Profund Advisors LLC Has $1.13 Million Stake in DraftKings Inc. (NASDAQ:DKNG)

Profund Advisors LLC lessened its position in DraftKings Inc. (NASDAQ:DKNG) by 21.6% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,585 shares of the company’s stock after selling 8,148 shares during the period. Profund Advisors LLC’s holdings in DraftKings were worth $1,129,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. First Trust Advisors LP increased its stake in shares of DraftKings by 148.2% in the fourth quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock valued at $149,284,000 after buying an additional 2,528,503 shares during the period. Eagle Asset Management Inc. bought a new position in shares of DraftKings during the fourth quarter valued at $87,829,000. Vanguard Group Inc. lifted its holdings in shares of DraftKings by 6.0% during the fourth quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock worth $1,384,053,000 after purchasing an additional 2,225,759 shares during the period. Allspring Global Investments Holdings LLC grew its stake in shares of DraftKings by 1,048.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,888,287 shares of the company’s stock worth $85,747,000 after purchasing an additional 1,723,819 shares during the last quarter. Finally, Jupiter Asset Management Ltd. increased its holdings in DraftKings by 1,261.7% in the second quarter. Jupiter Asset Management Ltd. now owns 1,612,405 shares of the company’s stock valued at $61,545,000 after purchasing an additional 1,493,995 shares during the period. 37.70% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on DKNG shares. BMO Capital Markets reduced their price target on DraftKings from $54.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. UBS Group increased their target price 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. Guggenheim lowered their price target 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. Bank of America reduced 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. Finally, BNP Paribas raised shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 target price for the company in a research note on Tuesday, September 10th. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and a consensus price target of $49.78.

Insiders Place Their Bets

In other news, 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 transaction, the insider now directly owns 1,716,406 shares of the company’s stock, valued at approximately $66,939,834. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Paul Liberman sold 63,206 shares of the company’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 transaction, the insider now owns 1,716,406 shares of the company’s stock, valued at approximately $66,939,834. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $30.72, for a total value of $6,144,000.00. Following the completion of the sale, the insider now directly owns 2,699,815 shares of the company’s stock, valued at approximately $82,938,316.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 551,647 shares of company stock valued at $18,811,071. Company insiders own 51.19% of the company’s stock.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $39.63 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 company has a market capitalization of $34.45 billion, a PE ratio of -33.58 and a beta of 1.80. The stock’s 50 day moving average price is $35.43 and its 200-day moving average price is $39.40. DraftKings Inc. has a twelve month low of $25.73 and a twelve month high of $49.57.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.13. The firm 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 business’s revenue was up 26.2% compared to the same quarter last year. During the same period last year, the firm posted ($0.17) EPS. On average, equities analysts anticipate that DraftKings Inc. will post -0.31 EPS for the current 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.