Silverlake Wealth Management LLC Acquires Shares of 7,580 DraftKings Inc. (NASDAQ:DKNG)

Silverlake Wealth Management LLC bought a new position in shares of DraftKings Inc. (NASDAQ:DKNG) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 7,580 shares of the company’s stock, valued at approximately $344,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DKNG. International Assets Investment Management LLC acquired a new position in DraftKings during the 4th quarter worth $7,975,000. RDA Financial Network bought a new position in DraftKings in the first quarter valued at about $232,000. Deutsche Bank AG increased its position in DraftKings by 169.1% in the third quarter. Deutsche Bank AG now owns 1,338,075 shares of the company’s stock worth $39,393,000 after purchasing an additional 840,755 shares during the period. EP Wealth Advisors LLC bought a new stake in DraftKings during the 3rd quarter worth about $209,000. Finally, Schonfeld Strategic Advisors LLC lifted its position in DraftKings by 27.6% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 296,900 shares of the company’s stock valued at $8,741,000 after purchasing an additional 64,186 shares during the period. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

DKNG has been the subject of several analyst reports. UBS Group lifted their price target on shares of DraftKings from $56.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, May 15th. Stifel Nicolaus lowered their target price 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. BMO Capital Markets increased their price target on DraftKings from $51.00 to $54.00 and gave the company an “outperform” rating in a research note on Monday, May 6th. Berenberg Bank raised DraftKings to a “hold” rating in a research note on Friday, May 31st. Finally, Barclays increased their target price on DraftKings from $52.00 to $54.00 and gave the company an “overweight” rating in a research note on Monday, May 6th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.17.

DraftKings Stock Down 1.0 %

DKNG stock opened at $36.94 on Wednesday. The company has a market cap of $32.11 billion, a price-to-earnings ratio of -31.31 and a beta of 1.81. DraftKings Inc. has a twelve month low of $24.97 and a twelve month high of $49.57. The business has a 50 day moving average price of $40.52 and a two-hundred day moving average price of $40.62. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 1.51.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, May 2nd. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.02). The firm 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%. DraftKings’s quarterly revenue was up 52.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.87) earnings per share. Analysts anticipate that DraftKings Inc. will post -0.24 EPS for the current fiscal year.

Insider Activity

In related news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the completion of the transaction, the insider now owns 3,043,231 shares in the company, valued at $124,498,580.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, 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 completion of the sale, the insider now owns 205,962 shares of the company’s stock, valued at approximately $7,997,504.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $40.91, for a total transaction of $8,182,000.00. Following the sale, the insider now owns 3,043,231 shares of the company’s stock, valued at $124,498,580.21. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,520,340 shares of company stock valued at $60,996,583. 48.94% of the stock is owned by company 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.