Global Retirement Partners LLC Has $1.85 Million Position in DraftKings Inc. (NASDAQ:DKNG)

Global Retirement Partners LLC lifted its stake in DraftKings Inc. (NASDAQ:DKNG) by 0.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 47,067 shares of the company’s stock after purchasing an additional 273 shares during the period. Global Retirement Partners LLC’s holdings in DraftKings were worth $1,845,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of DKNG. Vanguard Group Inc. grew its holdings in DraftKings by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 40,011,855 shares of the company’s stock worth $1,816,938,000 after acquiring an additional 747,937 shares during the period. 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 worth $359,196,000 after acquiring an additional 3,269,932 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in DraftKings by 8.3% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,777,271 shares of the company’s stock worth $220,518,000 after acquiring an additional 441,975 shares during the period. Lord Abbett & CO. LLC grew its holdings in DraftKings by 20.6% during the 1st quarter. Lord Abbett & CO. LLC now owns 3,884,680 shares of the company’s stock worth $176,403,000 after acquiring an additional 663,427 shares during the period. Finally, AQR Capital Management LLC grew its holdings in DraftKings by 29.0% during the 2nd quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock worth $144,905,000 after acquiring an additional 870,789 shares during the period. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Transactions at DraftKings

In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated 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 transaction, the insider now directly owns 2,678,082 shares in the company, valued at $94,402,390.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, insider Jason Robins sold 200,000 shares of the business’s stock in a transaction dated 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 transaction, the insider now directly owns 2,678,082 shares in the company, valued at $94,402,390.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Liberman sold 88,441 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $35.64, for a total transaction of $3,152,037.24. Following the transaction, the insider now owns 2,498,483 shares in the company, valued at $89,045,934.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,132,095 shares of company stock worth $42,890,328 in the last ninety days. Insiders own 51.19% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on DKNG. BMO Capital Markets reaffirmed an “outperform” rating and set a $48.00 target price on shares of DraftKings in a report on Wednesday. Truist Financial reissued a “buy” rating and issued a $50.00 price target on shares of DraftKings in a report on Wednesday, August 14th. Benchmark reissued a “buy” rating and issued a $44.00 price target on shares of DraftKings in a report on Monday, October 7th. Wells Fargo & Company boosted their price target on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a report on Thursday. Finally, JMP Securities reissued a “market outperform” rating and issued a $51.00 price target on shares of DraftKings in a report on Monday, October 14th. Three investment 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, the stock has a consensus rating of “Moderate Buy” and an average price target of $50.19.

DraftKings Trading Up 2.2 %

Shares of NASDAQ:DKNG opened at $38.46 on Friday. The company’s 50-day moving average price is $36.78 and its two-hundred day moving average price is $38.69. 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 Inc. has a one year low of $25.73 and a one year high of $49.57. The stock has a market capitalization of $33.43 billion, a PE ratio of -32.59 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.12 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.13. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same period in the previous year, the firm posted ($0.17) EPS. The company’s revenue for the quarter was up 26.2% on a year-over-year basis. On average, equities 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.