Gateway Investment Advisers LLC Acquires Shares of 4,988 DraftKings Inc. (NASDAQ:DKNG)

Gateway Investment Advisers LLC purchased a new position in DraftKings Inc. (NASDAQ:DKNG) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 4,988 shares of the company’s stock, valued at approximately $227,000.

Several other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of DraftKings by 6.0% in the 4th quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock worth $1,384,053,000 after purchasing an additional 2,225,759 shares during the last quarter. Jericho Capital Asset Management L.P. raised its position in shares of DraftKings by 39.4% in the 3rd quarter. Jericho Capital Asset Management L.P. now owns 7,153,967 shares of the company’s stock worth $210,613,000 after purchasing an additional 2,022,000 shares during the last quarter. Norges Bank bought a new stake in DraftKings in the 4th quarter worth about $192,140,000. Ameriprise Financial Inc. increased its holdings in DraftKings by 345.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 4,440,494 shares of the company’s stock worth $130,742,000 after buying an additional 3,444,107 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in DraftKings by 21.4% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 4,424,931 shares of the company’s stock worth $155,979,000 after buying an additional 781,058 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Oppenheimer reiterated an “outperform” rating and issued a $60.00 price objective on shares of DraftKings in a report on Tuesday, May 28th. Deutsche Bank Aktiengesellschaft boosted their price target on DraftKings from $34.00 to $35.00 and gave the company a “hold” rating in a research note on Monday, May 6th. The Goldman Sachs Group started coverage on DraftKings in a research note on Tuesday, April 16th. They set a “buy” rating and a $60.00 price target for the company. Needham & Company LLC restated a “buy” rating and set a $60.00 price target on shares of DraftKings in a research note on Wednesday, June 12th. Finally, Guggenheim cut their price objective on DraftKings from $53.00 to $52.00 and set a “buy” rating for the company in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $49.24.

DraftKings Trading Down 0.9 %

Shares of NASDAQ DKNG opened at $37.67 on Thursday. DraftKings Inc. has a twelve month low of $24.97 and a twelve month high of $49.57. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.51. The stock has a fifty day simple moving average of $40.90 and a 200-day simple moving average of $40.59. The stock has a market capitalization of $32.74 billion, a PE ratio of -31.92 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last released its earnings results on Thursday, May 2nd. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative return on equity of 62.74% and a negative net margin of 13.45%. The company’s revenue for the quarter was up 52.7% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.87) earnings per share. On average, equities analysts forecast that DraftKings Inc. will post -0.22 earnings per share for the current year.

Insider Transactions at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $42.67, for a total value of $8,534,000.00. Following the completion of the sale, the insider now directly owns 2,849,215 shares of the company’s stock, valued at approximately $121,576,004.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Harry Sloan sold 250,000 shares of the stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $38.15, for a total transaction of $9,537,500.00. Following the completion of the transaction, the director now directly owns 250,000 shares of the company’s stock, valued at approximately $9,537,500. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $42.67, for a total value of $8,534,000.00. Following the completion of the sale, the insider now owns 2,849,215 shares in the company, valued at approximately $121,576,004.05. The disclosure for this sale can be found here. In the last ninety days, insiders sold 851,450 shares of company stock valued at $35,023,584. 51.19% of the stock is currently owned by corporate insiders.

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.