Bull Harbor Capital LLC Makes New Investment in DraftKings Inc. $DKNG

Bull Harbor Capital LLC bought a new stake in DraftKings Inc. (NASDAQ:DKNG) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 35,062 shares of the company’s stock, valued at approximately $758,000.

Several other large investors have also modified their holdings of the business. Ascentis Independent Advisors acquired a new position in DraftKings in the first quarter valued at about $27,000. Montag A & Associates Inc. increased its position in shares of DraftKings by 82.5% during the fourth quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock valued at $38,000 after acquiring an additional 500 shares during the last quarter. SHP Wealth Management purchased a new stake in shares of DraftKings in the 4th quarter valued at approximately $42,000. Root Financial Partners LLC raised its stake in shares of DraftKings by 208.0% in the 1st quarter. Root Financial Partners LLC now owns 2,775 shares of the company’s stock valued at $60,000 after acquiring an additional 1,874 shares during the period. Finally, Advisory Services Network LLC acquired a new position in shares of DraftKings in the 3rd quarter worth approximately $62,000. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings News Summary

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: Record political spending supports long-term regulatory strategy. DraftKings and other online sportsbooks have committed at least $72 million through a bipartisan super PAC to support candidates favoring their preferred sports-betting regulations. The spending highlights the importance of state-level legalization and rulemaking to DraftKings’ future growth, although it also represents a significant investment with uncertain returns. DraftKings Is Up 7.5% After Record $72 Million Midterm Push For Favorable Betting Rules
• Positive Sentiment: Delta partnership expands consumer reach. DraftKings and Delta Air Lines will offer a free-to-play sports knowledge contest through Delta’s in-flight entertainment. The arrangement does not involve wagering, but it could increase DraftKings’ visibility, user engagement and customer-acquisition opportunities. Delta, DraftKings Partner on Free-to-Play Sports Knowledge Contest
• Neutral Sentiment: Valuation remains contested. Despite a roughly 50% five-year share-price decline, valuation measures do not present DraftKings as an obvious bargain. Investors continue to balance its growth potential against competition, regulatory expenses and profitability risks. DraftKings Stock Still Looks Below Fair Value As Shares Fell 50%
• Negative Sentiment: Analysts are cautious ahead of earnings. Recent previews indicate DraftKings lacks the typical factors associated with an earnings beat, raising concerns about results and guidance in the upcoming report. The company’s last quarterly release also missed consensus EPS estimates despite revenue exceeding expectations, reinforcing investor sensitivity to profitability. Analysts Estimate DraftKings to Report a Decline in Earnings

Analysts Set New Price Targets

A number of research firms recently weighed in on DKNG. Freedom Capital raised shares of DraftKings to a “strong-buy” rating in a research report on Wednesday, May 20th. Truist Financial cut their target price on DraftKings from $30.00 to $29.00 and set a “buy” rating on the stock in a research report on Monday, July 20th. Northland Securities set a $27.00 price target on DraftKings in a research report on Monday, May 11th. JPMorgan Chase & Co. raised their price target on DraftKings from $31.00 to $34.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Finally, Citizens Jmp lifted their price objective on DraftKings from $34.00 to $36.00 and gave the company a “market outperform” rating in a research note on Thursday, June 25th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $34.37.

Insider Activity at DraftKings

In other DraftKings news, Director Woodrow Levin sold 34,234 shares of the business’s 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 completion of the transaction, the director owned 29,820 shares in the company, valued at $766,672.20. The trade was a 53.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 transaction, the insider owned 556,258 shares of the company’s stock, valued at approximately $16,509,737.44. The trade was a 10.10% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 97,596 shares of company stock valued at $2,756,991 in the last quarter. 47.18% of the stock is currently owned by company insiders.

DraftKings Price Performance

DKNG stock opened at $23.72 on Friday. The company has a debt-to-equity ratio of 3.03, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a market capitalization of $11.77 billion, a P/E ratio of 395.33 and a beta of 1.65. The business’s 50-day moving average is $25.56 and its two-hundred day moving average is $25.37. DraftKings Inc. has a 1 year low of $20.46 and a 1 year high of $48.78.

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

DraftKings Company 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.