Quantinno Capital Management LP Increases Holdings in DraftKings Inc. $DKNG

Quantinno Capital Management LP increased its stake in DraftKings Inc. (NASDAQ:DKNG) by 273.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 898,241 shares of the company’s stock after acquiring an additional 658,006 shares during the period. Quantinno Capital Management LP’s holdings in DraftKings were worth $19,420,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Ascentis Independent Advisors bought a new stake in shares of DraftKings in the 1st quarter valued at approximately $27,000. Montag A & Associates Inc. increased its position in DraftKings by 82.5% during 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 during the last quarter. SHP Wealth Management bought a new position in DraftKings during the fourth quarter valued at $42,000. Root Financial Partners LLC raised its stake in shares of DraftKings by 208.0% in the first quarter. Root Financial Partners LLC now owns 2,775 shares of the company’s stock valued at $60,000 after acquiring an additional 1,874 shares during the period. Finally, Advisory Services Network LLC purchased a new position in shares of DraftKings during the 3rd quarter worth about $62,000. 37.70% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at DraftKings

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

DraftKings Stock Down 1.0%

DKNG stock opened at $23.48 on Friday. DraftKings Inc. has a 12 month low of $20.46 and a 12 month high of $48.78. The company has a market cap of $11.65 billion, a price-to-earnings ratio of 391.33 and a beta of 1.65. The firm has a 50-day moving average of $25.53 and a two-hundred day moving average of $25.36. 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 announced 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). DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The firm had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period in the previous year, the firm posted ($0.07) EPS. The company’s revenue was up 16.8% compared to the same quarter last year. As a group, analysts forecast that DraftKings Inc. will post 0.54 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

DKNG has been the subject of several analyst reports. UBS Group raised their price objective on shares of DraftKings from $43.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, June 5th. Truist Financial lowered their price objective on shares of DraftKings from $30.00 to $29.00 and set a “buy” rating for the company in a research note on Monday, July 20th. Roth Capital raised DraftKings from a “sell” rating to a “buy” rating in a research report on Friday, April 24th. Stifel Nicolaus reduced their price target on DraftKings from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Wednesday, July 22nd. Finally, Citigroup reissued a “market outperform” rating on shares of DraftKings in a report on Monday, June 22nd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.37.

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.