Hodges Capital Management Inc. Acquires 143,409 Shares of DraftKings Inc. $DKNG

Hodges Capital Management Inc. raised its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 19.9% during the 1st quarter, HoldingsChannel.com reports. The firm owned 864,644 shares of the company’s stock after acquiring an additional 143,409 shares during the quarter. DraftKings accounts for approximately 1.5% of Hodges Capital Management Inc.’s investment portfolio, making the stock its 13th biggest position. Hodges Capital Management Inc.’s holdings in DraftKings were worth $18,694,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. IHT Wealth Management LLC raised its stake in shares of 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 purchasing an additional 248 shares during the last quarter. Orion Porfolio Solutions LLC increased its holdings in DraftKings by 3.1% in the 3rd quarter. Orion Porfolio Solutions LLC now owns 10,608 shares of the company’s stock worth $397,000 after buying an additional 321 shares in the last quarter. Global Retirement Partners LLC increased its holdings in DraftKings by 3.8% in the 4th quarter. Global Retirement Partners LLC now owns 10,365 shares of the company’s stock worth $357,000 after buying an additional 379 shares in the last quarter. Ameriflex Group Inc. raised its position in DraftKings by 100.0% in the 3rd quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock worth $30,000 after buying an additional 405 shares during the last quarter. Finally, Centaurus Financial Inc. raised its position in DraftKings by 4.1% in the 3rd quarter. Centaurus Financial Inc. now owns 10,511 shares of the company’s stock worth $393,000 after buying an additional 410 shares during the last quarter. Institutional investors own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on DKNG. Morgan Stanley reaffirmed an “overweight” rating on shares of DraftKings in a report on Thursday, May 21st. Citizens Jmp increased their price objective on shares of DraftKings from $34.00 to $36.00 and gave the company a “market outperform” rating in a research report on Thursday, June 25th. Roth Mkm upgraded shares of DraftKings from a “sell” rating to a “buy” rating in a report on Friday, April 24th. BNP Paribas Exane began coverage on shares of DraftKings in a research report on Thursday, May 14th. They issued an “underperform” rating and a $20.00 target price for the company. Finally, Raymond James Financial raised shares of DraftKings from a “market perform” rating to an “outperform” rating in a research report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $34.24.

Insider Transactions at DraftKings

In other DraftKings news, Director Woodrow Levin sold 34,234 shares of the company’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 sale, the director owned 29,820 shares in the company, valued at $766,672.20. This represents a 53.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider R Stanton Dodge sold 62,500 shares of DraftKings 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 directly owned 556,258 shares in the company, valued at approximately $16,509,737.44. The trade was a 10.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 97,596 shares of company stock valued at $2,756,991. Company insiders own 47.18% of the company’s stock.

DraftKings Stock Performance

Shares of DKNG stock opened at $25.89 on Monday. DraftKings Inc. has a 1 year low of $20.46 and a 1 year high of $48.78. The firm has a fifty day moving average price of $25.36 and a 200-day moving average price of $26.69. The company has a debt-to-equity ratio of 3.03, a current ratio of 1.02 and a quick ratio of 1.02. The company has a market cap of $12.84 billion, a price-to-earnings ratio of 431.50 and a beta of 1.65.

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

DraftKings Company 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.