Quantinno Capital Management LP Acquires 4,302 Shares of DraftKings Inc. (NASDAQ:DKNG)

Quantinno Capital Management LP lifted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 34.2% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 16,886 shares of the company’s stock after buying an additional 4,302 shares during the period. Quantinno Capital Management LP’s holdings in DraftKings were worth $662,000 as of its most recent filing with the SEC.

Several other large investors have also bought and sold shares of the business. Alta Advisers Ltd bought a new position in shares of DraftKings in the second quarter worth about $38,000. Redwood Wealth Management Group LLC acquired a new position in DraftKings during the 2nd quarter worth approximately $39,000. St. Johns Investment Management Company LLC bought a new position in DraftKings in the 2nd quarter valued at approximately $46,000. V Square Quantitative Management LLC acquired a new stake in DraftKings in the third quarter valued at approximately $46,000. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in DraftKings in the second quarter valued at approximately $47,000. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Activity at DraftKings

In other DraftKings news, insider R Stanton Dodge sold 228,496 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $42.74, for a total transaction of $9,765,919.04. Following the transaction, the insider now directly owns 541,884 shares in the company, valued at approximately $23,160,122.16. This trade represents a 29.66 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Liberman sold 643,654 shares of DraftKings stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the transaction, the insider now directly owns 137,308 shares in the company, valued at $5,662,581.92. This represents a 82.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 963,742 shares of company stock valued at $39,668,077. 51.19% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on DKNG. Susquehanna increased their price target on DraftKings from $48.00 to $50.00 and gave the company a “positive” rating in a research note on Monday, October 7th. Wells Fargo & Company lifted their price target on DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. BNP Paribas raised DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective for the company in a research note on Tuesday, September 10th. JPMorgan Chase & Co. lifted their target price on shares of DraftKings from $47.00 to $53.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Morgan Stanley upped their price target on shares of DraftKings from $47.00 to $48.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. Three research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.00.

DraftKings Stock Down 3.8 %

DKNG stock opened at $39.88 on Friday. The stock’s 50 day simple moving average is $40.07 and its 200 day simple moving average is $37.95. The company has a market cap of $35.12 billion, a P/E ratio of -45.32 and a beta of 1.87. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $49.57.

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

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.