Oppenheimer Asset Management Inc. Boosts Holdings in DraftKings Inc. (NASDAQ:DKNG)

Oppenheimer Asset Management Inc. boosted its stake in DraftKings Inc. (NASDAQ:DKNG) by 55.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 14,832 shares of the company’s stock after acquiring an additional 5,277 shares during the period. Oppenheimer Asset Management Inc.’s holdings in DraftKings were worth $566,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Transcendent Capital Group LLC bought a new stake in shares of DraftKings in the 4th quarter worth approximately $26,000. LRI Investments LLC purchased a new stake in DraftKings in the first quarter worth $31,000. LifeSteps Financial Inc. bought a new stake in shares of DraftKings in the first quarter valued at $33,000. Concord Wealth Partners lifted its position in shares of DraftKings by 140.2% during the 1st quarter. Concord Wealth Partners now owns 776 shares of the company’s stock valued at $35,000 after buying an additional 453 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV grew its stake in shares of DraftKings by 117.5% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 922 shares of the company’s stock worth $42,000 after acquiring an additional 498 shares during the period. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at DraftKings

In related news, insider Paul Liberman sold 63,206 shares of the firm’s stock in a transaction dated 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 directly 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 SEC, which is accessible through this link. In other DraftKings news, insider Paul Liberman sold 63,206 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $39.00, for a total value of $2,465,034.00. Following the completion of the sale, the insider now owns 1,716,406 shares of the company’s stock, valued at $66,939,834. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the transaction, the insider now directly owns 2,678,082 shares in the company, valued at $94,402,390.50. The disclosure for this sale can be found here. In the last three months, insiders sold 1,220,537 shares of company stock worth $44,784,070. 51.19% of the stock is currently owned by corporate insiders.

DraftKings Price Performance

DKNG stock opened at $39.28 on Friday. The firm has a 50 day simple moving average of $35.42 and a two-hundred day simple moving average of $39.46. 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 one year low of $25.73 and a one year high of $49.57. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11.

DraftKings (NASDAQ:DKNG) last announced its earnings results on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) 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 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 in the previous year, the business earned ($0.17) earnings per share. On average, analysts predict that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Benchmark boosted their price objective on DraftKings from $41.00 to $44.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Bank of America lowered their price target on shares of DraftKings from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd. Guggenheim dropped their price target 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. Morgan Stanley reiterated an “overweight” rating and issued a $47.00 price objective on shares of DraftKings in a research note on Wednesday, September 11th. Finally, Needham & Company LLC restated a “buy” rating and set a $60.00 target price on shares of DraftKings in a research report 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 company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $49.78.

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.