Hsbc Holdings PLC Grows Stock Holdings in DraftKings Inc. $DKNG

Hsbc Holdings PLC grew its position in shares of DraftKings Inc. (NASDAQ:DKNG) by 82.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 176,550 shares of the company’s stock after acquiring an additional 79,608 shares during the period. Hsbc Holdings PLC’s holdings in DraftKings were worth $3,804,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of DKNG. Montag A & Associates Inc. boosted its holdings in DraftKings by 82.5% in the fourth quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock valued at $38,000 after acquiring an additional 500 shares in the last quarter. SHP Wealth Management purchased a new position in DraftKings during the 4th quarter valued at $42,000. Ascentis Independent Advisors bought a new position in DraftKings in the 1st quarter worth $27,000. Advisory Services Network LLC bought a new position in DraftKings in the 3rd quarter worth $62,000. Finally, TD Private Client Wealth LLC lifted its position in shares of DraftKings by 62.3% in the 4th quarter. TD Private Client Wealth LLC now owns 1,891 shares of the company’s stock worth $65,000 after purchasing an additional 726 shares during the period. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

DKNG has been the topic of a number of research reports. BNP Paribas Exane started coverage on shares of DraftKings in a research note on Thursday, May 14th. They set an “underperform” rating and a $20.00 target price on the stock. New Street Research set a $29.00 price objective on shares of DraftKings in a report on Monday, June 1st. HSBC raised DraftKings from a “hold” rating to a “hold” rating in a research report on Friday, April 24th. Needham & Company LLC reissued a “buy” rating and issued a $35.00 target price on shares of DraftKings in a research report on Monday, May 11th. Finally, Citizens Jmp raised their target price on DraftKings from $34.00 to $36.00 and gave the company a “market outperform” rating in a research note on Thursday, June 25th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $34.37.

Insider Activity

In other DraftKings news, insider R Stanton Dodge sold 62,500 shares of the business’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $29.68, for a total value of $1,855,000.00. Following the completion of the transaction, the insider owned 556,258 shares of the company’s stock, valued at approximately $16,509,737.44. The trade was a 10.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Woodrow Levin sold 34,234 shares of the business’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $25.71, for a total value of $880,156.14. Following the completion of the transaction, the director directly owned 29,820 shares of the company’s stock, valued at approximately $766,672.20. This trade represents a 53.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 97,596 shares of company stock valued at $2,756,991 over the last quarter. 47.18% of the stock is owned by corporate insiders.

DraftKings Stock Up 0.9%

DraftKings stock opened at $23.01 on Friday. The firm has a market cap of $11.42 billion, a price-to-earnings ratio of 383.50 and a beta of 1.65. The stock has a fifty day simple moving average of $25.66 and a two-hundred day simple moving average of $25.75. DraftKings Inc. has a 12 month low of $20.46 and a 12 month high of $48.78. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.03.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings results on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.02). The business had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.63 billion. DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The firm’s revenue for the quarter was up 16.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.07) EPS. Equities analysts predict that DraftKings Inc. will post 0.54 EPS for the current fiscal year.

About DraftKings

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.