Sunbelt Securities Inc. Increases Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Sunbelt Securities Inc. lifted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 15.4% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 2,860 shares of the company’s stock after acquiring an additional 382 shares during the quarter. Sunbelt Securities Inc.’s holdings in DraftKings were worth $130,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of DKNG. Hsbc Holdings PLC lifted its stake in shares of DraftKings by 655.1% during the 3rd quarter. Hsbc Holdings PLC now owns 64,994 shares of the company’s stock valued at $1,913,000 after buying an additional 56,387 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in shares of DraftKings during the 3rd quarter valued at approximately $45,000. LPL Financial LLC lifted its stake in shares of DraftKings by 7.0% during the 3rd quarter. LPL Financial LLC now owns 447,511 shares of the company’s stock valued at $13,175,000 after buying an additional 29,264 shares in the last quarter. Mariner LLC lifted its stake in shares of DraftKings by 25.9% during the 3rd quarter. Mariner LLC now owns 37,692 shares of the company’s stock valued at $1,110,000 after buying an additional 7,750 shares in the last quarter. Finally, Natixis Advisors L.P. lifted its stake in DraftKings by 7.7% in the 3rd quarter. Natixis Advisors L.P. now owns 20,686 shares of the company’s stock worth $609,000 after purchasing an additional 1,476 shares in the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

DKNG has been the subject of several analyst reports. Stifel Nicolaus cut their price target on shares of DraftKings from $51.00 to $50.00 and set a “buy” rating for the company in a report on Wednesday, May 29th. Wells Fargo & Company cut their price target on shares of DraftKings from $54.00 to $53.00 and set an “overweight” rating for the company in a report on Tuesday, June 25th. BMO Capital Markets raised their price target on shares of DraftKings from $51.00 to $54.00 and gave the company an “outperform” rating in a report on Monday, May 6th. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $55.00 price target on shares of DraftKings in a report on Thursday, March 28th. Finally, JMP Securities reissued a “market outperform” rating and issued a $52.00 price target on shares of DraftKings in a report on Monday, March 25th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat.com, DraftKings currently has an average rating of “Moderate Buy” and a consensus price target of $49.24.

DraftKings Price Performance

DKNG stock opened at $38.17 on Friday. The firm’s 50-day moving average price is $40.67 and its two-hundred day moving average price is $40.56. DraftKings Inc. has a 12-month low of $24.97 and a 12-month high of $49.57. The stock has a market capitalization of $33.18 billion, a price-to-earnings ratio of -32.35 and a beta of 1.81. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 1.51.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter in the previous year, the firm posted ($0.87) EPS. DraftKings’s revenue was up 52.7% compared to the same quarter last year. As a group, equities analysts predict that DraftKings Inc. will post -0.24 earnings per share for the current year.

Insider Buying and Selling at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $42.67, for a total value of $8,534,000.00. Following the transaction, the insider now owns 2,849,215 shares in the company, valued at $121,576,004.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $42.67, for a total transaction of $8,534,000.00. Following the sale, the insider now owns 2,849,215 shares of the company’s stock, valued at approximately $121,576,004.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Liberman sold 668,890 shares of DraftKings stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $38.83, for a total transaction of $25,972,998.70. Following the sale, the insider now directly owns 205,962 shares in the company, valued at approximately $7,997,504.46. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,520,340 shares of company stock worth $60,996,583. 51.19% of the stock is currently owned by company insiders.

DraftKings Company Profile

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.