XML Financial LLC Invests $202,000 in DraftKings Inc. (NASDAQ:DKNG)

XML Financial LLC acquired a new stake in shares of DraftKings Inc. (NASDAQ:DKNG) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 5,148 shares of the company’s stock, valued at approximately $202,000.

A number of other institutional investors and hedge funds also recently modified their holdings of DKNG. Vanguard Group Inc. raised its position in DraftKings by 1.9% during the first quarter. Vanguard Group Inc. now owns 40,011,855 shares of the company’s stock valued at $1,816,938,000 after buying an additional 747,937 shares during the period. Marshall Wace LLP increased its stake in shares of DraftKings by 53.3% in the second 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 last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of DraftKings by 8.3% during the second 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 in the last quarter. Lord Abbett & CO. LLC increased its position in DraftKings by 20.6% in the 1st quarter. Lord Abbett & CO. LLC now owns 3,884,680 shares of the company’s stock worth $176,403,000 after purchasing an additional 663,427 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of DraftKings by 29.0% during the 2nd quarter. AQR Capital Management LLC now owns 3,877,581 shares of the company’s stock valued at $144,905,000 after buying an additional 870,789 shares during the last quarter. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Buying and Selling

In related news, insider Jason Robins sold 200,000 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the sale, the insider now owns 2,678,082 shares in the company, valued at $94,402,390.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Jason Robins sold 200,000 shares of the firm’s 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 completion of the sale, the insider now owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Paul Liberman sold 643,654 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the transaction, the insider now directly owns 137,308 shares in the company, valued at approximately $5,662,581.92. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,020,536 shares of company stock valued at $39,966,465 over the last quarter. Insiders own 51.19% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on DKNG. JPMorgan Chase & Co. raised their target price on DraftKings from $48.00 to $54.00 and gave the company an “overweight” rating in a report on Thursday, September 26th. Bank of America decreased their price target 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. Needham & Company LLC reissued a “buy” rating and set a $60.00 price objective on shares of DraftKings in a research report on Friday. Oppenheimer dropped their price target on DraftKings from $58.00 to $55.00 and set an “outperform” rating on the stock in a research report on Monday, August 5th. Finally, Wells Fargo & Company raised their price objective on shares of DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $50.48.

DraftKings Stock Up 7.7 %

Shares of NASDAQ:DKNG opened at $43.21 on Tuesday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.11 and a current ratio of 1.11. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $49.57. The company has a market capitalization of $37.96 billion, a PE ratio of -49.10 and a beta of 1.82. The company has a fifty day moving average of $37.83 and a 200-day moving average of $37.92.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.18). The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. DraftKings had a negative return on equity of 42.13% and a negative net margin of 9.06%. On average, equities analysts predict that DraftKings Inc. will post -0.31 EPS for the current fiscal year.

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.