MBB Public Markets I LLC Purchases Shares of 30,800 DraftKings Inc. (NASDAQ:DKNG)

MBB Public Markets I LLC purchased a new stake in shares of DraftKings Inc. (NASDAQ:DKNG) during the 2nd quarter, HoldingsChannel reports. The fund purchased 30,800 shares of the company’s stock, valued at approximately $1,176,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. US Bancorp DE raised its position in 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 in the last quarter. Advisory Services Network LLC raised its holdings in shares of DraftKings by 6.1% in the 4th quarter. Advisory Services Network LLC now owns 11,403 shares of the company’s stock worth $402,000 after purchasing an additional 660 shares in the last quarter. Hsbc Holdings PLC lifted its stake in DraftKings by 381.4% during the fourth quarter. Hsbc Holdings PLC now owns 312,888 shares of the company’s stock valued at $11,074,000 after purchasing an additional 247,894 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its holdings in DraftKings by 4.7% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 17,072 shares of the company’s stock worth $602,000 after buying an additional 762 shares in the last quarter. Finally, TD Asset Management Inc boosted its holdings in DraftKings by 150.0% during the fourth quarter. TD Asset Management Inc now owns 67,513 shares of the company’s stock worth $2,380,000 after buying an additional 40,513 shares in the last quarter. Institutional investors own 37.70% of the company’s stock.

Analyst Ratings Changes

DKNG has been the subject of a number of recent research reports. Wells Fargo & Company cut their price objective on DraftKings from $53.00 to $47.00 and set an “overweight” rating for the company in a research report on Monday, August 5th. Benchmark increased their price target on DraftKings from $41.00 to $44.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Bank of America dropped their price target on DraftKings from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Guggenheim reduced their price objective on shares of DraftKings from $53.00 to $52.00 and set a “buy” rating for the company in a research note on Wednesday, June 26th. Finally, Barclays dropped their target price on shares of DraftKings from $53.00 to $43.00 and set an “overweight” rating on the stock in a research report on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $49.74.

DraftKings Price Performance

NASDAQ DKNG opened at $39.20 on Tuesday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.97. The stock has a market capitalization of $34.07 billion, a PE ratio of -33.22 and a beta of 1.80. DraftKings Inc. has a 12-month low of $25.73 and a 12-month high of $49.57. The company has a 50 day moving average price of $35.67 and a two-hundred day moving average price of $39.34.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.13. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. DraftKings had a negative net margin of 9.45% and a negative return on equity of 43.11%. DraftKings’s quarterly revenue was up 26.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.17) EPS. As a group, equities analysts predict that DraftKings Inc. will post -0.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Jason Robins sold 200,000 shares of the stock in a transaction dated 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 transaction, the insider now owns 2,699,815 shares of the company’s stock, valued at approximately $82,938,316.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other DraftKings news, insider Jason Robins sold 200,000 shares of the company’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 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Liberman sold 643,654 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total value of $26,544,290.96. Following the transaction, the insider now owns 137,308 shares in the company, valued at approximately $5,662,581.92. The disclosure for this sale can be found here. Insiders sold 1,195,301 shares of company stock valued at $45,355,362 over the last quarter. Insiders own 51.19% of the company’s stock.

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.