Xponance Inc. Grows Stake in DraftKings Inc. (NASDAQ:DKNG)

Xponance Inc. increased its stake in DraftKings Inc. (NASDAQ:DKNG) by 7.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 77,805 shares of the company’s stock after purchasing an additional 5,061 shares during the period. Xponance Inc.’s holdings in DraftKings were worth $2,970,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. D.A. Davidson & CO. raised its holdings in shares of DraftKings by 60.8% during the fourth quarter. D.A. Davidson & CO. now owns 16,028 shares of the company’s stock valued at $565,000 after acquiring an additional 6,058 shares in the last quarter. Corient Private Wealth LLC boosted its position in shares of DraftKings by 9.4% during the fourth quarter. Corient Private Wealth LLC now owns 47,100 shares of the company’s stock valued at $1,660,000 after buying an additional 4,039 shares during the last quarter. Quest Partners LLC purchased a new position in DraftKings in the 4th quarter worth about $93,000. US Bancorp DE grew its stake in shares of DraftKings by 18.5% in the fourth quarter. US Bancorp DE now owns 22,366 shares of the company’s stock worth $788,000 after acquiring an additional 3,493 shares during the period. Finally, Commerce Bank bought a new stake in DraftKings in the 4th quarter worth approximately $434,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Buying and Selling

In other DraftKings news, insider Paul Liberman sold 63,206 shares of the business’s stock in a transaction dated 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 transaction, the insider now directly owns 1,716,406 shares in the company, valued at $66,939,834. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction, 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 can be accessed through this link. Also, insider Jason Robins sold 200,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total transaction 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 sold 551,647 shares of company stock worth $18,811,071 in the last three months. 51.19% of the stock is owned by insiders.

Wall Street Analyst Weigh In

DKNG has been the subject of several recent research reports. Oppenheimer cut their target price on shares of DraftKings from $58.00 to $55.00 and set an “outperform” rating for the company in a research report on Monday, August 5th. Susquehanna lifted their price target on shares of DraftKings from $47.00 to $48.00 and gave the company a “positive” rating in a report on Wednesday, September 4th. Barclays cut their price target on DraftKings from $53.00 to $43.00 and set an “overweight” rating for the company in a research note on Monday, August 5th. Needham & Company LLC restated a “buy” rating and issued a $60.00 price objective on shares of DraftKings in a research report on Monday. Finally, Morgan Stanley reiterated an “overweight” rating and set a $47.00 target price on shares of DraftKings in a research report on Wednesday, September 11th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and an average target price of $49.78.

DraftKings Stock Performance

DKNG stock opened at $41.10 on Thursday. DraftKings Inc. has a 1-year low of $25.73 and a 1-year high of $49.57. The business has a 50-day moving average price of $35.41 and a 200 day moving average price of $39.38. The company has a market capitalization of $36.11 billion, a P/E ratio of -34.83 and a beta of 1.80. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.11 and a quick ratio of 1.11.

DraftKings (NASDAQ:DKNG) last announced 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. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.11 billion. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The company’s revenue was up 26.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.17) EPS. As a group, equities research analysts forecast that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

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.