Leonteq Securities AG Raises Holdings in DraftKings Inc. $DKNG

Leonteq Securities AG raised its stake in DraftKings Inc. (NASDAQ:DKNG) by 237.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 95,868 shares of the company’s stock after purchasing an additional 67,473 shares during the period. Leonteq Securities AG’s holdings in DraftKings were worth $2,073,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Viking Global Investors LP purchased a new stake in shares of DraftKings during the third quarter worth approximately $561,125,000. Capital World Investors lifted its stake in DraftKings by 181.4% in the fourth quarter. Capital World Investors now owns 18,626,429 shares of the company’s stock worth $641,867,000 after acquiring an additional 12,008,357 shares during the last quarter. Janus Henderson Group PLC lifted its stake in DraftKings by 50.8% in the fourth quarter. Janus Henderson Group PLC now owns 25,313,909 shares of the company’s stock worth $858,893,000 after acquiring an additional 8,524,923 shares during the last quarter. Norges Bank acquired a new position in DraftKings during the 4th quarter worth approximately $284,466,000. Finally, AQR Capital Management LLC grew its holdings in DraftKings by 41.0% during the 4th quarter. AQR Capital Management LLC now owns 16,474,009 shares of the company’s stock worth $567,694,000 after acquiring an additional 4,788,337 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. New Street Research set a $29.00 price objective on shares of DraftKings in a report on Monday, June 1st. Wells Fargo & Company reiterated an “overweight” rating and set a $32.00 target price on shares of DraftKings in a research note on Sunday, May 10th. Scotiabank raised DraftKings to an “outperform” rating in a report on Friday, April 24th. Moffett Nathanson cut DraftKings from a “buy” rating to a “neutral” rating and cut their price target for the company from $38.00 to $27.00 in a research note on Friday, April 24th. Finally, Northland Securities set a $27.00 price target on DraftKings in a report on Monday, May 11th. 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 issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $34.24.

Insider Transactions at DraftKings

In other news, Director Woodrow Levin sold 34,234 shares of DraftKings stock in a transaction dated 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 owned 29,820 shares in the company, valued at approximately $766,672.20. The trade was a 53.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider R Stanton Dodge sold 62,500 shares of the business’s stock in a transaction dated 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 completion of the sale, the insider directly owned 556,258 shares of the company’s stock, valued at $16,509,737.44. The trade was a 10.10% decrease in their ownership of the stock. 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 97,596 shares of company stock worth $2,756,991 in the last quarter. Insiders own 47.18% of the company’s stock.

DraftKings Trading Up 0.5%

Shares of DraftKings stock opened at $25.89 on Friday. 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 fifty day simple moving average of $25.29 and a 200-day simple moving average of $26.76. The stock has a market cap of $12.84 billion, a price-to-earnings ratio of 431.50 and a beta of 1.65. DraftKings Inc. has a 12-month low of $20.46 and a 12-month high of $48.78.

DraftKings (NASDAQ:DKNG) last announced its quarterly 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). 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 quarter in the prior year, the business earned ($0.07) earnings per share. DraftKings’s revenue was up 16.8% compared to the same quarter last year. On average, equities analysts forecast that DraftKings Inc. will post 0.6 EPS 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.