Edgestream Partners L.P. Buys New Shares in DraftKings Inc. (NASDAQ:DKNG)

Edgestream Partners L.P. purchased a new position in shares of DraftKings Inc. (NASDAQ:DKNG) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 25,160 shares of the company’s stock, valued at approximately $960,000.

A number of other hedge funds also recently bought and sold shares of DKNG. LRI Investments LLC acquired a new stake in DraftKings in the first quarter valued at approximately $31,000. LifeSteps Financial Inc. purchased a new stake in DraftKings during the first quarter worth approximately $33,000. Transcendent Capital Group LLC acquired a new position in DraftKings in the fourth quarter valued at approximately $26,000. Concord Wealth Partners increased its stake in DraftKings by 140.2% in the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after purchasing an additional 453 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV raised its holdings in DraftKings by 117.5% during the first quarter. Massmutual Trust Co. FSB ADV now owns 922 shares of the company’s stock worth $42,000 after purchasing an additional 498 shares in the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings Stock Performance

NASDAQ:DKNG opened at $39.28 on Friday. The firm’s fifty day simple moving average is $35.42 and its 200-day simple moving average is $39.44. 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 cap of $34.14 billion, a PE ratio of -33.29 and a beta of 1.80. DraftKings Inc. has a fifty-two week low of $25.73 and a fifty-two week high of $49.57.

DraftKings (NASDAQ:DKNG) last issued 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 company 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 firm’s quarterly revenue was up 26.2% compared to the same quarter last year. During the same period last year, the company posted ($0.17) earnings per share. Analysts expect that DraftKings Inc. will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In other DraftKings news, insider Paul Liberman sold 63,206 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $39.00, for a total transaction of $2,465,034.00. Following the sale, the insider now directly owns 1,716,406 shares in the company, valued at $66,939,834. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other DraftKings news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the completion of the transaction, the insider now owns 2,699,815 shares in the company, valued at $82,938,316.80. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul Liberman sold 63,206 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $39.00, for a total transaction of $2,465,034.00. Following the completion of the sale, the insider now owns 1,716,406 shares in the company, valued at $66,939,834. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,220,537 shares of company stock valued at $44,784,070. 51.19% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages have recently issued reports on DKNG. Guggenheim lowered their target price on shares of DraftKings from $53.00 to $52.00 and set a “buy” rating for the company in a report on Wednesday, June 26th. UBS Group raised their price objective on DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Macquarie reiterated an “outperform” rating and set a $50.00 target price on shares of DraftKings in a research report on Monday, August 26th. Morgan Stanley reissued an “overweight” rating and issued a $47.00 target price on shares of DraftKings in a research report on Wednesday, September 11th. Finally, Needham & Company LLC restated a “buy” rating and set a $60.00 price target on shares of DraftKings in a research note on Monday, September 16th. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $49.78.

DraftKings 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.