Mount Yale Investment Advisors LLC Purchases Shares of 10,473 DraftKings Inc. (NASDAQ:DKNG)

Mount Yale Investment Advisors LLC purchased a new stake in DraftKings Inc. (NASDAQ:DKNG) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 10,473 shares of the company’s stock, valued at approximately $476,000.

A number of other hedge funds have also recently bought and sold shares of DKNG. Highlander Capital Management LLC raised its stake in shares of DraftKings by 180.0% in the 4th quarter. Highlander Capital Management LLC now owns 700 shares of the company’s stock valued at $25,000 after buying an additional 450 shares in the last quarter. Transcendent Capital Group LLC acquired a new position in shares of DraftKings in the 4th quarter valued at $26,000. Montag A & Associates Inc. acquired a new position in shares of DraftKings in the 4th quarter valued at $29,000. LRI Investments LLC acquired a new position in shares of DraftKings in the 1st quarter valued at $31,000. Finally, LifeSteps Financial Inc. acquired a new position in shares of DraftKings in the 1st quarter valued at $33,000. 37.70% of the stock is owned by institutional investors.

DraftKings Price Performance

DKNG stock traded up $0.43 during midday trading on Monday, reaching $36.73. The company had a trading volume of 7,029,564 shares, compared to its average volume of 10,838,661. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.34 and a quick ratio of 1.34. The company has a market capitalization of $31.93 billion, a price-to-earnings ratio of -31.00 and a beta of 1.81. DraftKings Inc. has a 1-year low of $25.41 and a 1-year high of $49.57. The stock has a 50 day moving average price of $38.43 and a 200-day moving average price of $40.97.

DraftKings (NASDAQ:DKNG) last posted 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). The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. The firm’s revenue was up 52.7% compared to the same quarter last year. During the same period last year, the company posted ($0.87) EPS. Equities research analysts expect that DraftKings Inc. will post -0.31 earnings per share for the current year.

Insider Transactions at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $43.59, for a total value of $8,718,000.00. Following the completion of the transaction, the insider now owns 2,668,954 shares in the company, valued at approximately $116,339,704.86. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Paul Liberman sold 63,206 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $39.00, for a total value of $2,465,034.00. Following the completion of the transaction, the insider now owns 1,716,406 shares in the company, valued at approximately $66,939,834. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $43.59, for a total transaction of $8,718,000.00. Following the transaction, the insider now owns 2,668,954 shares of the company’s stock, valued at approximately $116,339,704.86. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,383,546 shares of company stock valued at $55,279,617. 51.19% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on DKNG. The Goldman Sachs Group began coverage on shares of DraftKings in a research report on Tuesday, April 16th. They set a “buy” rating and a $60.00 target price for the company. Oppenheimer dropped their target price on shares of DraftKings from $60.00 to $58.00 and set an “outperform” rating for the company in a research report on Monday, July 1st. Guggenheim dropped their target price on shares of DraftKings from $53.00 to $52.00 and set a “buy” rating for the company in a research report on Wednesday, June 26th. Wells Fargo & Company decreased their price objective on shares of DraftKings from $54.00 to $53.00 and set an “overweight” rating on the stock in a report on Tuesday, June 25th. Finally, UBS Group increased their price objective on shares of DraftKings from $56.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, May 15th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $49.67.

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.