Transcendent Capital Group LLC Invests $26,000 in DraftKings Inc. (NASDAQ:DKNG)

Transcendent Capital Group LLC bought a new position in shares of DraftKings Inc. (NASDAQ:DKNG) during the fourth quarter, HoldingsChannel reports. The firm bought 750 shares of the company’s stock, valued at approximately $26,000.

Other hedge funds also recently made changes to their positions in the company. Blair William & Co. IL lifted its holdings in DraftKings by 9.3% in the third quarter. Blair William & Co. IL now owns 27,593 shares of the company’s stock worth $812,000 after acquiring an additional 2,359 shares during the last quarter. Deutsche Bank AG increased its position in DraftKings by 169.1% in the third quarter. Deutsche Bank AG now owns 1,338,075 shares of the company’s stock worth $39,393,000 after buying an additional 840,755 shares during the period. Rhumbline Advisers lifted its stake in DraftKings by 0.5% in the third quarter. Rhumbline Advisers now owns 547,712 shares of the company’s stock valued at $16,125,000 after buying an additional 2,769 shares during the last quarter. Loomis Sayles & Co. L P boosted its holdings in shares of DraftKings by 44.2% during the third quarter. Loomis Sayles & Co. L P now owns 3,132 shares of the company’s stock valued at $92,000 after acquiring an additional 960 shares during the period. Finally, PNC Financial Services Group Inc. grew its position in shares of DraftKings by 20.8% during the third quarter. PNC Financial Services Group Inc. now owns 56,997 shares of the company’s stock worth $1,678,000 after acquiring an additional 9,820 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Buying and Selling

In other news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $42.67, for a total transaction of $8,534,000.00. Following the transaction, the insider now owns 2,849,215 shares in the company, valued at approximately $121,576,004.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Harry Sloan sold 250,000 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $38.15, for a total value of $9,537,500.00. Following the transaction, the director now directly owns 250,000 shares of the company’s stock, valued at approximately $9,537,500. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $42.67, for a total value of $8,534,000.00. Following the sale, the insider now directly owns 2,849,215 shares of the company’s stock, valued at approximately $121,576,004.05. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 851,450 shares of company stock worth $35,023,584. Insiders own 51.19% of the company’s stock.

Analysts Set New Price Targets

DKNG has been the subject of a number of analyst reports. Benchmark boosted their target price on shares of DraftKings from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, May 3rd. BMO Capital Markets increased their price objective on DraftKings from $51.00 to $54.00 and gave the stock an “outperform” rating in a report on Monday, May 6th. Mizuho initiated coverage on DraftKings in a research note on Tuesday, March 26th. They set a “buy” rating and a $58.00 target price on the stock. Moffett Nathanson increased their price target on DraftKings from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, March 28th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of DraftKings from $34.00 to $35.00 and gave the company a “hold” rating in a research note on Monday, May 6th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $49.00.

DraftKings Price Performance

Shares of DraftKings stock traded down $0.07 on Friday, hitting $38.91. 7,305,975 shares of the company traded hands, compared to its average volume of 10,955,333. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.51. DraftKings Inc. has a 12-month low of $24.16 and a 12-month high of $49.57. The company has a 50-day moving average price of $41.36 and a 200 day moving average price of $40.34.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, May 2nd. The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter last year, the firm earned ($0.87) EPS. The business’s revenue for the quarter was up 52.7% compared to the same quarter last year. As a group, equities research analysts predict that DraftKings Inc. will post -0.21 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.