Chicago Partners Investment Group LLC Raises Position in DraftKings Inc. $DKNG

Chicago Partners Investment Group LLC raised its position in DraftKings Inc. (NASDAQ:DKNG) by 135.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 55,701 shares of the company’s stock after buying an additional 32,057 shares during the period. Chicago Partners Investment Group LLC’s holdings in DraftKings were worth $1,252,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in DraftKings by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 44,758,204 shares of the company’s stock valued at $1,542,368,000 after purchasing an additional 1,354,457 shares in the last quarter. Waycross Partners LLC purchased a new stake in shares of DraftKings during the fourth quarter worth $2,584,000. DAVENPORT & Co LLC raised its position in shares of DraftKings by 11.2% in the fourth quarter. DAVENPORT & Co LLC now owns 3,456,735 shares of the company’s stock valued at $119,602,000 after buying an additional 348,333 shares during the last quarter. Stableford Capital II LLC acquired a new stake in shares of DraftKings in the fourth quarter valued at about $2,476,000. Finally, Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of DraftKings by 11.0% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,370,903 shares of the company’s stock worth $150,621,000 after buying an additional 433,963 shares in the last quarter. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Stock Performance

NASDAQ:DKNG opened at $25.25 on Thursday. DraftKings Inc. has a fifty-two week low of $20.46 and a fifty-two week high of $48.78. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.02 and a current ratio of 1.02. The company has a 50 day moving average price of $25.83 and a 200 day moving average price of $26.23. The stock has a market capitalization of $12.53 billion, a P/E ratio of 420.83 and a beta of 1.65.

DraftKings (NASDAQ:DKNG) last announced 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). DraftKings had a net margin of 0.93% and a return on equity of 13.51%. The firm had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the previous year, the firm earned ($0.07) EPS. The firm’s revenue for the quarter was up 16.8% compared to the same quarter last year. Equities research analysts forecast that DraftKings Inc. will post 0.57 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on DKNG. Wedbush started coverage on shares of DraftKings in a research report on Friday, April 24th. They set an “outperform” rating on the stock. Citizens Jmp raised their target price on shares of DraftKings from $34.00 to $36.00 and gave the stock a “market outperform” rating in a research note on Thursday, June 25th. Roth Capital upgraded DraftKings from a “sell” rating to a “buy” rating in a report on Friday, April 24th. Weiss Ratings cut DraftKings from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, May 11th. Finally, Benchmark restated a “buy” rating on shares of DraftKings in a research report on Monday, June 22nd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, DraftKings has a consensus rating of “Moderate Buy” and a consensus price target of $34.56.

Insider Activity

In other DraftKings news, Director Woodrow Levin sold 34,234 shares of DraftKings 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 of the company’s stock, valued at $766,672.20. The trade was a 53.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider R Stanton Dodge sold 62,500 shares of the business’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $29.68, for a total transaction of $1,855,000.00. Following the sale, 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. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 97,596 shares of company stock worth $2,756,991. 47.18% of the stock is owned by corporate insiders.

DraftKings 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.