206,892 Shares in DraftKings Inc. $DKNG Bought by Edgestream Partners L.P.

Edgestream Partners L.P. purchased a new position in DraftKings Inc. (NASDAQ:DKNG) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 206,892 shares of the company’s stock, valued at approximately $4,473,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of DKNG. Viking Global Investors LP bought a new stake in DraftKings during the third quarter worth about $561,125,000. Capital World Investors increased its holdings in DraftKings by 181.4% in the 4th quarter. Capital World Investors now owns 18,626,429 shares of the company’s stock valued at $641,867,000 after buying an additional 12,008,357 shares during the period. Janus Henderson Group PLC raised its position in shares of DraftKings by 50.8% in the 4th quarter. Janus Henderson Group PLC now owns 25,313,909 shares of the company’s stock valued at $858,893,000 after buying an additional 8,524,923 shares in the last quarter. Norges Bank acquired a new position in shares of DraftKings in the 4th quarter valued at approximately $284,466,000. Finally, Spruce House Investment Management LLC lifted its holdings in shares of DraftKings by 129.6% during the 1st quarter. Spruce House Investment Management LLC now owns 9,650,000 shares of the company’s stock worth $208,633,000 after acquiring an additional 5,446,166 shares during the period. Institutional investors and hedge funds own 37.70% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Raymond James Financial upgraded shares of DraftKings from a “market perform” rating to an “outperform” rating in a research report on Friday, April 24th. Freedom Capital upgraded shares of DraftKings to a “strong-buy” rating in a research report on Wednesday, May 20th. Citigroup restated a “market outperform” rating on shares of DraftKings in a research note on Monday, June 22nd. TD Cowen raised their target price on DraftKings from $30.00 to $35.00 and gave the company a “buy” rating in a report on Friday, July 10th. Finally, Guggenheim reiterated a “buy” rating and issued a $35.00 price target on shares of DraftKings in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $34.37.

Insider Buying and Selling

In other DraftKings news, insider R Stanton Dodge sold 62,500 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $29.68, for a total value of $1,855,000.00. Following the sale, the insider owned 556,258 shares in the company, valued at $16,509,737.44. This trade represents a 10.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Woodrow Levin sold 34,234 shares of the business’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $25.71, for a total transaction of $880,156.14. Following the sale, the director directly owned 29,820 shares in the company, valued at approximately $766,672.20. The trade was a 53.45% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 97,596 shares of company stock worth $2,756,991 in the last 90 days. Company insiders own 47.18% of the company’s stock.

DraftKings Trading Down 1.0%

DKNG opened at $23.48 on Friday. The company’s 50 day moving average is $25.53 and its 200-day moving average is $25.36. DraftKings Inc. has a 1-year low of $20.46 and a 1-year high of $48.78. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.03. The company has a market cap of $11.65 billion, a P/E ratio of 391.33 and a beta of 1.65.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Friday, May 8th. The company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.02). The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.63 billion. DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The company’s revenue for the quarter was up 16.8% compared to the same quarter last year. During the same period last year, the firm posted ($0.07) earnings per share. Equities research analysts predict that DraftKings Inc. will post 0.54 earnings per share for the current fiscal year.

About DraftKings

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.