DraftKings Inc. (NASDAQ:DKNG) Shares Bought by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. lifted its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 4.6% during the 3rd quarter, Holdings Channel reports. The firm owned 76,248 shares of the company’s stock after buying an additional 3,367 shares during the period. Oppenheimer & Co. Inc.’s holdings in DraftKings were worth $2,989,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in DKNG. LRI Investments LLC acquired a new stake in DraftKings during the 1st quarter worth approximately $31,000. Alta Advisers Ltd acquired a new stake in shares of DraftKings in the second quarter valued at $38,000. Redwood Wealth Management Group LLC purchased a new position in DraftKings in the second quarter valued at $39,000. St. Johns Investment Management Company LLC acquired a new position in DraftKings during the 2nd quarter worth $46,000. Finally, V Square Quantitative Management LLC purchased a new stake in DraftKings during the 3rd quarter worth about $46,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insiders Place Their Bets

In other DraftKings news, insider Paul Liberman sold 643,654 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $41.24, for a total transaction of $26,544,290.96. Following the sale, the insider now directly owns 137,308 shares in the company, valued at approximately $5,662,581.92. The trade was a 82.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jason Robins sold 200,000 shares of the 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 completion of the transaction, the insider now owns 2,678,082 shares of the company’s stock, valued at $94,402,390.50. This represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,020,536 shares of company stock worth $39,966,465. Company insiders own 51.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on DKNG shares. BNP Paribas raised DraftKings from an “underperform” rating to a “neutral” rating and set a $35.00 price objective for the company in a research report on Tuesday, September 10th. Wells Fargo & Company increased their price objective on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. TD Cowen raised their price objective on shares of DraftKings from $50.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday. Susquehanna boosted their target price on shares of DraftKings from $48.00 to $50.00 and gave the stock a “positive” rating in a research note on Monday, October 7th. Finally, The Goldman Sachs Group cut their price target on DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $50.85.

DraftKings Stock Performance

Shares of DKNG opened at $39.84 on Friday. The stock has a market capitalization of $35.00 billion, a P/E ratio of -45.27 and a beta of 1.82. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.11 and a current ratio of 1.00. DraftKings Inc. has a 1 year low of $28.69 and a 1 year high of $49.57. The company’s fifty day moving average is $38.35 and its two-hundred day moving average is $37.94.

DraftKings (NASDAQ:DKNG) last issued its earnings results on Thursday, November 7th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. On average, sell-side analysts predict that DraftKings Inc. will post -0.73 earnings per share for the current 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.