Hantz Financial Services Inc. Decreases Stock Position in DraftKings Inc. $DKNG

Hantz Financial Services Inc. cut its holdings in DraftKings Inc. (NASDAQ:DKNG) by 70.3% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 10,683 shares of the company’s stock after selling 25,275 shares during the quarter. Hantz Financial Services Inc.’s holdings in DraftKings were worth $368,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in DraftKings by 3.1% in the fourth quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock valued at $1,542,368,000 after buying an additional 1,354,457 shares during the last quarter. Viking Global Investors LP purchased a new stake in DraftKings in the third quarter valued at about $561,125,000. AQR Capital Management LLC raised its stake in DraftKings by 63.5% in the third quarter. AQR Capital Management LLC now owns 11,685,672 shares of the company’s stock valued at $437,044,000 after buying an additional 4,538,007 shares during the last quarter. Capital World Investors raised its stake in DraftKings by 2.1% in the third quarter. Capital World Investors now owns 6,618,072 shares of the company’s stock valued at $247,516,000 after buying an additional 138,891 shares during the last quarter. Finally, Eminence Capital LP raised its stake in DraftKings by 31.9% in the third quarter. Eminence Capital LP now owns 6,274,863 shares of the company’s stock valued at $234,680,000 after buying an additional 1,517,413 shares during the last quarter. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on DKNG. Raymond James Financial upgraded DraftKings from a “market perform” rating to an “outperform” rating in a research note on Friday, April 24th. Stifel Nicolaus cut their price objective on DraftKings from $44.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, February 17th. Barclays increased their price objective on DraftKings from $33.00 to $35.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Bank of America cut their price objective on DraftKings from $37.50 to $30.00 and set a “neutral” rating on the stock in a report on Friday, February 13th. Finally, Freedom Capital raised DraftKings to a “strong-buy” rating in a report on Wednesday, May 20th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $34.32.

Insider Buying and Selling

In related news, Director Woodrow Levin sold 34,234 shares of the firm’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $25.71, for a total transaction of $880,156.14. Following the sale, the director directly owned 29,820 shares of the company’s stock, valued at $766,672.20. This trade represents a 53.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Erik Bradbury sold 2,883 shares of the firm’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $24.56, for a total value of $70,806.48. Following the sale, the chief accounting officer directly owned 38,168 shares in the company, valued at approximately $937,406.08. This trade represents a 7.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 524,546 shares of company stock valued at $13,215,769 in the last three months. 47.18% of the stock is currently owned by insiders.

DraftKings Stock Down 0.2%

Shares of DKNG stock opened at $24.49 on Friday. The stock’s 50-day simple moving average is $23.61 and its 200-day simple moving average is $27.78. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.02 and a current ratio of 1.02. The firm has a market capitalization of $12.15 billion, a PE ratio of 408.17 and a beta of 1.67. DraftKings Inc. has a fifty-two week low of $20.46 and a fifty-two week high of $48.78.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.02). The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.63 billion. DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The firm’s revenue for the quarter was up 16.8% on a year-over-year basis. During the same period in the prior year, the company posted ($0.07) earnings per share. Equities analysts expect that DraftKings Inc. will post 0.6 earnings per share for the current 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.