Empowered Funds LLC Increases Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Empowered Funds LLC boosted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 12.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,839 shares of the company’s stock after buying an additional 750 shares during the quarter. Empowered Funds LLC’s holdings in DraftKings were worth $268,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. CIBC Asset Management Inc increased its holdings in shares of DraftKings by 3.5% in the 3rd quarter. CIBC Asset Management Inc now owns 13,690 shares of the company’s stock valued at $537,000 after acquiring an additional 469 shares during the period. OneDigital Investment Advisors LLC boosted its position in DraftKings by 28.9% during the third quarter. OneDigital Investment Advisors LLC now owns 9,886 shares of the company’s stock valued at $388,000 after purchasing an additional 2,216 shares in the last quarter. Metis Global Partners LLC purchased a new position in DraftKings in the third quarter valued at about $213,000. KBC Group NV raised its holdings in DraftKings by 8.3% in the third quarter. KBC Group NV now owns 30,084 shares of the company’s stock worth $1,179,000 after purchasing an additional 2,318 shares in the last quarter. Finally, Oppenheimer & Co. Inc. lifted its position in shares of DraftKings by 4.6% during the third quarter. Oppenheimer & Co. Inc. now owns 76,248 shares of the company’s stock valued at $2,989,000 after buying an additional 3,367 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

DraftKings Stock Performance

Shares of DKNG opened at $43.00 on Tuesday. DraftKings Inc. has a 12-month low of $28.69 and a 12-month high of $49.57. The stock has a market cap of $37.87 billion, a P/E ratio of -48.86 and a beta of 1.82. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. The company has a 50-day moving average of $39.02 and a two-hundred day moving average of $37.89.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. As a group, research analysts predict that DraftKings Inc. will post -0.79 EPS for the current fiscal year.

Insider Transactions at DraftKings

In related news, insider Jason Robins sold 3,151 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the completion of the sale, the insider now directly owns 2,631,033 shares in the company, valued at approximately $115,002,452.43. This represents a 0.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $36.41, for a total value of $3,220,136.81. Following the sale, the insider now owns 1,923,483 shares in the company, valued at approximately $70,034,016.03. The trade was a 4.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 735,246 shares of company stock worth $29,902,158 in the last three months. Company insiders own 48.94% of the company’s stock.

Analyst Upgrades and Downgrades

DKNG has been the topic of a number of analyst reports. Benchmark reaffirmed a “buy” rating and issued a $44.00 price objective on shares of DraftKings in a research report on Monday, October 7th. Morgan Stanley upped their price target on DraftKings from $47.00 to $48.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. Susquehanna raised their price objective on DraftKings from $48.00 to $50.00 and gave the stock a “positive” rating in a research report on Monday, October 7th. UBS Group boosted their target price on DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $48.00 price target on shares of DraftKings in a report on Wednesday, October 16th. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.85.

DraftKings 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.