Point72 Hong Kong Ltd Invests $222,000 in DraftKings Inc. (NASDAQ:DKNG)

Point72 Hong Kong Ltd bought a new position in DraftKings Inc. (NASDAQ:DKNG) during the second quarter, according to its most recent 13F filing with the SEC. The fund bought 5,828 shares of the company’s stock, valued at approximately $222,000.

Several other hedge funds also recently added to or reduced their stakes in DKNG. Marshall Wace LLP grew its holdings in DraftKings by 53.3% during the 2nd quarter. Marshall Wace LLP now owns 9,410,431 shares of the company’s stock valued at $359,196,000 after purchasing an additional 3,269,932 shares during the last quarter. First Trust Advisors LP grew its holdings in DraftKings by 148.2% during the 4th quarter. First Trust Advisors LP now owns 4,235,008 shares of the company’s stock valued at $149,284,000 after purchasing an additional 2,528,503 shares during the last quarter. Eagle Asset Management Inc. bought a new position in DraftKings during the 4th quarter valued at about $87,829,000. Vanguard Group Inc. grew its holdings 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. Finally, Allspring Global Investments Holdings LLC grew its holdings in DraftKings by 1,048.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,888,287 shares of the company’s stock valued at $85,747,000 after purchasing an additional 1,723,819 shares during the last quarter. 37.70% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Benchmark upped their price target on shares of DraftKings from $41.00 to $44.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Morgan Stanley restated an “overweight” rating and issued a $47.00 target price on shares of DraftKings in a research note on Wednesday, September 11th. BNP Paribas upgraded shares of DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 target price on the stock in a research note on Tuesday, September 10th. Stifel Nicolaus restated a “buy” rating and issued a $48.00 target price (down from $50.00) on shares of DraftKings in a research note on Monday, August 5th. Finally, The Goldman Sachs Group dropped their target price on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $49.74.

Insider Activity at DraftKings

In other DraftKings news, insider Paul Liberman sold 88,441 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.64, for a total value of $3,152,037.24. Following the completion of the sale, the insider now owns 2,498,483 shares of the company’s stock, valued at $89,045,934.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the completion of the sale, the insider now owns 2,498,483 shares of the company’s stock, valued at $89,045,934.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $30.72, for a total transaction of $6,144,000.00. Following the sale, the insider now directly 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. Over the last quarter, insiders have sold 551,647 shares of company stock worth $18,811,071. Company insiders own 51.19% of the company’s stock.

DraftKings Price Performance

Shares of NASDAQ DKNG opened at $40.94 on Friday. The stock has a market cap of $35.97 billion, a price-to-earnings ratio of -34.69 and a beta of 1.80. DraftKings Inc. has a 52 week low of $25.73 and a 52 week high of $49.57. The company’s 50-day moving average price is $35.47 and its 200 day moving average price is $39.39. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.97.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.13. The firm had revenue of $1.10 billion for 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 firm’s revenue was up 26.2% on a year-over-year basis. During the same period in the prior year, the company earned ($0.17) EPS. As a group, research analysts forecast that DraftKings Inc. will post -0.31 earnings per share 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.