Victory Capital Management Inc. increased its stake in DraftKings Inc. (NASDAQ:DKNG – Free Report) by 8.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 46,019 shares of the company’s stock after acquiring an additional 3,511 shares during the period. Victory Capital Management Inc.’s holdings in DraftKings were worth $1,223,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in DKNG. Virtu Financial LLC bought a new position in DraftKings in the second quarter worth about $698,000. Capital Advisors Ltd. LLC raised its stake in DraftKings by 281,290.3% in the second quarter. Capital Advisors Ltd. LLC now owns 87,231 shares of the company’s stock worth $2,318,000 after buying an additional 87,200 shares in the last quarter. Simplicity Solutions LLC raised its stake in DraftKings by 10.9% in the second quarter. Simplicity Solutions LLC now owns 27,782 shares of the company’s stock worth $738,000 after buying an additional 2,728 shares in the last quarter. Fifth Third Bancorp grew its holdings in DraftKings by 10.0% in the second quarter. Fifth Third Bancorp now owns 4,400 shares of the company’s stock worth $117,000 after purchasing an additional 400 shares during the period. Finally, Raleigh Capital Management Inc. purchased a new stake in DraftKings in the second quarter worth about $27,000. 32.84% of the stock is owned by institutional investors.
Insider Buying and Selling
In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Friday, October 20th. The stock was sold at an average price of $27.11, for a total value of $5,422,000.00. Following the completion of the transaction, the insider now directly owns 3,811,351 shares in the company, valued at $103,325,725.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other DraftKings news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction dated Friday, October 20th. The stock was sold at an average price of $27.11, for a total transaction of $5,422,000.00. Following the transaction, the insider now owns 3,811,351 shares of the company’s stock, valued at $103,325,725.61. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Paul Liberman sold 66,667 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $32.10, for a total value of $2,140,010.70. Following the transaction, the insider now directly owns 1,260,583 shares in the company, valued at approximately $40,464,714.30. The disclosure for this sale can be found here. In the last 90 days, insiders sold 880,651 shares of company stock valued at $26,569,721. 51.19% of the stock is owned by company insiders.
DraftKings Price Performance
DraftKings (NASDAQ:DKNG – Get Free Report) last issued its earnings results on Thursday, August 3rd. The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.07. DraftKings had a negative return on equity of 97.42% and a negative net margin of 38.90%. The business had revenue of $874.93 million during the quarter, compared to analyst estimates of $762.25 million. Equities analysts expect that DraftKings Inc. will post -1.62 EPS for the current year.
Analyst Upgrades and Downgrades
A number of research firms have recently commented on DKNG. Susquehanna increased their price target on shares of DraftKings from $39.00 to $40.00 in a report on Monday, August 7th. Bank of America upgraded shares of DraftKings from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $25.00 to $35.00 in a report on Wednesday, July 12th. Needham & Company LLC restated a “buy” rating and issued a $44.00 price target on shares of DraftKings in a report on Monday, October 16th. Benchmark reissued a “buy” rating and set a $37.00 target price on shares of DraftKings in a research report on Tuesday, September 26th. Finally, Morgan Stanley raised their price target on shares of DraftKings from $35.00 to $36.00 and gave the company an “overweight” rating in a research report on Friday, October 13th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and twenty-two have assigned a buy rating to the stock. According to data from MarketBeat, DraftKings has a consensus rating of “Moderate Buy” and an average price target of $34.37.
DraftKings Inc operates a digital sports entertainment and gaming company. It offers multi-channel sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. The company operates iGaming through its DraftKings brand in 5 states, as well as operates Golden Nugget Online Gaming, an iGaming product and gaming brand in 3 states.
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