Intech Investment Management LLC Purchases 18,040 Shares of DraftKings Inc. (NASDAQ:DKNG)

Intech Investment Management LLC boosted its position in DraftKings Inc. (NASDAQ:DKNG) by 71.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 43,348 shares of the company’s stock after acquiring an additional 18,040 shares during the quarter. Intech Investment Management LLC’s holdings in DraftKings were worth $1,655,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. LRI Investments LLC bought a new position in shares of DraftKings during the first quarter worth about $31,000. LifeSteps Financial Inc. acquired a new stake in shares of DraftKings in the 1st quarter valued at about $33,000. Transcendent Capital Group LLC acquired a new position in DraftKings during the 4th quarter worth approximately $26,000. Concord Wealth Partners boosted its holdings in DraftKings by 140.2% in the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock worth $35,000 after acquiring an additional 453 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV grew its stake in DraftKings by 117.5% in the first quarter. Massmutual Trust Co. FSB ADV now owns 922 shares of the company’s stock valued at $42,000 after acquiring an additional 498 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 a number of research reports. Benchmark upped their target price on DraftKings from $41.00 to $44.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Bank of America dropped their price objective on shares of DraftKings from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Morgan Stanley reissued an “overweight” rating and set a $47.00 target price on shares of DraftKings in a research report on Wednesday, September 11th. UBS Group raised their price target on shares of DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Finally, Truist Financial reissued a “buy” rating and set a $50.00 price objective on shares of DraftKings in a report on Wednesday, August 14th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat.com, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.78.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $39.63 on Tuesday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97. The stock has a fifty day simple moving average of $35.43 and a two-hundred day simple moving average of $39.40. DraftKings Inc. has a 1-year low of $25.73 and a 1-year high of $49.57. The firm has a market cap of $34.45 billion, a price-to-earnings ratio of -33.58 and a beta of 1.80.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.13. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The firm’s revenue for the quarter was up 26.2% on a year-over-year basis. During the same quarter last year, the firm posted ($0.17) EPS. Analysts anticipate that DraftKings Inc. will post -0.31 earnings per share for the current year.

Insider Activity at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction on 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 sale, the insider now owns 2,699,815 shares of the company’s stock, valued at approximately $82,938,316.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the sale, the insider now directly 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 available at this link. Also, insider Paul Liberman sold 88,441 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the completion of the sale, the insider now directly owns 2,498,483 shares in the company, valued at $89,045,934.12. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 551,647 shares of company stock worth $18,811,071. 51.19% of the stock is owned by corporate insiders.

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.