Foundations Investment Advisors LLC Increases Holdings in DraftKings Inc. $DKNG

Foundations Investment Advisors LLC boosted its stake in DraftKings Inc. (NASDAQ:DKNG) by 21.0% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 57,323 shares of the company’s stock after purchasing an additional 9,932 shares during the quarter. Foundations Investment Advisors LLC’s holdings in DraftKings were worth $2,459,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in DKNG. Helios Capital Management PTE. Ltd. boosted its holdings in DraftKings by 926.0% in the second quarter. Helios Capital Management PTE. Ltd. now owns 114,000 shares of the company’s stock valued at $4,889,000 after acquiring an additional 102,889 shares during the last quarter. Claro Advisors LLC grew its position in shares of DraftKings by 121.4% during the 2nd quarter. Claro Advisors LLC now owns 39,915 shares of the company’s stock worth $1,712,000 after buying an additional 21,890 shares during the period. K.J. Harrison & Partners Inc acquired a new position in DraftKings in the second quarter valued at about $1,081,000. Fortis Capital Advisors LLC bought a new position in DraftKings during the 2nd quarter worth approximately $535,000. Finally, Teachers Retirement System of The State of Kentucky grew its holdings in DraftKings by 28.4% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 266,500 shares of the company’s stock valued at $8,851,000 after purchasing an additional 59,000 shares during the period. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Insider Transactions at DraftKings

In related news, Director Ryan R. Moore sold 76,390 shares of the stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $45.92, for a total transaction of $3,507,828.80. Following the completion of the sale, the director directly owned 402 shares of the company’s stock, valued at approximately $18,459.84. This trade represents a 99.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Gregory Westin Wendt bought 10,000 shares of the firm’s stock in a transaction dated Tuesday, November 11th. The shares were acquired at an average cost of $30.27 per share, with a total value of $302,700.00. Following the completion of the transaction, the director owned 10,000 shares in the company, valued at approximately $302,700. The trade was a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have sold 340,612 shares of company stock worth $14,115,817. Company insiders own 47.08% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on DKNG shares. BTIG Research dropped their price objective on DraftKings from $45.00 to $42.00 and set a “buy” rating on the stock in a research note on Friday, November 7th. Guggenheim cut their price objective on shares of DraftKings from $55.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday, November 10th. Sanford C. Bernstein dropped their target price on DraftKings from $50.00 to $41.00 and set an “outperform” rating on the stock in a report on Monday, November 10th. Berenberg Bank set a $43.00 target price on DraftKings and gave the stock a “buy” rating in a report on Thursday, October 9th. Finally, JMP Securities dropped their price target on DraftKings from $54.00 to $51.00 and set a “market outperform” rating for the company in a report on Wednesday, October 1st. Twenty-six analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $48.38.

DraftKings Stock Down 0.4%

Shares of NASDAQ DKNG opened at $29.58 on Monday. The company has a debt-to-equity ratio of 2.51, a quick ratio of 1.09 and a current ratio of 1.10. The company’s 50 day moving average price is $36.16 and its 200-day moving average price is $39.37. DraftKings Inc. has a 52-week low of $26.23 and a 52-week high of $53.61. The company has a market capitalization of $14.72 billion, a P/E ratio of -51.89, a price-to-earnings-growth ratio of 0.99 and a beta of 1.86.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Friday, November 7th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.27). DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.The company had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same period last year, the business earned ($0.60) EPS. The business’s quarterly revenue was up 4.4% compared to the same quarter last year. Equities analysts forecast that DraftKings Inc. will post 0.64 earnings per share for the current year.

DraftKings Company Profile

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.