Miracle Mile Advisors LLC Makes New $341,000 Investment in DraftKings Inc. (NASDAQ:DKNG)

Miracle Mile Advisors LLC acquired a new stake in shares of DraftKings Inc. (NASDAQ:DKNG) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 7,514 shares of the company’s stock, valued at approximately $341,000.

Several other hedge funds have also recently modified their holdings of DKNG. Highlander Capital Management LLC increased its holdings in DraftKings by 180.0% in the 4th quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock valued at $25,000 after acquiring an additional 450 shares during the last quarter. Transcendent Capital Group LLC bought a new stake in shares of DraftKings in the fourth quarter worth about $26,000. Montag A & Associates Inc. bought a new stake in shares of DraftKings in the fourth quarter worth about $29,000. FSC Wealth Advisors LLC purchased a new stake in shares of DraftKings in the fourth quarter worth about $37,000. Finally, Householder Group Estate & Retirement Specialist LLC boosted its stake in 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 buying an additional 737 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Stock Performance

Shares of NASDAQ:DKNG opened at $37.30 on Tuesday. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.34 and a quick ratio of 1.34. The firm has a 50 day moving average of $40.60 and a 200 day moving average of $40.61. DraftKings Inc. has a 52 week low of $24.97 and a 52 week high of $49.57.

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). The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. The company’s revenue was up 52.7% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.87) earnings per share. Equities research analysts predict that DraftKings Inc. will post -0.24 earnings per share for the current fiscal year.

Insider Transactions at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction on 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 sale, the insider now 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 can be accessed through the SEC website. In other DraftKings 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 sale, the insider now directly owns 3,043,231 shares in the company, valued at $124,498,580.21. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Paul Liberman sold 668,890 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $38.83, for a total value of $25,972,998.70. Following the completion of the sale, the insider now directly owns 205,962 shares of the company’s stock, valued at approximately $7,997,504.46. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,520,340 shares of company stock valued at $60,996,583. Corporate insiders own 48.94% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on DKNG. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $55.00 price objective on shares of DraftKings in a research note on Thursday, March 28th. Berenberg Bank raised DraftKings to a “hold” rating in a research note on Friday, May 31st. BTIG Research raised their price objective on DraftKings from $53.00 to $55.00 and gave the company a “buy” rating in a research note on Monday, May 6th. Susquehanna dropped their target price on DraftKings from $56.00 to $49.00 and set a “positive” rating for the company in a report on Wednesday, June 5th. Finally, Moffett Nathanson raised their price target on DraftKings from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and twenty-five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $49.17.

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.