MBB Public Markets I LLC Takes $1.18 Million Position in DraftKings Inc. (NASDAQ:DKNG)

MBB Public Markets I LLC bought a new position in DraftKings Inc. (NASDAQ:DKNG) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 30,800 shares of the company’s stock, valued at approximately $1,176,000.

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

Insider Activity

In related news, insider Paul Liberman sold 63,206 shares of the stock in a transaction dated 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 sale, the insider now owns 1,716,406 shares of the company’s stock, valued at approximately $66,939,834. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at $94,402,390.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul Liberman sold 63,206 shares of the company’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 sale, 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. Over the last quarter, insiders sold 1,195,301 shares of company stock valued at $45,355,362. 51.19% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their price target on shares of DraftKings from $48.00 to $54.00 and gave the stock an “overweight” rating in a research report on Thursday, September 26th. Oppenheimer lowered their target price on DraftKings from $58.00 to $55.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. BMO Capital Markets reduced their price target on DraftKings from $54.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Bank of America lowered their price objective on shares of DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. Finally, Benchmark boosted their target price on shares of DraftKings from $41.00 to $44.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $49.74.

DraftKings Stock Performance

Shares of NASDAQ DKNG opened at $39.20 on Tuesday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. The firm’s 50-day moving average price is $35.67 and its two-hundred day moving average price is $39.34. DraftKings Inc. has a 52-week low of $25.73 and a 52-week high of $49.57. The stock has a market capitalization of $34.07 billion, a P/E ratio of -33.22 and a beta of 1.80.

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