Lake Street Advisors Group LLC Grows Stock Holdings in DraftKings Inc. (NASDAQ:DKNG)

Lake Street Advisors Group LLC increased its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 0.8% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 212,496 shares of the company’s stock after purchasing an additional 1,774 shares during the period. Lake Street Advisors Group LLC’s holdings in DraftKings were worth $8,330,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Winthrop Advisory Group LLC raised its holdings in shares of DraftKings by 2.4% during the first quarter. Winthrop Advisory Group LLC now owns 10,452 shares of the company’s stock valued at $475,000 after purchasing an additional 244 shares during the last quarter. Global Retirement Partners LLC increased its holdings in DraftKings by 0.6% during the third quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock valued at $1,845,000 after buying an additional 273 shares during the last quarter. Hexagon Capital Partners LLC increased its holdings in DraftKings by 21.0% during the second quarter. Hexagon Capital Partners LLC now owns 1,651 shares of the company’s stock valued at $63,000 after buying an additional 286 shares during the last quarter. Sfmg LLC increased its holdings in DraftKings by 3.9% during the first quarter. Sfmg LLC now owns 8,140 shares of the company’s stock valued at $370,000 after buying an additional 306 shares during the last quarter. Finally, Brown Lisle Cummings Inc. increased its holdings in DraftKings by 32.5% during the second quarter. Brown Lisle Cummings Inc. now owns 1,325 shares of the company’s stock valued at $51,000 after buying an additional 325 shares during the last quarter. 37.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have commented on the stock. Bank of America reduced their target price 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. JMP Securities reaffirmed a “market outperform” rating and set a $51.00 target price on shares of DraftKings in a report on Monday, October 14th. Truist Financial reaffirmed a “buy” rating and set a $50.00 target price on shares of DraftKings in a report on Wednesday, August 14th. Mizuho increased their price objective on shares of DraftKings from $54.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Finally, Wells Fargo & Company increased 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 equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat, DraftKings presently has an average rating of “Moderate Buy” and a consensus target price of $50.22.

Insider Activity

In other news, insider Jason Robins sold 200,000 shares of the stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $30.72, for a total value of $6,144,000.00. Following the sale, the insider now owns 2,699,815 shares of the company’s stock, valued at approximately $82,938,316.80. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Paul Liberman sold 88,441 shares of the firm’s stock in a transaction dated 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 transaction, the insider now owns 2,498,483 shares of the company’s stock, valued at $89,045,934.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jason Robins sold 200,000 shares of the firm’s 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 completion of the transaction, the insider now directly owns 2,699,815 shares in the company, valued at $82,938,316.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,132,095 shares of company stock valued at $42,890,328. 51.19% of the stock is currently owned by company insiders.

DraftKings Price Performance

DKNG stock traded down $0.54 during trading on Friday, hitting $36.24. 2,503,901 shares of the company’s stock traded hands, compared to its average volume of 10,275,549. 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 business has a fifty day simple moving average of $37.20 and a 200 day simple moving average of $38.45. The stock has a market capitalization of $31.50 billion, a price-to-earnings ratio of -30.77 and a beta of 1.81.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.12 EPS for the quarter, beating 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 business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same quarter last year, the business earned ($0.17) earnings per share. DraftKings’s quarterly revenue was up 26.2% compared to the same quarter last year. As a group, research analysts expect that DraftKings Inc. will post -0.31 EPS 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.