Tremblant Capital Group Increases Position in DraftKings Inc. (NASDAQ:DKNG)

Tremblant Capital Group increased its position in DraftKings Inc. (NASDAQ:DKNG) by 10.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 923,369 shares of the company’s stock after acquiring an additional 87,269 shares during the quarter. DraftKings comprises about 3.8% of Tremblant Capital Group’s investment portfolio, making the stock its 10th biggest position. Tremblant Capital Group owned about 0.11% of DraftKings worth $35,245,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. Winthrop Advisory Group LLC raised its position in shares of DraftKings by 2.4% during the first quarter. Winthrop Advisory Group LLC now owns 10,452 shares of the company’s stock valued at $475,000 after buying an additional 244 shares during the last quarter. ST Germain D J Co. Inc. raised its position in shares of DraftKings by 26.3% during the first quarter. ST Germain D J Co. Inc. now owns 1,200 shares of the company’s stock valued at $54,000 after buying an additional 250 shares during the last quarter. Hexagon Capital Partners LLC raised its position in shares of DraftKings by 21.0% during the second quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company’s stock valued at $63,000 after buying an additional 286 shares during the last quarter. Sfmg LLC raised its position in shares of DraftKings by 3.9% during the first quarter. Sfmg LLC now owns 8,140 shares of the company’s stock valued at $370,000 after buying an additional 306 shares during the last quarter. Finally, Brown Lisle Cummings Inc. raised its position in shares of DraftKings by 32.5% during the second quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock valued at $51,000 after buying an additional 325 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

DraftKings Price Performance

Shares of DKNG stock opened at $39.63 on Tuesday. DraftKings Inc. has a 1 year low of $25.73 and a 1 year high of $49.57. The firm’s 50 day moving average is $35.43 and its 200-day moving average is $39.40. The firm has a market capitalization of $34.45 billion, a price-to-earnings ratio of -33.58 and a beta of 1.80. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.13. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same period in the prior year, the business posted ($0.17) earnings per share. DraftKings’s revenue was up 26.2% compared to the same quarter last year. Sell-side analysts forecast that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Guggenheim cut their price objective on shares of DraftKings from $53.00 to $52.00 and set a “buy” rating for the company in a research report on Wednesday, June 26th. Berenberg Bank raised shares of DraftKings to a “hold” rating in a research note on Friday, May 31st. Barclays lowered their target price on shares of DraftKings from $53.00 to $43.00 and set an “overweight” rating on the stock in a research note on Monday, August 5th. Susquehanna upped their target price on shares of DraftKings from $47.00 to $48.00 and gave the company a “positive” rating in a research note on Wednesday, September 4th. Finally, Macquarie reissued an “outperform” rating and issued a $50.00 target price on shares of DraftKings in a research note on Monday, August 26th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, DraftKings currently has an average rating of “Moderate Buy” and an average price target of $49.78.

Insider Activity at DraftKings

In related news, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total value of $6,144,000.00. Following the transaction, the insider now directly owns 2,699,815 shares in the company, valued at $82,938,316.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other DraftKings news, insider Paul Liberman sold 88,441 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $35.64, for a total value of $3,152,037.24. Following the sale, the insider now directly owns 2,498,483 shares in the company, valued at $89,045,934.12. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the completion of the sale, the insider now owns 2,699,815 shares in the company, valued at $82,938,316.80. The disclosure for this sale can be found here. Insiders have sold 551,647 shares of company stock worth $18,811,071 over the last ninety days. Company insiders own 51.19% of the company’s stock.

About DraftKings

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.