Bull Harbor Capital LLC Makes New $758,000 Investment in DraftKings Inc. $DKNG

Bull Harbor Capital LLC bought a new stake in DraftKings Inc. (NASDAQ:DKNG) during the first quarter, HoldingsChannel.com reports. The institutional investor bought 35,062 shares of the company’s stock, valued at approximately $758,000.

Several other large investors have also modified their holdings of DKNG. EverSource Wealth Advisors LLC lifted its holdings in shares of DraftKings by 49.1% during the first quarter. EverSource Wealth Advisors LLC now owns 17,161 shares of the company’s stock worth $371,000 after purchasing an additional 5,655 shares during the period. Empowered Funds LLC raised its position in DraftKings by 27.1% during the 1st quarter. Empowered Funds LLC now owns 14,214 shares of the company’s stock worth $307,000 after buying an additional 3,030 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of DraftKings by 272.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 124,989 shares of the company’s stock worth $2,702,000 after acquiring an additional 91,436 shares during the period. Infrastructure Capital Advisors LLC boosted its holdings in shares of DraftKings by 33.0% in the first quarter. Infrastructure Capital Advisors LLC now owns 16,493 shares of the company’s stock valued at $357,000 after acquiring an additional 4,093 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its holdings in shares of DraftKings by 273.9% in the first quarter. Quantinno Capital Management LP now owns 898,241 shares of the company’s stock valued at $19,420,000 after acquiring an additional 658,006 shares in the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on DKNG. BTIG Research raised their price objective on shares of DraftKings from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, May 8th. New Street Research set a $29.00 target price on DraftKings in a research note on Monday, June 1st. Roth Capital raised DraftKings from a “sell” rating to a “buy” rating in a report on Friday, April 24th. Raymond James Financial raised DraftKings from a “market perform” rating to an “outperform” rating in a report on Friday, April 24th. Finally, Scotiabank raised DraftKings to an “outperform” rating in a report on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $34.37.

DraftKings Stock Down 3.4%

DKNG stock opened at $23.72 on Friday. 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’s 50 day simple moving average is $25.56 and its 200-day simple moving average is $25.37. DraftKings Inc. has a 12 month low of $20.46 and a 12 month high of $48.78. The firm has a market capitalization of $11.77 billion, a PE ratio of 395.33 and a beta of 1.65.

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

Insiders Place Their Bets

In related news, Director Woodrow Levin sold 34,234 shares of the stock in a transaction 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 sale, the director 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 the SEC website. Also, insider R Stanton Dodge sold 62,500 shares of DraftKings 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 sale, the insider owned 556,258 shares of the company’s stock, valued at approximately $16,509,737.44. This represents a 10.10% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 97,596 shares of company stock worth $2,756,991. Corporate insiders own 47.18% of the company’s stock.

Trending Headlines about DraftKings

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: Record political spending supports long-term regulatory strategy. DraftKings and other online sportsbooks have committed at least $72 million through a bipartisan super PAC to support candidates favoring their preferred sports-betting regulations. The spending highlights the importance of state-level legalization and rulemaking to DraftKings’ future growth, although it also represents a significant investment with uncertain returns. DraftKings Is Up 7.5% After Record $72 Million Midterm Push For Favorable Betting Rules
• Positive Sentiment: Delta partnership expands consumer reach. DraftKings and Delta Air Lines will offer a free-to-play sports knowledge contest through Delta’s in-flight entertainment. The arrangement does not involve wagering, but it could increase DraftKings’ visibility, user engagement and customer-acquisition opportunities. Delta, DraftKings Partner on Free-to-Play Sports Knowledge Contest
• Neutral Sentiment: Valuation remains contested. Despite a roughly 50% five-year share-price decline, valuation measures do not present DraftKings as an obvious bargain. Investors continue to balance its growth potential against competition, regulatory expenses and profitability risks. DraftKings Stock Still Looks Below Fair Value As Shares Fell 50%
• Negative Sentiment: Analysts are cautious ahead of earnings. Recent previews indicate DraftKings lacks the typical factors associated with an earnings beat, raising concerns about results and guidance in the upcoming report. The company’s last quarterly release also missed consensus EPS estimates despite revenue exceeding expectations, reinforcing investor sensitivity to profitability. Analysts Estimate DraftKings to Report a Decline in Earnings

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.