Focus Partners Advisor Solutions LLC Boosts Stock Holdings in DraftKings Inc. $DKNG

Focus Partners Advisor Solutions LLC boosted its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 51.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 64,650 shares of the company’s stock after acquiring an additional 21,979 shares during the period. Focus Partners Advisor Solutions LLC’s holdings in DraftKings were worth $2,228,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Dagco Inc. purchased a new position in DraftKings during the fourth quarter valued at $26,000. Ameriflex Group Inc. grew its stake in DraftKings by 100.0% during the third quarter. Ameriflex Group Inc. now owns 810 shares of the company’s stock valued at $30,000 after acquiring an additional 405 shares in the last quarter. Asset Dedication LLC purchased a new position in DraftKings during the third quarter valued at $37,000. Montag A & Associates Inc. grew its stake in DraftKings by 82.5% during the fourth quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock valued at $38,000 after acquiring an additional 500 shares in the last quarter. Finally, Aventura Private Wealth LLC purchased a new position in DraftKings during the fourth quarter valued at $39,000. 37.70% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at DraftKings

In related news, Director Jocelyn Moore sold 2,150 shares of DraftKings stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $25.60, for a total transaction of $55,040.00. Following the completion of the sale, the director owned 1,406 shares in the company, valued at $35,993.60. This trade represents a 60.46% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Woodrow Levin sold 34,234 shares of DraftKings stock in a transaction dated Monday, May 18th. The shares were 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. The trade was a 53.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 37,246 shares of company stock valued at $957,031 in the last quarter. 47.18% of the stock is currently owned by company insiders.

Key DraftKings News

Here are the key news stories impacting DraftKings this week:

• Positive Sentiment: DraftKings reported rapid growth on its prediction-markets platform, with annualized consumer volume reaching $1.3 billion and total volume climbing to $3.1 billion, fueling optimism about a new growth engine. DraftKings Sees $1.3 Billion in Prediction Market Trading. The Stock Is Soaring.
• Positive Sentiment: Retail traders and options activity accelerated after the update, with call buying signaling expectations for more upside if prediction-market momentum continues. Call Traders Target DraftKings Stock Amid Strong Volume Growth
• Positive Sentiment: UBS reiterated a Buy rating on DraftKings, reinforcing the view that Wall Street is becoming more constructive on the company’s growth outlook. UBS Remains a Buy on DraftKings (DKNG)
• Neutral Sentiment: DraftKings CEO Jason Robins is scheduled to participate in an upcoming investor conference, which could provide more color on strategy but is not itself a major catalyst. DraftKings Announces Jason Robins’ Participation in Upcoming Event
• Neutral Sentiment: DraftKings also had a short-interest filing showing no meaningful short base, which does not appear to be a major driver of the move.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Canaccord Genuity Group cut their target price on shares of DraftKings from $50.00 to $44.00 and set a “buy” rating for the company in a research note on Friday, February 13th. Truist Financial cut their target price on shares of DraftKings from $33.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, April 21st. HSBC raised shares of DraftKings from a “hold” rating to a “hold” rating in a research note on Friday, April 24th. BNP Paribas Exane assumed coverage on shares of DraftKings in a research note on Thursday, May 14th. They set an “underperform” rating and a $20.00 target price for the company. Finally, BMO Capital Markets raised their target price on shares of DraftKings from $42.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, March 3rd. One investment 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 assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $34.21.

DraftKings Stock Performance

Shares of NASDAQ:DKNG opened at $28.79 on Thursday. The company has a market capitalization of $14.28 billion, a price-to-earnings ratio of 479.83 and a beta of 1.66. DraftKings Inc. has a 12 month low of $20.46 and a 12 month high of $48.78. The firm’s 50-day moving average is $24.17 and its 200 day moving average is $27.56. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 3.03.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data 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). DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the previous year, the business earned ($0.07) EPS. The company’s quarterly revenue was up 16.8% compared to the same quarter last year. Research analysts predict that DraftKings Inc. will post 0.6 EPS for the current year.

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.