Strs Ohio Buys 25,005 Shares of DraftKings Inc. $DKNG

Strs Ohio lifted its stake in DraftKings Inc. (NASDAQ:DKNG) by 19.0% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 156,492 shares of the company’s stock after purchasing an additional 25,005 shares during the quarter. Strs Ohio’s holdings in DraftKings were worth $5,853,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of DKNG. IHT Wealth Management LLC lifted its position in DraftKings by 4.1% in the second quarter. IHT Wealth Management LLC now owns 6,271 shares of the company’s stock worth $269,000 after buying an additional 248 shares during the last quarter. TD Private Client Wealth LLC raised its stake in shares of DraftKings by 54.4% in the second quarter. TD Private Client Wealth LLC now owns 800 shares of the company’s stock valued at $34,000 after acquiring an additional 282 shares during the period. Farther Finance Advisors LLC lifted its holdings in shares of DraftKings by 9.1% in the 2nd quarter. Farther Finance Advisors LLC now owns 3,413 shares of the company’s stock worth $146,000 after acquiring an additional 286 shares during the last quarter. Geneos Wealth Management Inc. boosted its stake in shares of DraftKings by 7.3% during the 3rd quarter. Geneos Wealth Management Inc. now owns 4,793 shares of the company’s stock worth $179,000 after purchasing an additional 328 shares during the period. Finally, Valeo Financial Advisors LLC grew its holdings in DraftKings by 3.6% during the 2nd quarter. Valeo Financial Advisors LLC now owns 10,009 shares of the company’s stock valued at $429,000 after purchasing an additional 348 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

DKNG has been the subject of several recent analyst reports. JPMorgan Chase & Co. dropped their target price on DraftKings from $51.00 to $42.00 and set an “overweight” rating for the company in a research report on Monday, November 10th. Oppenheimer dropped their price objective on DraftKings from $60.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, October 1st. Zacks Research upgraded DraftKings from a “strong sell” rating to a “hold” rating in a research note on Friday, January 9th. Bank of America downgraded DraftKings from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $48.00 to $35.00 in a research report on Tuesday, November 4th. Finally, Needham & Company LLC restated a “buy” rating and issued a $52.00 price target on shares of DraftKings in a report on Wednesday, November 19th. Twenty-four research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $47.10.

Insider Buying and Selling at DraftKings

In related news, Director Gregory Westin Wendt purchased 10,000 shares of the business’s stock in a transaction dated Tuesday, November 11th. The shares were acquired at an average cost of $30.27 per share, for a total transaction of $302,700.00. Following the acquisition, the director owned 10,000 shares of the company’s stock, valued at $302,700. The trade was a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Alan Wayne Ellingson sold 8,421 shares of the company’s stock in a transaction on Friday, November 14th. The stock was sold at an average price of $29.23, for a total value of $246,145.83. Following the sale, the chief financial officer owned 126,990 shares of the company’s stock, valued at $3,711,917.70. This trade represents a 6.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 166,752 shares of company stock valued at $5,252,044. 47.08% of the stock is owned by corporate insiders.

DraftKings Price Performance

DKNG opened at $30.58 on Tuesday. The company has a market capitalization of $15.22 billion, a price-to-earnings ratio of -53.65, a PEG ratio of 0.61 and a beta of 1.63. The company has a current ratio of 1.10, a quick ratio of 1.09 and a debt-to-equity ratio of 2.51. DraftKings Inc. has a 12-month low of $26.23 and a 12-month high of $53.61. The business’s fifty day simple moving average is $33.59 and its 200-day simple moving average is $37.82.

DraftKings (NASDAQ:DKNG) last released its quarterly earnings data on Friday, November 7th. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.27). DraftKings had a negative net margin of 4.90% and a negative return on equity of 22.84%. The firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the previous year, the firm earned ($0.60) earnings per share. The business’s revenue was up 4.4% compared to the same quarter last year. On average, equities research analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current fiscal year.

DraftKings Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.