Traynor Capital Management Inc. Acquires 2,858 Shares of DraftKings Inc. (NASDAQ:DKNG)

Traynor Capital Management Inc. boosted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 27.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 13,417 shares of the company’s stock after acquiring an additional 2,858 shares during the quarter. Traynor Capital Management Inc.’s holdings in DraftKings were worth $609,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC bought a new position in DraftKings during the fourth quarter valued at approximately $7,975,000. RDA Financial Network bought a new position in shares of DraftKings in the first quarter valued at approximately $232,000. Deutsche Bank AG raised its position in shares of DraftKings by 169.1% in the third quarter. Deutsche Bank AG now owns 1,338,075 shares of the company’s stock valued at $39,393,000 after purchasing an additional 840,755 shares during the period. EP Wealth Advisors LLC bought a new position in shares of DraftKings in the third quarter valued at approximately $209,000. Finally, Schonfeld Strategic Advisors LLC raised its position in shares of DraftKings by 27.6% in the third 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. Institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling

In other DraftKings news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $40.91, for a total value of $8,182,000.00. Following the completion of the transaction, the insider now directly owns 3,043,231 shares of the company’s stock, valued at $124,498,580.21. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $40.91, for a total value of $8,182,000.00. Following the completion of the sale, the insider now directly owns 3,043,231 shares of the company’s stock, valued at approximately $124,498,580.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jocelyn Moore sold 1,450 shares of the company’s stock in a transaction 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 transaction, the director now directly owns 6,814 shares in the company, valued at approximately $244,758.88. The disclosure for this sale can be found here. Insiders have sold a total of 851,450 shares of company stock worth $35,023,584 in the last 90 days. Corporate insiders own 48.94% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on DKNG shares. Morgan Stanley lifted their price target on shares of DraftKings from $49.00 to $50.00 and gave the company an “overweight” rating in a research report on Tuesday, April 9th. BMO Capital Markets lifted their price target on shares of DraftKings from $51.00 to $54.00 and gave the company an “outperform” rating in a research report on Monday, May 6th. Benchmark raised their price objective on shares of DraftKings from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, May 3rd. Susquehanna lowered their price objective on shares of DraftKings from $56.00 to $49.00 and set a “positive” rating on the stock in a research note on Wednesday, June 5th. Finally, JMP Securities restated a “market outperform” rating and issued a $52.00 price objective on shares of DraftKings in a research note on Monday, March 25th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $49.00.

DraftKings Price Performance

Shares of DKNG opened at $40.01 on Tuesday. DraftKings Inc. has a one year low of $24.67 and a one year high of $49.57. The business’s 50 day simple moving average is $41.04 and its 200-day simple moving average is $40.57. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.34 and a quick ratio of 1.34.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, May 2nd. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.02). The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.12 billion. DraftKings had a negative net margin of 13.45% and a negative return on equity of 62.74%. The company’s revenue for the quarter was up 52.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.87) EPS. As a group, equities analysts anticipate that DraftKings Inc. will post -0.21 EPS 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.