Concurrent Investment Advisors LLC Increases Position in DraftKings Inc. (NASDAQ:DKNG)

Concurrent Investment Advisors LLC grew its holdings in DraftKings Inc. (NASDAQ:DKNG) by 31.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,570 shares of the company’s stock after purchasing an additional 3,501 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in DraftKings were worth $556,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in DKNG. Norges Bank purchased a new position in DraftKings during the fourth quarter worth approximately $192,140,000. First Trust Advisors LP raised its holdings in shares of DraftKings by 148.2% during the 4th quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock worth $149,284,000 after acquiring an additional 2,528,503 shares during the period. Eagle Asset Management Inc. purchased a new position in shares of DraftKings during the 4th quarter worth $87,829,000. Vanguard Group Inc. grew its holdings in shares of DraftKings by 6.0% in the fourth quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock valued at $1,384,053,000 after purchasing an additional 2,225,759 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its position in DraftKings by 1,048.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,888,287 shares of the company’s stock worth $85,747,000 after purchasing an additional 1,723,819 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft boosted their target price on shares of DraftKings from $34.00 to $35.00 and gave the company a “hold” rating in a report on Monday, May 6th. Oppenheimer lowered their price objective on DraftKings from $58.00 to $55.00 and set an “outperform” rating for the company in a research report on Monday, August 5th. Morgan Stanley reduced their target price on DraftKings from $51.00 to $47.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 13th. Needham & Company LLC reiterated a “buy” rating and set a $60.00 price target on shares of DraftKings in a report on Wednesday, August 14th. Finally, Macquarie reissued an “outperform” rating and set a $50.00 price objective on shares of DraftKings in a research report on Monday, August 26th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $49.56.

Insider Buying and Selling

In other DraftKings news, Director Jocelyn Moore sold 1,450 shares of the stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total value of $52,084.00. Following the sale, the director now directly owns 6,814 shares of the company’s stock, valued at approximately $244,758.88. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Jocelyn Moore sold 1,450 shares of the business’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $35.92, for a total transaction of $52,084.00. Following the completion of the transaction, the director now owns 6,814 shares in the company, valued at $244,758.88. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, 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 completion of the transaction, the insider now directly owns 2,498,483 shares in the company, valued at approximately $89,045,934.12. The disclosure for this sale can be found here. Insiders sold 1,471,987 shares of company stock worth $54,373,654 over the last 90 days. 51.19% of the stock is owned by insiders.

DraftKings Trading Up 1.8 %

NASDAQ:DKNG opened at $34.50 on Tuesday. DraftKings Inc. has a 12-month low of $25.73 and a 12-month high of $49.57. The firm has a market cap of $30.31 billion, a PE ratio of -29.24 and a beta of 1.81. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97. The stock has a fifty day moving average price of $35.48 and a 200 day moving average price of $39.94.

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

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.