DraftKings Inc. $DKNG Shares Purchased by Bamco Inc. NY

Bamco Inc. NY lifted its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 33.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,670,460 shares of the company’s stock after buying an additional 929,997 shares during the period. Bamco Inc. NY owned approximately 0.41% of DraftKings worth $157,426,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. TD Private Client Wealth LLC raised its stake in 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 acquiring an additional 282 shares during the last quarter. Summit Securities Group LLC increased its holdings in shares of 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 purchasing an additional 810 shares during the period. Atlantic Union Bankshares Corp purchased a new position in shares of DraftKings in the second quarter worth about $45,000. Ameritas Advisory Services LLC purchased a new position in shares of DraftKings in the second quarter worth about $48,000. Finally, 1 North Wealth Services LLC acquired a new stake in shares of DraftKings during the first quarter worth about $49,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on DKNG. Guggenheim reduced their price target on shares of DraftKings from $55.00 to $45.00 and set a “buy” rating for the company in a research report on Monday, November 10th. BMO Capital Markets reduced their target price on shares of DraftKings from $65.00 to $63.00 and set an “outperform” rating for the company in a report on Tuesday, November 4th. UBS Group restated a “buy” rating on shares of DraftKings in a research report on Tuesday, November 25th. Oppenheimer cut their price target on DraftKings from $60.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 1st. Finally, Mizuho decreased their price objective on DraftKings from $54.00 to $46.00 and set an “outperform” rating for the company in a report on Thursday, November 13th. Twenty-five equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $47.48.

DraftKings Stock Up 1.8%

NASDAQ DKNG opened at $35.52 on Friday. 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 Inc. has a fifty-two week low of $26.23 and a fifty-two week high of $53.61. The business has a 50 day moving average price of $32.33 and a two-hundred day moving average price of $38.88. The stock has a market cap of $17.68 billion, a PE ratio of -62.32, a P/E/G ratio of 2.89 and a beta of 1.60.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Friday, November 7th. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.40 billion. DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.The company’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.60) earnings per share. As a group, sell-side analysts predict that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Alan Wayne Ellingson sold 8,421 shares of DraftKings stock in a transaction on Friday, November 14th. The shares were sold at an average price of $29.23, for a total value of $246,145.83. Following the completion of the sale, the chief financial officer owned 126,990 shares in the company, valued at approximately $3,711,917.70. The trade was a 6.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 shares were sold at an average price of $33.84, for a total transaction of $1,785,973.68. Following the transaction, the insider owned 512,182 shares in the company, valued at $17,332,238.88. This trade represents a 9.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 166,752 shares of company stock valued at $5,387,153 in the last three months. 51.19% of the stock is owned by insiders.

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.