DraftKings Inc. $DKNG Shares Purchased by Legal & General Group Plc

Legal & General Group Plc boosted its holdings in DraftKings Inc. (NASDAQ:DKNG) by 2.2% during the fourth quarter, HoldingsChannel reports. The fund owned 1,499,412 shares of the company’s stock after buying an additional 32,730 shares during the period. Legal & General Group Plc’s holdings in DraftKings were worth $51,670,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in DKNG. Dagco Inc. acquired a new position in DraftKings in the fourth quarter valued at approximately $26,000. Ameriflex Group Inc. lifted its holdings in DraftKings by 100.0% in the third quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock valued at $30,000 after acquiring an additional 405 shares during the last quarter. Asset Dedication LLC acquired a new position in DraftKings in the third quarter valued at approximately $37,000. Montag A & Associates Inc. lifted its holdings in DraftKings by 82.5% in 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. Finally, Aventura Private Wealth LLC acquired a new position in DraftKings in the fourth quarter valued at approximately $39,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have commented on DKNG. Jefferies Financial Group cut DraftKings from a “buy” rating to a “hold” rating in a research note on Friday, April 24th. The Goldman Sachs Group decreased their price target on DraftKings from $54.00 to $31.00 and set a “buy” rating on the stock in a research note on Tuesday, February 17th. Needham & Company LLC restated a “buy” rating and set a $35.00 price target on shares of DraftKings in a research note on Monday, May 11th. Berenberg Bank set a $26.40 price target on DraftKings in a research note on Tuesday, February 24th. Finally, Stephens began coverage on DraftKings in a research note on Friday, April 24th. They set an “overweight” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and an average target price of $34.32.

DraftKings Stock Performance

NASDAQ:DKNG opened at $24.49 on Friday. The firm has a market capitalization of $12.15 billion, a PE ratio of 408.17 and a beta of 1.67. The business’s fifty day moving average price is $23.61 and its 200 day moving average price is $27.78. The company has a debt-to-equity ratio of 3.03, a current ratio of 1.02 and a quick ratio of 1.02. DraftKings Inc. has a 12 month low of $20.46 and a 12 month high of $48.78.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Friday, May 8th. The company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.02). The business had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.63 billion. DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The business’s quarterly revenue was up 16.8% compared to the same quarter last year. During the same period last year, the company earned ($0.07) EPS. On average, sell-side analysts anticipate that DraftKings Inc. will post 0.6 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Jocelyn Moore sold 2,150 shares of the stock in a transaction on Friday, March 13th. The stock was sold at an average price of $25.60, for a total value of $55,040.00. Following the transaction, the director owned 1,406 shares of the company’s stock, valued at $35,993.60. This represents a 60.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Erik Bradbury sold 2,883 shares of the stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $24.56, for a total value of $70,806.48. Following the completion of the transaction, the chief accounting officer directly owned 38,168 shares in the company, valued at $937,406.08. This trade represents a 7.02% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 524,546 shares of company stock worth $13,215,769. 47.18% of the stock is owned by corporate insiders.

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.