DraftKings Inc. (NASDAQ:DKNG) Stock Position Increased by Acadian Asset Management LLC

Acadian Asset Management LLC raised its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 1,026.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 25,366 shares of the company’s stock after buying an additional 23,115 shares during the period. Acadian Asset Management LLC’s holdings in DraftKings were worth $967,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. Winthrop Advisory Group LLC increased its stake in DraftKings by 2.4% during the 1st quarter. Winthrop Advisory Group LLC now owns 10,452 shares of the company’s stock valued at $475,000 after buying an additional 244 shares during the period. ST Germain D J Co. Inc. increased its stake in DraftKings by 26.3% during the 1st 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 during the period. Hexagon Capital Partners LLC increased its stake in DraftKings by 21.0% during the 2nd quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company’s stock valued at $63,000 after buying an additional 286 shares during the period. Sfmg LLC increased its stake in DraftKings by 3.9% during the 1st quarter. Sfmg LLC now owns 8,140 shares of the company’s stock valued at $370,000 after buying an additional 306 shares during the period. Finally, Brown Lisle Cummings Inc. increased its stake in DraftKings by 32.5% during the 2nd quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock valued at $51,000 after buying an additional 325 shares during the period. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analyst Ratings Changes

DKNG has been the topic of several recent research reports. Berenberg Bank raised shares of DraftKings to a “hold” rating in a research note on Friday, May 31st. UBS Group lifted their price objective on shares of DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Barclays lowered their price objective on shares of DraftKings from $53.00 to $43.00 and set an “overweight” rating on the stock in a research note on Monday, August 5th. Morgan Stanley reaffirmed an “overweight” rating and issued a $47.00 price objective on shares of DraftKings in a research note on Wednesday, September 11th. Finally, Guggenheim lowered their price objective on shares of DraftKings from $53.00 to $52.00 and set a “buy” rating on the stock in a research note on Wednesday, June 26th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.78.

Insider Buying and Selling at DraftKings

In other news, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.64, for a total value of $3,152,037.24. Following the transaction, the insider now owns 2,498,483 shares of the company’s stock, valued at $89,045,934.12. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total value of $7,050,000.00. Following the transaction, the insider now owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Paul Liberman sold 88,441 shares of DraftKings stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the completion of the transaction, the insider now directly owns 2,498,483 shares in the company, valued at approximately $89,045,934.12. The disclosure for this sale can be found here. Insiders sold 1,220,537 shares of company stock worth $44,784,070 over the last ninety days. 51.19% of the stock is currently owned by insiders.

DraftKings Price Performance

NASDAQ DKNG opened at $38.24 on Tuesday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. The stock has a market capitalization of $33.24 billion, a PE ratio of -32.41 and a beta of 1.80. The company has a 50 day moving average price of $35.28 and a two-hundred day moving average price of $39.54. DraftKings Inc. has a 12-month low of $25.73 and a 12-month high of $49.57.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.13. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The company’s revenue was up 26.2% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.17) earnings per share. As a group, equities analysts predict that DraftKings Inc. will post -0.31 earnings per share for the current fiscal 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.