DraftKings Inc. $DKNG Shares Bought by Clear Street Group Inc.

Clear Street Group Inc. raised its position in DraftKings Inc. (NASDAQ:DKNG) by 1,068.9% during the 4th quarter, Holdings Channel.com reports. The firm owned 198,157 shares of the company’s stock after acquiring an additional 181,205 shares during the quarter. Clear Street Group Inc.’s holdings in DraftKings were worth $6,828,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the company. Ariadne Wealth Management LP increased its stake in shares of DraftKings by 31.7% in the fourth quarter. Ariadne Wealth Management LP now owns 11,201 shares of the company’s stock valued at $386,000 after purchasing an additional 2,693 shares during the period. Aurora Investment Counsel acquired a new stake in shares of DraftKings in the fourth quarter valued at approximately $2,157,000. Marshall Wace LLP increased its stake in shares of DraftKings by 86.7% in the fourth quarter. Marshall Wace LLP now owns 185,151 shares of the company’s stock valued at $6,380,000 after purchasing an additional 86,003 shares during the period. Ontario Teachers Pension Plan Board increased its stake in shares of DraftKings by 48.6% in the fourth quarter. Ontario Teachers Pension Plan Board now owns 46,359 shares of the company’s stock valued at $1,598,000 after purchasing an additional 15,158 shares during the period. Finally, UMB Bank n.a. increased its stake in shares of DraftKings by 26.6% in the fourth quarter. UMB Bank n.a. now owns 8,394 shares of the company’s stock valued at $289,000 after purchasing an additional 1,764 shares during the period. Institutional investors and hedge funds own 37.70% of the company’s stock.

DraftKings News Summary

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: DraftKings is drawing bullish attention after Oppenheimer reiterated a Buy rating, reinforcing optimism around the company’s growth outlook. DraftKings (DKNG) Receives a Buy from Oppenheimer
• Positive Sentiment: Investor enthusiasm picked up after DraftKings disclosed strong growth in its Predictions platform, with May volume reportedly surging and some articles calling it a potential new growth engine for the stock. Why DraftKings (DKNG) Stock Is Up Today
• Positive Sentiment: DraftKings also benefited from World Cup-related optimism, with analysts saying it could be a clear winner as sports betting activity rises during the tournament and marketing spend ramps up. Intel surges on rare double upgrade, DraftKings scores ahead of World Cup
• Positive Sentiment: Unusually heavy call-option buying and a strong weekly rally suggest traders are positioning for additional upside in DKNG. DKNG Bulls Are Eyeing A Breakout After Strongest Weekly Rally In 16 Months
• Neutral Sentiment: Some commentary notes DraftKings’ prediction-market business is growing quickly but is still relatively small versus larger rivals, so the long-term opportunity remains early-stage. DraftKings: Prediction Market Potential Is Becoming Clearer
• Negative Sentiment: JPMorgan cautioned that while May operating data showed progress, it does not yet point to immediate upside, which may temper some of the bullish momentum. DKNG Bulls Are Eyeing A Breakout After Strongest Weekly Rally In 16 Months

Insider Buying and Selling

In related news, Director Woodrow Levin sold 34,234 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $25.71, for a total value of $880,156.14. Following the completion of the transaction, the director 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. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider R Stanton Dodge sold 62,500 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $29.68, for a total transaction of $1,855,000.00. Following the completion of the transaction, the insider directly owned 556,258 shares of the company’s stock, valued at $16,509,737.44. This represents a 10.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 97,596 shares of company stock valued at $2,756,991 over the last 90 days. 47.18% of the stock is currently owned by insiders.

DraftKings Trading Down 3.4%

Shares of NASDAQ:DKNG opened at $29.00 on Friday. The stock has a market capitalization of $14.39 billion, a price-to-earnings ratio of 483.33 and a beta of 1.66. DraftKings Inc. has a 1-year low of $20.46 and a 1-year high of $48.78. 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 company has a 50 day moving average price of $24.47 and a 200 day moving average price of $27.57.

DraftKings (NASDAQ:DKNG) last issued its earnings results 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 business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.63 billion. DraftKings had a return on equity of 13.51% and a net margin of 0.93%.The company’s quarterly revenue was up 16.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.07) earnings per share. On average, research analysts anticipate that DraftKings Inc. will post 0.6 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on DKNG shares. Sanford C. Bernstein restated an “outperform” rating on shares of DraftKings in a research note on Thursday. BMO Capital Markets increased their price objective on shares of DraftKings from $42.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, March 3rd. TD Cowen reiterated a “buy” rating and issued a $30.00 price objective on shares of DraftKings in a report on Monday, June 8th. Susquehanna reduced their target price on shares of DraftKings from $33.00 to $32.00 and set a “positive” rating for the company in a report on Tuesday, March 31st. Finally, Jefferies Financial Group restated a “buy” rating on shares of DraftKings in a report on Wednesday. One research 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 issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $34.21.

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.