Seaport Global Advisors LLC Takes $437,000 Position in DraftKings Inc. (NASDAQ:DKNG)

Seaport Global Advisors LLC bought a new position in shares of DraftKings Inc. (NASDAQ:DKNG) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 11,461 shares of the company’s stock, valued at approximately $437,000.

A number of other large investors have also modified their holdings of DKNG. Northwestern Mutual Wealth Management Co. grew its stake in shares of DraftKings by 5.6% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 35,916 shares of the company’s stock worth $1,371,000 after purchasing an additional 1,902 shares during the period. NewEdge Advisors LLC increased its position in shares of DraftKings by 2.1% during the second quarter. NewEdge Advisors LLC now owns 43,191 shares of the company’s stock worth $1,649,000 after purchasing an additional 902 shares in the last quarter. Sepio Capital LP raised its position in shares of DraftKings by 24.8% in the second quarter. Sepio Capital LP now owns 16,369 shares of the company’s stock valued at $625,000 after buying an additional 3,250 shares during the last quarter. Smith Thornton Advisors LLC acquired a new stake in DraftKings in the 2nd quarter valued at about $351,000. Finally, Sender Co & Partners Inc. acquired a new stake in shares of DraftKings in the second quarter valued at approximately $227,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Trading Down 1.4 %

NASDAQ DKNG opened at $40.36 on Monday. The company has a market capitalization of $35.08 billion, a PE ratio of -34.20 and a beta of 1.80. DraftKings Inc. has a 1-year low of $25.73 and a 1-year high of $49.57. 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 firm’s fifty day simple moving average is $35.62 and its 200-day simple moving average is $39.36.

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

Insider Activity at DraftKings

In other DraftKings news, insider Jason Robins sold 200,000 shares of the business’s 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 completion of the sale, the insider now directly owns 2,699,815 shares of the company’s stock, valued at $82,938,316.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $35.64, for a total value of $3,152,037.24. Following the completion of the sale, the insider now directly owns 2,498,483 shares in the company, valued at approximately $89,045,934.12. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $30.72, for a total value of $6,144,000.00. Following the sale, the insider now directly owns 2,699,815 shares of the company’s stock, valued at approximately $82,938,316.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,195,301 shares of company stock valued at $45,355,362. 51.19% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently commented on DKNG. BMO Capital Markets reduced their price target on shares of DraftKings from $54.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Truist Financial reiterated a “buy” rating and issued a $50.00 price objective on shares of DraftKings in a research note on Wednesday, August 14th. Guggenheim decreased their price target on shares of DraftKings from $53.00 to $52.00 and set a “buy” rating for the company in a research note on Wednesday, June 26th. Bank of America lowered their price objective on DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $47.00 target price on shares of DraftKings in a research report on Wednesday, September 11th. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $49.74.

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.