Blue Trust Inc. Boosts Stake in DraftKings Inc. (NASDAQ:DKNG)

Blue Trust Inc. lifted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 2,465.0% in the second quarter, HoldingsChannel.com reports. The firm owned 5,207 shares of the company’s stock after acquiring an additional 5,004 shares during the quarter. Blue Trust Inc.’s holdings in DraftKings were worth $199,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Coronation Fund Managers Ltd. boosted its position in shares of DraftKings by 6.9% during the 2nd quarter. Coronation Fund Managers Ltd. now owns 296,419 shares of the company’s stock worth $11,314,000 after purchasing an additional 19,127 shares during the period. Miracle Mile Advisors LLC grew its stake in shares of DraftKings by 10.2% in the second quarter. Miracle Mile Advisors LLC now owns 8,284 shares of the company’s stock valued at $316,000 after buying an additional 770 shares in the last quarter. Brown Lisle Cummings Inc. grew its stake in shares of DraftKings by 32.5% in the second quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock valued at $51,000 after buying an additional 325 shares in the last quarter. Robbins Farley raised its holdings in shares of DraftKings by 23.2% in the 2nd quarter. Robbins Farley now owns 48,808 shares of the company’s stock valued at $1,863,000 after buying an additional 9,181 shares during the period. Finally, SteelPeak Wealth LLC lifted its stake in DraftKings by 21.8% during the 2nd quarter. SteelPeak Wealth LLC now owns 12,106 shares of the company’s stock worth $462,000 after acquiring an additional 2,169 shares in the last quarter. 37.70% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at DraftKings

In other news, Director Jocelyn Moore sold 1,450 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now directly 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 this hyperlink. In other DraftKings news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $43.59, for a total transaction of $8,718,000.00. Following the completion of the sale, the insider now directly owns 2,668,954 shares of the company’s stock, valued at approximately $116,339,704.86. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jocelyn Moore sold 1,450 shares of the stock in a transaction that occurred on Wednesday, June 5th. The stock was 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 $244,758.88. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,383,546 shares of company stock worth $52,889,617. 51.19% of the stock is owned by insiders.

DraftKings Price Performance

Shares of DKNG opened at $34.14 on Monday. 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 Inc. has a 1-year low of $25.41 and a 1-year high of $49.57. The stock has a market cap of $29.68 billion, a PE ratio of -28.93 and a beta of 1.81. The firm has a fifty day moving average price of $36.73 and a 200 day moving average price of $40.54.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.13. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. DraftKings had a negative return on equity of 49.31% and a negative net margin of 9.45%. The business’s revenue was up 26.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.17) earnings per share. As a group, sell-side analysts anticipate that DraftKings Inc. will post -0.31 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on DKNG. The Goldman Sachs Group dropped their target price on DraftKings from $60.00 to $54.00 and set a “buy” rating for the company in a research report on Monday, August 5th. UBS Group upped their target price on shares of DraftKings from $56.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, May 15th. Truist Financial reissued a “buy” rating and issued a $50.00 price target on shares of DraftKings in a research report on Wednesday, August 14th. Jefferies Financial Group upped their price objective on DraftKings from $52.00 to $54.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. Finally, Guggenheim reduced their price objective on DraftKings from $53.00 to $52.00 and set a “buy” rating on the stock in a research note on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have assigned a buy rating to the company. Based on data from MarketBeat, DraftKings presently has an average rating of “Moderate Buy” and a consensus price target of $49.44.

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.