Coronation Fund Managers Ltd. Buys 19,127 Shares of DraftKings Inc. (NASDAQ:DKNG)

Coronation Fund Managers Ltd. lifted its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 6.9% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 296,419 shares of the company’s stock after buying an additional 19,127 shares during the quarter. Coronation Fund Managers Ltd.’s holdings in DraftKings were worth $11,314,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Winthrop Advisory Group LLC lifted its position in DraftKings by 2.4% during the first quarter. Winthrop Advisory Group LLC now owns 10,452 shares of the company’s stock worth $475,000 after acquiring an additional 244 shares during the last quarter. ST Germain D J Co. Inc. lifted its holdings in shares of DraftKings by 26.3% during the first quarter. ST Germain D J Co. Inc. now owns 1,200 shares of the company’s stock worth $54,000 after buying an additional 250 shares in the last quarter. Hexagon Capital Partners LLC grew its stake in shares of DraftKings by 21.0% in the second quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company’s stock valued at $63,000 after acquiring an additional 286 shares in the last quarter. Sfmg LLC boosted its holdings in DraftKings by 3.9% in the 1st quarter. Sfmg LLC now owns 8,140 shares of the company’s stock valued at $370,000 after purchasing an additional 306 shares during the period. Finally, Brown Lisle Cummings Inc. increased its holdings in shares of DraftKings by 32.5% during the second quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock worth $51,000 after purchasing an additional 325 shares during the period. Institutional investors own 37.70% of the company’s stock.

DraftKings Stock Down 2.4 %

Shares of NASDAQ DKNG opened at $38.25 on Wednesday. DraftKings Inc. has a 52-week low of $25.73 and a 52-week high of $49.57. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. The company’s 50 day moving average price is $35.68 and its 200-day moving average price is $39.31. The company has a market capitalization of $33.25 billion, a P/E ratio of -32.42 and a beta of 1.80.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, beating 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 net margin of 9.45% and a negative return on equity of 43.11%. The business’s quarterly revenue was up 26.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.17) earnings per share. Equities analysts forecast that DraftKings Inc. will post -0.31 earnings per share for the current year.

Insider Transactions at DraftKings

In related news, insider Paul Liberman sold 63,206 shares of the business’s stock in a transaction 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 transaction, the insider now owns 1,716,406 shares in the company, valued at approximately $66,939,834. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other DraftKings news, 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 value of $6,144,000.00. Following the completion of the sale, the insider now owns 2,699,815 shares of the company’s stock, valued at $82,938,316.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul Liberman sold 63,206 shares of the company’s stock in a transaction that occurred 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 $66,939,834. The disclosure for this sale can be found here. Insiders sold a total of 1,195,301 shares of company stock valued at $45,355,362 in the last quarter. 51.19% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on DKNG shares. Barclays reduced their price target on DraftKings from $53.00 to $43.00 and set an “overweight” rating on the stock in a research report on Monday, August 5th. Morgan Stanley reissued an “overweight” rating and set a $47.00 target price on shares of DraftKings in a report on Wednesday, September 11th. Bank of America dropped their price target on DraftKings from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. JPMorgan Chase & Co. increased their price objective on shares of DraftKings from $48.00 to $54.00 and gave the stock an “overweight” rating in a research note on Thursday, September 26th. Finally, Oppenheimer dropped 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. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $49.74.

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.