DraftKings Inc. $DKNG Shares Purchased by Brighton Jones LLC

Brighton Jones LLC raised its position in DraftKings Inc. (NASDAQ:DKNG) by 41.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 51,803 shares of the company’s stock after acquiring an additional 15,096 shares during the quarter. Brighton Jones LLC’s holdings in DraftKings were worth $1,937,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Helios Capital Management PTE. Ltd. lifted its holdings in DraftKings by 926.0% during the 2nd quarter. Helios Capital Management PTE. Ltd. now owns 114,000 shares of the company’s stock worth $4,889,000 after buying an additional 102,889 shares during the last quarter. Claro Advisors LLC increased its holdings in shares of DraftKings by 121.4% in the 2nd quarter. Claro Advisors LLC now owns 39,915 shares of the company’s stock valued at $1,712,000 after acquiring an additional 21,890 shares during the last quarter. Swiss National Bank raised its position in shares of DraftKings by 10.0% during the 2nd quarter. Swiss National Bank now owns 1,361,964 shares of the company’s stock valued at $58,415,000 after acquiring an additional 124,200 shares in the last quarter. K.J. Harrison & Partners Inc bought a new position in DraftKings during the second quarter worth $1,081,000. Finally, Fortis Capital Advisors LLC acquired a new position in DraftKings in the second quarter worth $535,000. Hedge funds and other institutional investors own 37.70% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on DKNG. Canaccord Genuity Group dropped their target price on shares of DraftKings from $60.00 to $54.00 and set a “buy” rating on the stock in a report on Friday, November 7th. Macquarie decreased their price target on shares of DraftKings from $50.00 to $48.00 and set an “outperform” rating for the company in a report on Monday, November 10th. Bank of America lowered shares of DraftKings from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $48.00 to $35.00 in a research note on Tuesday, November 4th. Northland Capmk raised shares of DraftKings from a “strong sell” rating to a “hold” rating in a report on Monday, November 10th. Finally, UBS Group restated an “outperform” rating and issued a $46.00 target price on shares of DraftKings in a research note on Friday. Twenty-five equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $47.07.

DraftKings Trading Up 2.0%

Shares of NASDAQ:DKNG opened at $34.90 on Tuesday. The company has a quick ratio of 1.09, a current ratio of 1.10 and a debt-to-equity ratio of 2.51. The company’s 50-day moving average price is $32.41 and its 200 day moving average price is $38.93. The company has a market cap of $17.37 billion, a PE ratio of -61.23, a P/E/G ratio of 2.83 and a beta of 1.60. DraftKings Inc. has a fifty-two week low of $26.23 and a fifty-two week high of $53.61.

DraftKings (NASDAQ:DKNG) last posted its earnings results on Friday, November 7th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.27). The firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.40 billion. DraftKings had a negative return on equity of 22.84% and a negative net margin of 4.90%.DraftKings’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same quarter last year, the company posted ($0.60) EPS. Sell-side analysts anticipate that DraftKings Inc. will post 0.64 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Alan Wayne Ellingson sold 8,421 shares of the stock in a transaction on Friday, November 14th. The stock was sold at an average price of $29.23, for a total value of $246,145.83. Following the completion of the transaction, the chief financial officer owned 126,990 shares of the company’s stock, valued at approximately $3,711,917.70. This represents a 6.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider R Stanton Dodge sold 52,777 shares of the firm’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $33.84, for a total value of $1,785,973.68. Following the transaction, the insider directly owned 512,182 shares in the company, valued at $17,332,238.88. This trade represents a 9.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 166,752 shares of company stock valued at $5,387,153 in the last quarter. 47.08% of the stock is owned by insiders.

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.