Y Intercept Hong Kong Ltd Acquires Shares of 111,759 DraftKings Inc. $DKNG

Y Intercept Hong Kong Ltd bought a new position in DraftKings Inc. (NASDAQ:DKNG) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 111,759 shares of the company’s stock, valued at approximately $2,416,000.

Several other hedge funds have also recently made changes to their positions in DKNG. Leonteq Securities AG grew its stake in shares of DraftKings by 237.6% during the 1st quarter. Leonteq Securities AG now owns 95,868 shares of the company’s stock worth $2,073,000 after acquiring an additional 67,473 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in shares of DraftKings by 43.5% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 148,250 shares of the company’s stock worth $3,205,000 after purchasing an additional 44,950 shares in the last quarter. Strs Ohio raised its position in shares of DraftKings by 71.6% in the first quarter. Strs Ohio now owns 419,495 shares of the company’s stock valued at $9,069,000 after purchasing an additional 174,983 shares during the period. Root Financial Partners LLC raised its position in shares of DraftKings by 208.0% in the first quarter. Root Financial Partners LLC now owns 2,775 shares of the company’s stock valued at $60,000 after purchasing an additional 1,874 shares during the period. Finally, IFM Investors Pty Ltd lifted its stake in shares of DraftKings by 7.7% during the 1st quarter. IFM Investors Pty Ltd now owns 91,002 shares of the company’s stock valued at $1,967,000 after buying an additional 6,489 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors.

Insider Buying and Selling at DraftKings

In other 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 transaction, the director directly owned 29,820 shares in the company, valued at approximately $766,672.20. This represents a 53.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider R Stanton Dodge sold 62,500 shares of the 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 owned 556,258 shares in the company, valued at $16,509,737.44. This trade represents a 10.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 97,596 shares of company stock valued at $2,756,991 over the last quarter. 47.18% of the stock is owned by company insiders.

DraftKings Stock Up 1.0%

DKNG stock opened at $27.17 on Thursday. The company’s 50 day moving average is $25.59 and its 200 day moving average is $26.53. The stock has a market cap of $13.48 billion, a price-to-earnings ratio of 452.83 and a beta of 1.65. 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 Inc. has a 1-year low of $20.46 and a 1-year high of $48.78.

DraftKings (NASDAQ:DKNG) last released its quarterly 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). The company had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.63 billion. DraftKings had a return on equity of 13.51% and a net margin of 0.93%.DraftKings’s quarterly revenue was up 16.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.07) EPS. Sell-side analysts predict that DraftKings Inc. will post 0.6 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently commented on DKNG. BNP Paribas Exane started coverage on shares of DraftKings in a report on Thursday, May 14th. They issued an “underperform” rating and a $20.00 price objective for the company. Susquehanna dropped their target price on DraftKings from $32.00 to $31.00 and set a “positive” rating on the stock in a research report on Wednesday, July 1st. UBS Group raised their price target on DraftKings from $43.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, June 5th. Stephens initiated coverage on DraftKings in a research report on Friday, April 24th. They issued an “overweight” rating for the company. Finally, Truist Financial decreased their price objective on DraftKings from $33.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, April 21st. One research 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 issued a Sell rating to the company’s stock. According to MarketBeat.com, DraftKings presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.24.

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.