Alden Global Capital LLC Takes Position in DraftKings Inc. $DKNG

Alden Global Capital LLC acquired a new position in shares of DraftKings Inc. (NASDAQ:DKNG) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 292,011 shares of the company’s stock, valued at approximately $12,524,000. DraftKings accounts for about 7.7% of Alden Global Capital LLC’s portfolio, making the stock its 6th largest position.

Other hedge funds have also modified their holdings of the company. TD Private Client Wealth LLC raised its holdings in shares of DraftKings by 54.4% in the 2nd quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock worth $34,000 after purchasing an additional 282 shares during the period. Summit Securities Group LLC raised its holdings in DraftKings by 349.1% in the first quarter. Summit Securities Group LLC now owns 1,042 shares of the company’s stock valued at $35,000 after buying an additional 810 shares during the period. Atlantic Union Bankshares Corp acquired a new position in DraftKings during the second quarter valued at approximately $45,000. Ameritas Advisory Services LLC purchased a new stake in DraftKings during the second quarter worth approximately $48,000. Finally, 1 North Wealth Services LLC acquired a new stake in shares of DraftKings in the first quarter worth $49,000. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at DraftKings

In related news, Director Gregory Westin Wendt acquired 10,000 shares of the stock in a transaction that occurred on Tuesday, November 11th. The stock was purchased at an average cost of $30.27 per share, for a total transaction of $302,700.00. Following the purchase, the director directly owned 10,000 shares in the company, valued at $302,700. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, insider R Stanton Dodge sold 52,777 shares of the stock in a transaction on Monday, December 1st. The stock was sold at an average price of $33.84, for a total value of $1,785,973.68. Following the completion of the sale, the insider directly owned 512,182 shares in the company, valued at $17,332,238.88. This represents a 9.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 166,752 shares of company stock worth $5,387,153 in the last ninety days. Insiders own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on DKNG shares. JPMorgan Chase & Co. reduced their target price on shares of DraftKings from $51.00 to $42.00 and set an “overweight” rating on the stock in a report on Monday, November 10th. Guggenheim lowered their target price on DraftKings from $55.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, November 10th. Berenberg Bank set a $43.00 target price on DraftKings and gave the company a “buy” rating in a report on Thursday, October 9th. Northland Capmk upgraded DraftKings from a “strong sell” rating to a “hold” rating in a report on Monday, November 10th. Finally, Susquehanna lowered their price objective on shares of DraftKings from $59.00 to $48.00 and set a “positive” rating for the company in a research report on Monday, November 10th. Twenty-five analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and a consensus price target of $47.48.

DraftKings Stock Up 1.8%

Shares of DraftKings stock opened at $35.52 on Friday. The business has a 50-day moving average price of $32.33 and a 200 day moving average price of $38.88. DraftKings Inc. has a fifty-two week low of $26.23 and a fifty-two week high of $53.61. The firm has a market cap of $17.68 billion, a P/E ratio of -62.32, a P/E/G ratio of 2.89 and a beta of 1.60. The company has a quick ratio of 1.09, a current ratio of 1.10 and a debt-to-equity ratio of 2.51.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Friday, November 7th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.27). DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter last year, the business earned ($0.60) earnings per share. The business’s revenue for the quarter was up 4.4% compared to the same quarter last year. On average, sell-side analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current fiscal 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.