Lake Street Advisors Group LLC Boosts Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Lake Street Advisors Group LLC raised its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 1.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 210,722 shares of the company’s stock after purchasing an additional 2,879 shares during the period. Lake Street Advisors Group LLC’s holdings in DraftKings were worth $8,043,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of the company. Norges Bank purchased a new stake in shares of DraftKings during the 4th quarter valued at approximately $192,140,000. First Trust Advisors LP boosted its holdings in shares of DraftKings by 148.2% in the fourth quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock worth $149,284,000 after acquiring an additional 2,528,503 shares during the period. Eagle Asset Management Inc. purchased a new position in shares of DraftKings in the fourth quarter valued at $87,829,000. Vanguard Group Inc. raised its stake in shares of DraftKings by 6.0% during the 4th quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock valued at $1,384,053,000 after purchasing an additional 2,225,759 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its holdings in DraftKings by 1,048.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,888,287 shares of the company’s stock worth $85,747,000 after purchasing an additional 1,723,819 shares in the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at DraftKings

In other DraftKings news, Director Harry Sloan sold 250,000 shares of the business’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $38.15, for a total value of $9,537,500.00. Following the transaction, the director now owns 250,000 shares in the company, valued at $9,537,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Harry Sloan sold 250,000 shares of the firm’s stock in a transaction dated 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 sale, the director now directly owns 250,000 shares of the company’s stock, valued at $9,537,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Liberman sold 63,206 shares of the company’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 transaction, the insider now directly owns 1,716,406 shares of the company’s stock, valued at approximately $66,939,834. The disclosure for this sale can be found here. Insiders sold 1,470,537 shares of company stock valued at $54,321,570 in the last quarter. Company insiders own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Macquarie reaffirmed an “outperform” rating and set a $50.00 target price on shares of DraftKings in a report on Monday, August 26th. Guggenheim decreased their target price on shares of DraftKings from $53.00 to $52.00 and set a “buy” rating on the stock in a report on Wednesday, June 26th. Susquehanna raised their price target on shares of DraftKings from $47.00 to $48.00 and gave the company a “positive” rating in a report on Wednesday. Truist Financial restated a “buy” rating and set a $50.00 price target on shares of DraftKings in a research report on Wednesday, August 14th. Finally, BMO Capital Markets lowered their price objective on DraftKings from $54.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have issued a buy rating to the stock. According to data from MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and a consensus price target of $49.52.

DraftKings Trading Down 1.7 %

NASDAQ DKNG opened at $35.11 on Friday. The firm has a market cap of $30.52 billion, a PE ratio of -29.75 and a beta of 1.80. DraftKings Inc. has a 1-year low of $25.73 and a 1-year high of $49.57. The stock has a 50-day moving average of $35.24 and a 200-day moving average of $39.73. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. DraftKings had a negative return on equity of 43.11% and a negative net margin of 9.45%. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same period in the previous year, the firm earned ($0.17) EPS. The business’s quarterly revenue was up 26.2% on a year-over-year basis. As a group, sell-side analysts forecast that DraftKings Inc. will post -0.31 EPS for the current year.

DraftKings 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.