Empowered Funds LLC Buys 750 Shares of DraftKings Inc. (NASDAQ:DKNG)

Empowered Funds LLC boosted its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 12.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,839 shares of the company’s stock after buying an additional 750 shares during the period. Empowered Funds LLC’s holdings in DraftKings were worth $268,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in DKNG. CIBC Asset Management Inc increased its holdings in shares of DraftKings by 3.5% during the third quarter. CIBC Asset Management Inc now owns 13,690 shares of the company’s stock valued at $537,000 after acquiring an additional 469 shares in the last quarter. OneDigital Investment Advisors LLC increased its stake in DraftKings by 28.9% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 9,886 shares of the company’s stock valued at $388,000 after purchasing an additional 2,216 shares in the last quarter. Metis Global Partners LLC purchased a new position in DraftKings in the third quarter worth about $213,000. KBC Group NV lifted its stake in shares of DraftKings by 8.3% in the third quarter. KBC Group NV now owns 30,084 shares of the company’s stock worth $1,179,000 after buying an additional 2,318 shares in the last quarter. Finally, Oppenheimer & Co. Inc. grew its holdings in shares of DraftKings by 4.6% during the third quarter. Oppenheimer & Co. Inc. now owns 76,248 shares of the company’s stock valued at $2,989,000 after buying an additional 3,367 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 $43.00 on Tuesday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings Inc. has a 12 month low of $28.69 and a 12 month high of $49.57. The company has a market capitalization of $37.87 billion, a price-to-earnings ratio of -48.86 and a beta of 1.82. The firm’s 50-day moving average is $39.02 and its 200 day moving average is $37.89.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. Research analysts predict that DraftKings Inc. will post -0.79 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Susquehanna boosted their price objective on shares of DraftKings from $48.00 to $50.00 and gave the stock a “positive” rating in a report on Monday, October 7th. Benchmark restated a “buy” rating and issued a $44.00 price target on shares of DraftKings in a research note on Monday, October 7th. BNP Paribas raised DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective on the stock in a research report on Tuesday, September 10th. Truist Financial reissued a “buy” rating and issued a $50.00 target price on shares of DraftKings in a research report on Wednesday, August 14th. Finally, Stifel Nicolaus restated a “buy” rating and set a $48.00 target price (down previously from $50.00) on shares of DraftKings in a research note on Monday, August 5th. 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, the company currently has a consensus rating of “Moderate Buy” and an average price target of $50.85.

Insiders Place Their Bets

In other DraftKings news, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $36.41, for a total value of $3,220,136.81. Following the transaction, the insider now directly owns 1,923,483 shares in the company, valued at $70,034,016.03. This represents a 4.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jason Robins sold 3,151 shares of DraftKings stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $43.71, for a total transaction of $137,730.21. Following the sale, the insider now directly owns 2,631,033 shares of the company’s stock, valued at $115,002,452.43. This represents a 0.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 735,246 shares of company stock worth $29,902,158 over the last quarter. Company insiders own 48.94% of the company’s stock.

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.