Divisadero Street Capital Management LP Buys 90,328 Shares of DraftKings Inc. (NASDAQ:DKNG)

Divisadero Street Capital Management LP raised its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 1,806.6% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 95,328 shares of the company’s stock after purchasing an additional 90,328 shares during the period. Divisadero Street Capital Management LP’s holdings in DraftKings were worth $3,639,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. LRI Investments LLC bought a new position in DraftKings during the first quarter valued at approximately $31,000. LifeSteps Financial Inc. bought a new position in shares of DraftKings during the 1st quarter valued at approximately $33,000. Transcendent Capital Group LLC purchased a new position in shares of DraftKings in the fourth quarter valued at $26,000. Concord Wealth Partners increased its position in DraftKings by 140.2% in the first quarter. Concord Wealth Partners now owns 776 shares of the company’s stock worth $35,000 after purchasing an additional 453 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV raised its stake in DraftKings by 117.5% during the first quarter. Massmutual Trust Co. FSB ADV now owns 922 shares of the company’s stock valued at $42,000 after purchasing an additional 498 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Activity

In other DraftKings news, insider Paul Liberman sold 63,206 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $39.00, for a total transaction of $2,465,034.00. Following the sale, the insider now owns 1,716,406 shares of the company’s stock, valued at approximately $66,939,834. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other DraftKings news, insider Paul Liberman sold 63,206 shares of DraftKings stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $39.00, for a total transaction of $2,465,034.00. Following the completion of the sale, the insider now owns 1,716,406 shares of the company’s stock, valued at approximately $66,939,834. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jason Robins sold 200,000 shares of DraftKings stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total value of $7,050,000.00. Following the sale, the insider now directly owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. The disclosure for this sale can be found here. Insiders have sold a total of 1,220,537 shares of company stock worth $44,784,070 over the last 90 days. 51.19% of the stock is currently owned by corporate insiders.

DraftKings Price Performance

Shares of DKNG opened at $39.27 on Friday. The company has a 50 day moving average of $35.40 and a two-hundred day moving average of $39.50. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. DraftKings Inc. has a twelve month low of $25.73 and a twelve month high of $49.57. The company has a market cap of $34.13 billion, a price-to-earnings ratio of -33.28 and a beta of 1.80.

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on DKNG shares. UBS Group boosted their target price on shares of DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Barclays reduced their price objective on DraftKings from $53.00 to $43.00 and set an “overweight” rating on the stock in a research note on Monday, August 5th. Berenberg Bank raised DraftKings to a “hold” rating in a research note on Friday, May 31st. Bank of America dropped their target price on DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, July 22nd. Finally, Macquarie restated an “outperform” rating and set a $50.00 price target on shares of DraftKings in a report on Monday, August 26th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $49.78.

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.