Quantinno Capital Management LP Acquires 658,006 Shares of DraftKings Inc. $DKNG

Quantinno Capital Management LP increased its stake in DraftKings Inc. (NASDAQ:DKNG) by 273.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 898,241 shares of the company’s stock after buying an additional 658,006 shares during the quarter. Quantinno Capital Management LP owned approximately 0.18% of DraftKings worth $19,420,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of DKNG. Vanguard Group Inc. boosted its stake in shares of DraftKings by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock valued at $1,542,368,000 after purchasing an additional 1,354,457 shares in the last quarter. Spruce House Investment Management LLC increased its stake in DraftKings by 129.6% during the 1st quarter. Spruce House Investment Management LLC now owns 9,650,000 shares of the company’s stock valued at $208,633,000 after purchasing an additional 5,446,166 shares in the last quarter. Renaissance Technologies LLC bought a new stake in DraftKings during the first quarter worth $17,660,000. Sumitomo Mitsui Trust Group Inc. increased its position in shares of DraftKings by 11.0% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,370,903 shares of the company’s stock valued at $150,621,000 after purchasing an additional 433,963 shares during the last quarter. Finally, Janus Henderson Group PLC raised its stake in 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 acquiring an additional 8,524,923 shares during the period. 37.70% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on DKNG. Stifel Nicolaus reduced their target price on DraftKings from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Wednesday, July 22nd. Northland Securities set a $27.00 target price on shares of DraftKings in a research note on Monday, May 11th. New Street Research set a $29.00 target price on shares of DraftKings in a research note on Monday, June 1st. Needham & Company LLC restated a “buy” rating and set a $35.00 target price on shares of DraftKings in a report on Monday, May 11th. Finally, Truist Financial reduced their price target on DraftKings from $30.00 to $29.00 and set a “buy” rating for the company in a report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $34.37.

DraftKings Trading Down 1.0%

DraftKings stock opened at $23.48 on Friday. DraftKings Inc. has a 12-month low of $20.46 and a 12-month high of $48.78. The firm has a market capitalization of $11.65 billion, a price-to-earnings ratio of 391.33 and a beta of 1.65. The firm has a 50 day moving average of $25.53 and a 200 day moving average of $25.36. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.03.

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

Insider Buying and Selling

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

DraftKings Profile

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.