264 shares in the last quarter. Mariner LLC grew its holdings in shares of DraftKings by 25.9% in the 3rd quarter. Mariner LLC now owns 37,692 shares of the company’s stock valued at $1,110,000 after acquiring an additional 7,750 shares in the last quarter. Finally, Natixis Advisors L.P. grew its holdings in shares of DraftKings by 7.7% in the 3rd quarter. Natixis Advisors L.P. now owns 20,686 shares of the company’s stock valued at $609,000 after acquiring an additional 1,476 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in 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. Barclays raised their target price on shares of DraftKings from $52.00 to $54.00 and gave the company an “overweight” rating in a research note on Monday, May 6th. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $55.00 target price on shares of DraftKings in a research note on Thursday, March 28th. Berenberg Bank upgraded shares of DraftKings to a “hold” rating in a research note on Friday, May 31st. Finally, Morgan Stanley raised their target price on shares of DraftKings from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Tuesday, April 9th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.24.

Insider Activity at DraftKings

In other DraftKings news, Director Jocelyn Moore sold 1,450 shares of the business’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 owns 6,814 shares of the company’s stock, valued at $244,758.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other DraftKings news, insider Paul Liberman sold 668,890 shares of the business’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the sale, the insider now owns 205,962 shares of the company’s stock, valued at $7,997,504.46. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jocelyn Moore sold 1,450 shares of the business’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 approximately $244,758.88. The disclosure for this sale can be found here. Insiders have sold 1,520,340 shares of company stock valued at $60,996,583 over the last three months. 51.19% of the stock is owned by insiders.

DraftKings Stock Performance

Shares of NASDAQ:DKNG opened at $38.17 on Friday. The company’s 50 day simple moving average is $40.67 and its 200 day simple moving average is $40.56. The stock has a market capitalization of $33.18 billion, a price-to-earnings ratio of -32.35 and a beta of 1.81. 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 Inc. has a 1 year low of $24.97 and a 1 year high of $49.57.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The business’s revenue was up 52.7% compared to the same quarter last year. During the same period last year, the business earned ($0.87) earnings per share. As a group, research analysts predict that DraftKings Inc. will post -0.24 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.