Shellback Capital LP Has $34.35 Million Position in DraftKings Inc. (NASDAQ:DKNG)

Shellback Capital LP increased its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 38.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 900,000 shares of the company’s stock after acquiring an additional 250,000 shares during the quarter. DraftKings comprises approximately 2.5% of Shellback Capital LP’s holdings, making the stock its 9th largest holding. Shellback Capital LP owned 0.10% of DraftKings worth $34,353,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. Winthrop Advisory Group LLC grew its holdings in shares of DraftKings by 2.4% during the 1st quarter. Winthrop Advisory Group LLC now owns 10,452 shares of the company’s stock worth $475,000 after purchasing an additional 244 shares in the last quarter. ST Germain D J Co. Inc. boosted its stake in DraftKings by 26.3% during the first quarter. ST Germain D J Co. Inc. now owns 1,200 shares of the company’s stock worth $54,000 after buying an additional 250 shares in the last quarter. Hexagon Capital Partners LLC increased its holdings in DraftKings by 21.0% in the 2nd quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company’s stock valued at $63,000 after buying an additional 286 shares during the period. Sfmg LLC raised its stake in shares of DraftKings by 3.9% in the 1st quarter. Sfmg LLC now owns 8,140 shares of the company’s stock valued at $370,000 after buying an additional 306 shares in the last quarter. Finally, Brown Lisle Cummings Inc. lifted its holdings in shares of DraftKings by 32.5% during the 2nd quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock worth $51,000 after acquiring an additional 325 shares during the period. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Trading Down 0.4 %

DKNG opened at $40.94 on Friday. The firm has a 50 day simple moving average of $35.55 and a 200 day simple moving average of $39.41. DraftKings Inc. has a fifty-two week low of $25.73 and a fifty-two week high of $49.57. The company has a market cap of $35.97 billion, a price-to-earnings ratio of -34.69 and a beta of 1.80. 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 issued its earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.13. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the previous year, the company posted ($0.17) EPS. The business’s revenue for the quarter was up 26.2% compared to the same quarter last year. On average, sell-side analysts anticipate that DraftKings Inc. will post -0.31 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. UBS Group upped their target price on shares of DraftKings from $56.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Needham & Company LLC reissued a “buy” rating and issued a $60.00 target price on shares of DraftKings in a report on Monday. Berenberg Bank raised DraftKings to a “hold” rating in a research note on Friday, May 31st. BMO Capital Markets dropped their price objective on DraftKings from $54.00 to $48.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Finally, Bank of America reduced their target price 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. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $49.74.

Insider Buying and Selling at DraftKings

In other news, insider Paul Liberman sold 63,206 shares of the business’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 completion of the transaction, the insider now directly owns 1,716,406 shares in the company, valued at approximately $66,939,834. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other DraftKings news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Paul Liberman sold 63,206 shares of the stock in a transaction dated 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 551,647 shares of company stock valued at $18,811,071. 51.19% of the stock is currently owned by company 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.