Strs Ohio Grows Stock Position in DraftKings Inc. $DKNG

Strs Ohio lifted its holdings in DraftKings Inc. (NASDAQ:DKNG) by 19.0% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 156,492 shares of the company’s stock after purchasing an additional 25,005 shares during the period. Strs Ohio’s holdings in DraftKings were worth $5,853,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in DKNG. Nordea Investment Management AB raised its holdings in DraftKings by 1,996.2% in the 3rd quarter. Nordea Investment Management AB now owns 421,127 shares of the company’s stock worth $16,205,000 after purchasing an additional 401,037 shares during the period. Massachusetts Financial Services Co. MA increased its position in DraftKings by 1.1% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,473,099 shares of the company’s stock worth $279,494,000 after buying an additional 79,152 shares in the last quarter. Helios Capital Management PTE. Ltd. raised its stake in shares of DraftKings by 926.0% in the second quarter. Helios Capital Management PTE. Ltd. now owns 114,000 shares of the company’s stock worth $4,889,000 after buying an additional 102,889 shares during the period. Claro Advisors LLC raised its stake in shares of DraftKings by 121.4% in the second quarter. Claro Advisors LLC now owns 39,915 shares of the company’s stock worth $1,712,000 after buying an additional 21,890 shares during the period. Finally, Swiss National Bank lifted its position in shares of DraftKings by 10.0% during the 2nd quarter. Swiss National Bank now owns 1,361,964 shares of the company’s stock valued at $58,415,000 after buying an additional 124,200 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors.

DraftKings Trading Up 2.0%

Shares of DraftKings stock opened at $30.58 on Tuesday. DraftKings Inc. has a twelve month low of $26.23 and a twelve month high of $53.61. The company has a quick ratio of 1.09, a current ratio of 1.10 and a debt-to-equity ratio of 2.51. The business has a 50-day moving average price of $33.59 and a 200-day moving average price of $37.82. The firm has a market cap of $15.22 billion, a price-to-earnings ratio of -53.65, a PEG ratio of 0.61 and a beta of 1.63.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings results on Friday, November 7th. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.27). The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.40 billion. DraftKings had a negative net margin of 4.90% and a negative return on equity of 22.84%. DraftKings’s quarterly revenue was up 4.4% on a year-over-year basis. During the same period in the previous year, the company posted ($0.60) earnings per share. Equities research analysts anticipate that DraftKings Inc. will post 0.64 EPS for the current fiscal year.

Insider Buying and Selling at DraftKings

In related news, CFO Alan Wayne Ellingson sold 8,421 shares of the business’s stock in a transaction on Friday, November 14th. The shares were sold at an average price of $29.23, for a total value of $246,145.83. Following the sale, the chief financial officer owned 126,990 shares in the company, valued at approximately $3,711,917.70. The trade was a 6.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Gregory Westin Wendt acquired 10,000 shares of the stock in a transaction on Tuesday, November 11th. The shares were acquired at an average price of $30.27 per share, with a total value of $302,700.00. Following the transaction, the director directly owned 10,000 shares of the company’s stock, valued at $302,700. The trade was a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders sold 166,752 shares of company stock valued at $5,252,044. 47.08% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Macquarie reduced their target price on shares of DraftKings from $50.00 to $48.00 and set an “outperform” rating for the company in a report on Monday, November 10th. Wall Street Zen cut shares of DraftKings from a “buy” rating to a “hold” rating in a research note on Friday, October 3rd. Jefferies Financial Group set a $52.00 price target on DraftKings in a report on Monday, October 6th. Berenberg Bank set a $43.00 price objective on DraftKings and gave the company a “buy” rating in a research report on Thursday, October 9th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $46.00 target price (down previously from $50.00) on shares of DraftKings in a research report on Monday, November 10th. Twenty-four analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $47.10.

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.