Oppenheimer Asset Management Inc. Grows Position in DraftKings Inc. (NASDAQ:DKNG)

Oppenheimer Asset Management Inc. lifted its position in DraftKings Inc. (NASDAQ:DKNG) by 55.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 14,832 shares of the company’s stock after purchasing an additional 5,277 shares during the period. Oppenheimer Asset Management Inc.’s holdings in DraftKings were worth $566,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in DKNG. First Trust Advisors LP grew its holdings in DraftKings by 148.2% in the 4th quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock worth $149,284,000 after acquiring an additional 2,528,503 shares during the last quarter. Eagle Asset Management Inc. bought a new stake in shares of DraftKings in the fourth quarter worth about $87,829,000. Vanguard Group Inc. raised its position in DraftKings by 6.0% during the 4th quarter. Vanguard Group Inc. now owns 39,263,918 shares of the company’s stock valued at $1,384,053,000 after purchasing an additional 2,225,759 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in DraftKings by 1,048.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,888,287 shares of the company’s stock worth $85,747,000 after buying an additional 1,723,819 shares during the period. Finally, Westfield Capital Management Co. LP bought a new stake in shares of DraftKings in the 4th quarter worth approximately $59,467,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

DraftKings Price Performance

Shares of DKNG opened at $39.28 on Friday. DraftKings Inc. has a twelve month low of $25.73 and a twelve month high of $49.57. The company has a market capitalization of $34.14 billion, a P/E ratio of -33.29 and a beta of 1.80. The firm has a 50 day moving average of $35.42 and a 200 day moving average of $39.46. 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 (NASDAQ:DKNG) last posted its quarterly 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 during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the previous year, the business earned ($0.17) earnings per share. The company’s revenue was up 26.2% on a year-over-year basis. As a group, equities research analysts anticipate that DraftKings Inc. will post -0.31 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on DKNG shares. Needham & Company LLC restated a “buy” rating and set a $60.00 target price on shares of DraftKings in a report on Monday, September 16th. UBS Group upped their price objective on shares of DraftKings from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Guggenheim cut their target price on shares of DraftKings from $53.00 to $52.00 and set a “buy” rating on the stock in a research note on Wednesday, June 26th. Oppenheimer decreased their price target on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. Finally, Bank of America lowered their price objective on shares of DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a report on Monday, July 22nd. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat, DraftKings currently has an average rating of “Moderate Buy” and an average price target of $49.78.

Insider Buying and Selling at DraftKings

In other news, insider Paul Liberman sold 63,206 shares of DraftKings stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $39.00, for a total value of $2,465,034.00. Following the completion of the sale, the insider now directly owns 1,716,406 shares in the company, valued at $66,939,834. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Paul Liberman sold 63,206 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $39.00, for a total value of $2,465,034.00. Following the transaction, the insider now directly owns 1,716,406 shares in the company, valued at approximately $66,939,834. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total value of $6,144,000.00. Following the sale, the insider now owns 2,699,815 shares of the company’s stock, valued at approximately $82,938,316.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,220,537 shares of company stock worth $44,784,070. Company insiders own 51.19% of the company’s stock.

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.